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v3.25.2

Investments (Tables) | 12 Months Ended
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Mar. 31, 2025
Available for Sale Securities Amortized Cost and Fair Value | The fair value of credit substitutes by type of instrument as of March 31, 2024 and March 31, 2025 were as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In millions) |
Available for sale credit substitute debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  | Rs. | 132,926.5 |  |  | Rs. | 131,458.6 |  |  | Rs. | 160,975.7 |  |  | Rs. | 161,147.8 |
Preference shares |  |  | 271.3 |  |  |  | 28.3 |  |  |  | 332.8 |  |  |  | 31.8 |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 133,197.8 |  |  | Rs. | 131,486.9 |  |  | Rs. | 161,308.5 |  |  | Rs. | 161,179.6 |
|  |  |  |  |  |  |  |  |  | US$ | 1,888.2 |  |  | US$ | 1,886.7 |
Available-for-Sale Debt Securities |
Portfolio of Trading Securities or Held for Trading Securities Amortized Cost Fair Value | The portfolio of trading securities as of March 31, 2024 and March 31, 2025 was as follows:
|  | As of March 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 71,673.0 |  |  | Rs. | 58.8 |  |  | Rs. | — |  |  | Rs. | 71,731.8 |
Other corporate/financial institution securities |  |  | 31,833.9 |  |  |  | 77.3 |  |  |  | 205.0 |  |  |  | 31,706.2 |
Total debt securities |  | Rs. | 103,506.9 |  |  | Rs. | 136.1 |  |  | Rs. | 205.0 |  |  | Rs. | 103,438.0 |
Other securities (including mutual fund units) |  |  | 289,321.4 |  |  |  | 75,918.2 |  |  |  | 7,432.3 |  |  |  | 357,807.3 |
Total |  | Rs. | 392,828.3 |  |  | Rs. | 76,054.3 |  |  | Rs. | 7,637.3 |  |  | Rs. | 461,245.3 |
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 156,198.9 |  |  | Rs. | 215.3 |  |  | Rs. | 8.2 |  |  | Rs. | 156,406.0 |
Other corporate/financial institution securities |  |  | 91,649.9 |  |  |  | 176.8 |  |  |  | 199.4 |  |  |  | 91,627.3 |
Total debt securities |  | Rs. | 247,848.8 |  |  | Rs. | 392.1 |  |  | Rs. | 207.6 |  |  | Rs. | 248,033.3 |
Other securities (including mutual fund units) |  |  | 300,987.0 |  |  |  | 87,908.0 |  |  |  | 11,539.8 |  |  |  | 377,355.2 |
Total |  | Rs. | 548,835.8 |  |  | Rs. | 88,300.1 |  |  | Rs. | 11,747.4 |  |  | Rs. | 625,388.5 |
Total |  | US$ | 6,424.4 |  |  | US$ | 1,033.6 |  |  | US$ | 137.5 |  |  | US$ | 7,320.5 |
Available for Sale Securities Amortized Cost and Fair Value | The portfolio of AFS debt securities as of March 31, 2024 and March 31, 2025 was as follows:
|  | As of March 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 6,105,313.9 |  |  | Rs. | 41,090.5 |  |  | Rs. | 52,213.3 |  |  | Rs. | 6,094,191.1 |
State government securities |  |  | 1,188,315.0 |  |  |  | 7,600.4 |  |  |  | 12,234.4 |  |  |  | 1,183,681.0 |
Government securities outside India |  |  | 3,556.3 |  |  |  | 3.9 |  |  |  | 18.4 |  |  |  | 3,541.8 |
Credit substitutes (see note 8) |  |  | 133,197.8 |  |  |  | 321.7 |  |  |  | 2,032.6 |  |  |  | 131,486.9 |
Other corporate/financial institution bonds |  |  | 736,923.7 |  |  |  | 16,136.6 |  |  |  | 9,022.2 |  |  |  | 744,038.1 |
Debt securities, other than asset and mortgage-backed securities |  |  | 8,167,306.7 |  |  |  | 65,153.1 |  |  |  | 75,520.9 |  |  |  | 8,156,938.9 |
Mortgage-backed securities |  |  | 78.1 |  |  |  | 2.3 |  |  |  | 1.2 |  |  |  | 79.2 |
Asset-backed securities |  |  | 138,775.7 |  |  |  | 335.6 |  |  |  | 642.3 |  |  |  | 138,469.0 |
Total |  | Rs. | 8,306,160.5 |  |  | Rs. | 65,491.0 |  |  | Rs. | 76,164.4 |  |  | Rs. | 8,295,487.1 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 3,706,475.3 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,589,011.8 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 8,295,487.1 |
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 6,871,303.8 |  |  | Rs. | 135,750.3 |  |  | Rs. | 6,077.2 |  |  | Rs. | 7,000,976.9 |
