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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of Allocation of Plan Assets

Plan investment assets for gratuity funds and the pension fund measured at fair value by level and in total as of March 31, 2021 and March 31, 2022 are summarized in the table below.

		As of March 31, 2021												As of March 31, 2022
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	—			Rs.	—			Rs.	664.1			Rs.	—			Rs.	—			Rs.	779.8
Funds managed by insurance company (2)			—				7,445.5				—				—				9,016.0				—
Funds managed by trust
— Government securities			—				87.6				—				—				68.1				—
— Debenture and bonds			—				123.5				—				—				53.0				—
— Others			27.2				—				—				111.1				—				—
Total		Rs.	27.2			Rs.	7,656.6			Rs.	664.1			Rs.	111.1			Rs.	9,137.1			Rs.	779.8
														US$	1.5			US$	120.4			US$	10.3

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below presents a reconciliation of all Plan investment assets measured at fair value using significant unobservable inputs (Level 3) during fiscal years 2021 and 2022.

		Funds managed by Insurance companies as of March 31,
		2021				2022				2022
		(In millions)
Particulars
Opening balance		Rs.	600.2			Rs.	664.1			US$	8.8
Realized interest credited to fund			60.5				48.1				0.6
Contribution during the period			104.5				131.1				1.7
Amount paid towards claim			(101.1	)			(63.5	)			(0.8	)
Closing balance		Rs.	664.1			Rs.	779.8			US$	10.3

Gratuity

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the gratuity plan and the amounts recognized in the Bank’s financial statements as of March 31, 2021 and March 31, 2022:

		As of March 31,
		2021				2022				2022
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	7,883.0			Rs.	9,819.6			US$	129.4
Service cost			1,107.0				1,268.0				16.7
Interest cost			561.6				631.2				8.3
Actuarial(gains)/ losses			759.4				(260.6	)			(3.4	)
Benefits paid			(491.4	)			(769.5	)			(10.1	)
Projected benefit obligation, end of the period			9,819.6				10,688.7				140.9
Change in plan assets:
Fair value of plan assets, beginning of the period			5,779.8				8,344.6				110.1
Expected return on plan assets			448.4				574.1				7.6
Actuarial gains/(losses)			1,223.0				237.1				3.1
Actual return on plan assets			1,671.4				811.2				10.7
Employer contributions			1,384.8				1,633.0				21.5
Benefits paid			(491.4	)			(769.5	)			(10.1	)
Fair value of plan assets, end of the period			8,344.6				10,019.3				132.2
Funded Status		Rs.	(1,475.0	)		Rs.	(669.4	)		US$	(8.8	)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2020, March 31, 2021 and March 31, 2022 was comprised of the following components:

		Fiscal years ended March 31,
		2020				2021				2022				2022
		(In millions)
Service cost		Rs.	965.4			Rs.	1,107.0			Rs.	1,268.0			US$	16.7
Interest cost			483.3				561.6				631.2				8.3
Expected return on plan assets			(389.9	)			(448.4	)			(574.1	)			(7.6	)
Actuarial (gains)/losses			989.4				(463.6	)			(497.7	)			(6.5	)
Net gratuity cost		Rs.	2,048.2			Rs.	756.6			Rs.	827.4			US$	10.9

Schedule of Assumptions Used

The assumptions used in accounting for the gratuity plan are set out below:

		Fiscal years ended March 31,
		2020				2021				2022
		(% per annum)
Discount rate*			6.0-7.5				4.4-7.0				5.1-7.3
Rate of increase in compensation levels of covered employees			7.0-8.0				5.0-9.0				6.0-11.0
Rate of return on plan assets			6.0-7.0				4.4-7.0				5.1-7.0
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2023		Rs.	1,360.9
2024			1,203.2
2025			992.8
2026			1,006.3
2027			1,021.9
2028 - 2032			3,409.9

Schedule of Allocation of Plan Assets

As at March 31, 2022, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2022
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			79.5	%			25.9	%			26.9	%
Debenture and bonds			14.0	%			23.9	%			23.4	%
Equity securities			5.7	%			44.7	%			—
Other			0.8	%			5.5	%			49.7	%
Total			100.0	%			100.0	%			100.0	%

* The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2022 are provided separately.

Pension

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the pension plan and the amounts recognized in the Bank’s financial statements as of March 31, 2021 and March 31, 2022:

		As of March 31,
		2021				2022				2022
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	598.2			Rs.	862.0			US$	11.4
Plan amendment (prior service cost)			—				76.9				1.0
Service cost			14.6				16.1				0.2
Interest cost			37.7				55.8				0.7
Actuarial (gains)/losses			327.9				34.4				0.5
Benefits paid			(116.4	)			(204.3	)			(2.7	)
Projected benefit obligation, end of the period			862.0				840.9				11.1
Change in plan assets:
Fair value of plan assets, beginning of the period			95.2				3.3				—
Expected return on plan assets			3.2				0.4				—
Actuarial gains/(losses)			(1.7	)			2.3				0.1
Actual return on plan assets			1.5				2.7				0.1
Employer contributions			23.0				207.0				2.7
Benefits paid			(116.4	)			(204.3	)			(2.7	)
Fair value of plan assets, end of the period			3.3				8.7				0.1
Funded Status		Rs.	(858.7	)		Rs.	(832.2	)		US$	(11.0	)

Schedule of Net Benefit Costs

Net pension cost for the years ended March 31, 2020, March 31, 2021 and March 31, 2022 was comprised of the following components:

		As of March 31,
		2020				2021				2022				2022
		(In millions)
Service cost		Rs.	6.5			Rs.	14.6			Rs.	93.0			US$	1.2
Interest cost			45.3				37.7				55.8				0.7
Expected return on plan assets			(11.0	)			(3.2	)			(0.4	)			—
Actuarial (gains)/losses			12.4				329.6				32.1				0.4
Net pension cost		Rs.	53.2			Rs.	378.7			Rs.	180.5			US$	2.3

Schedule of Assumptions Used

The assumptions used in accounting for the pension plan are set out below:

		Fiscal years ended March 31,
		2020				2021				2022
		(% per annum)
Discount rate*			7.5				7.0				7.3
Rate of increase in compensation levels of covered employees			7.0				7.0				7.0
Rate of return on plan assets			7.0				6.5				6.5
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table.

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2023		Rs.	140.2
2024			147.6
2025			134.1
2026			45.5
2027			49.7
2028-2032			717.5

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of said plan assets for the pension benefits as at March 31, 2022 is as follows:

Asset category		Funds managed by trust
Government securities			90.8	%
Debenture and bonds			9.2	%
Other			—	%
Total			100.0	%

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