State government securities |  |  | 1,646,894.8 |  |  |  | 39,861.0 |  |  |  | 2,498.1 |  |  |  | 1,684,257.7 |
Government securities outside India |  |  | 10,280.7 |  |  |  | 74.5 |  |  |  | 0.3 |  |  |  | 10,354.9 |
Credit substitutes (see note 8) |  |  | 161,308.5 |  |  |  | 473.8 |  |  |  | 602.7 |  |  |  | 161,179.6 |
Other corporate/financial institution bonds |  |  | 912,282.2 |  |  |  | 32,335.9 |  |  |  | 4,863.0 |  |  |  | 939,755.1 |
Debt securities, other than asset and mortgage-backed securities |  |  | 9,602,070.0 |  |  |  | 208,495.5 |  |  |  | 14,041.3 |  |  |  | 9,796,524.2 |
Mortgage-backed securities |  |  | 59.4 |  |  |  | 2.3 |  |  |  | 0.8 |  |  |  | 60.9 |
Asset-backed securities |  |  | 112,544.1 |  |  |  | 1,112.2 |  |  |  | 67.1 |  |  |  | 113,589.2 |
Total |  | Rs. | 9,714,673.5 |  |  | Rs. | 209,610.0 |  |  | Rs. | 14,109.2 |  |  | Rs. | 9,910,174.3 |
Total |  | US$ | 113,715.0 |  |  | US$ | 2,453.6 |  |  | US$ | 165.2 |  |  | US$ | 116,003.4 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,022,535.5 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,887,638.8 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 9,910,174.3 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 116,003.4 |
Unrealized loss position investments | The below table presents the gross unrealized losses and the associated fair value of AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or 12 months or greater as of March 31, 2024:
|  | As of March 31, 2024 |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  |  |  |  |  |  |  | (In millions) |  |  |  |  |  |  |
Government of India securities |  | Rs. | 566,117.5 |  |  | Rs. | 177.4 |  |  | Rs. | 2,179,342.3 |  |  | Rs. | 52,035.9 |  |  | Rs. | 2,745,459.8 |  |  | Rs. | 52,213.3 |
State government securities |  |  | 103,876.2 |  |  |  | 199.2 |  |  |  | 440,474.4 |  |  |  | 12,035.2 |  |  |  | 544,350.6 |  |  |  | 12,234.4 |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | 814.3 |  |  |  | 18.4 |  |  |  | 814.3 |  |  |  | 18.4 |
Credit substitutes (see note 8) |  |  | 5,745.3 |  |  |  | 293.3 |  |  |  | 97,997.4 |  |  |  | 1,739.3 |  |  |  | 103,742.7 |  |  |  | 2,032.6 |
Other corporate/financial institution bonds |  |  | 12,899.6 |  |  |  | 165.7 |  |  |  | 237,927.5 |  |  |  | 8,856.5 |  |  |  | 250,827.1 |  |  |  | 9,022.2 |
Debt securities, other than asset- and mortgage-backed securities |  |  | 688,638.6 |  |  |  | 835.6 |  |  |  | 2,956,555.9 |  |  |  | 74,685.3 |  |  |  | 3,645,194.5 |  |  |  | 75,520.9 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 13.5 |  |  |  | 1.2 |  |  |  | 13.5 |  |  |  | 1.2 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 61,267.3 |  |  |  | 642.3 |  |  |  | 61,267.3 |  |  |  | 642.3 |
Total |  | Rs. | 688,638.6 |  |  | Rs. | 835.6 |  |  | Rs. | 3,017,836.7 |  |  | Rs. | 75,328.8 |  |  | Rs. | 3,706,475.3 |  |  | Rs. | 76,164.4 |
The below table presents the gross unrealized losses and the associated fair value of AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or 12 months or greater as of March 31, 2025:
|  | As of March 31, 2025 |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  |  |  |  |  |  |  | (In millions) |  |  |  |  |  |  |
Government of India securities |  | Rs. | 4,657.3 |  |  | Rs. | 70.2 |  |  | Rs. | 542,172.0 |  |  | Rs. | 6,007.0 |  |  | Rs. | 546,829.3 |  |  | Rs. | 6,077.2 |
State government securities |  |  | 254.0 |  |  |  | 1.6 |  |  |  | 215,435.8 |  |  |  | 2,496.5 |  |  |  | 215,689.8 |  |  |  | 2,498.1 |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | 854.4 |  |  |  | 0.3 |  |  |  | 854.4 |  |  |  | 0.3 |
Credit substitutes (see note 8) |  |  | 15,060.8 |  |  |  | 197.0 |  |  |  | 48,115.3 |  |  |  | 405.7 |  |  |  | 63,176.1 |  |  |  | 602.7 |
Other corporate/financial institution bonds |  |  | 33,686.7 |  |  |  | 620.0 |  |  |  | 146,345.1 |  |  |  | 4,243.0 |  |  |  | 180,031.8 |  |  |  | 4,863.0 |
Debt securities, other than asset- and mortgage-backed securities |  |  | 53,658.8 |  |  |  | 888.8 |  |  |  | 952,922.6 |  |  |  | 13,152.5 |  |  |  | 1,006,581.4 |  |  |  | 14,041.3 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 10.8 |  |  |  | 0.8 |  |  |  | 10.8 |  |  |  | 0.8 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 15,943.3 |  |  |  | 67.1 |  |  |  | 15,943.3 |  |  |  | 67.1 |
Total |  | Rs. | 53,658.8 |  |  | Rs. | 888.8 |  |  | Rs | 968,876.7 |  |  | Rs. | 13,220.4 |  |  | Rs. | 1,022,535.5 |  |  | Rs. | 14,109.2 |
Total |  | US$ | 628.1 |  |  | US$ | 10.4 |  |  | US$ | 11,341.2 |  |  | US$ | 154.8 |  |  | US$ | 11,969.3 |  |  | US$ | 165.2 |
Summary of Allowances for Available for sale debt securities | Allowances for AFS debt securities as of March 31, 2024 are as follows:
|  | As of March 31, 2024 |
|  | Allowance for credit losses, beginning of the period |  |  | Write-offs |  |  | Addition/ (Deletion) to allowance for credit losses |  |  | Allowance for credit losses, end of the period |
|  | (In millions) |
Credit substitutes |  | Rs. | 70.9 |  |  | Rs. | — |  |  | Rs. | (70.9 | ) |  | Rs. | — |
Other corporate/financial institution bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 70.9 |  |  | Rs. | — |  |  | Rs. | (70.9 | ) |  | Rs. | — |
Allowances for AFS debt securities as of March 31, 2025 are as follows:
|  | As of March 31, 2025 |
|  | Allowance for credit losses, beginning of the period |  |  | Write-offs |  |  | Addition/ (Deletion) to allowance for credit losses |  |  | Allowance for credit losses, end of the period |
|  | (In millions) |
Credit substitutes |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |
Other corporate/financial institution bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | — |
Total |  | US$ | — |  |  | US$ | — |  |  | US$ | — |  |  | US$ | — |
Debt securities, other than asset and mortgage-backed securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of AFS debt securities other than asset and mortgage-backed securities as of March 31, 2025 is set out below:
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 870,965.2 |  |  | Rs. | 871,833.8 |  |  | US$ | 10,205.2 |
Over one year through five years |  |  | 2,142,308.6 |  |  |  | 2,169,135.3 |  |  |  | 25,390.8 |
Over five years through ten years |  |  | 3,575,041.2 |  |  |  | 3,641,124.4 |  |  |  | 42,621.1 |
Over ten years |  |  | 3,013,755.0 |  |  |  | 3,114,430.7 |  |  |  | 36,456.0 |
Total |  | Rs. | 9,602,070.0 |  |  | Rs. | 9,796,524.2 |  |  | US$ | 114,673.1 |
Asset and Mortgage Backed Securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of AFS mortgage-backed and asset-backed debt securities as of March 31, 2025 is set out below:
|  | As of March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 49,908.7 |  |  | Rs. | 50,240.6 |  |  | US$ | 588.1 |
Over one year through five years |  |  | 62,426.7 |  |  |  | 63,131.6 |  |  |  | 739.0 |
Over five years through ten years |  |  | 250.9 |  |  |  | 260.0 |  |  |  | 3.0 |
Over ten years |  |  | 17.2 |  |  |  | 17.9 |  |  |  | 0.2 |
Total |  | Rs. | 112,603.5 |  |  | Rs. | 113,650.1 |  |  | US$ | 1,330.3 |
Realized Investment Gains Losses Net | Gross realized gains and gross realized losses from sale of AFS debt securities and dividends and interest on such securities are set out below:
|  | Fiscal year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Gross realized gains on sale |  | Rs. | 259.1 |  |  | Rs. | 3,592.4 |  |  | Rs. | 20,943.7 |  |  | US$ | 245.2 |
Gross realized losses on sale |  |  | (979.4 | ) |  |  | (2,765.7 | ) |  |  | (14,118.7 | ) |  |  | (165.3 | )
Realized gains/ (losses), net |  |  | (720.3 | ) |  |  | 826.7 |  |  |  | 6,825.0 |  |  |  | 79.9 |
Dividends and interest |  |  | 304,566.7 |  |  |  | 516,550.0 |  |  |  | 625,200.6 |  |  |  | 7,318.3 |
Total |  | Rs. | 303,846.4 |  |  | Rs. | 517,376.7 |  |  | Rs. | 632,025.6 |  |  | US$ | 7,398.2 |

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