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Credit substitutes | 12 Months Ended
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Mar. 31, 2025
Credit substitutes | 8. Credit substitutes Credit substitutes consist of securities that the Bank invests in as part of an overall extension of credit to certain customers. Such securities share many of the risk and reward characteristics of loans and are managed by the Bank together with other credit facilities extended to the same customers. 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 |
The fair value of credit substitutes by the Bank’s internal credit quality indicators and amounts provided for non-performing credit substitutes is as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Pass |  | Rs. | 131,486.9 |  |  | Rs. | 161,179.6 |  |  | US$ | 1,886.7 |
Non-performing—gross balance |  |  | — |  |  |  | — |  |  |  | — |
Less: Non-performing losses |  |  | — |  |  |  | — |  |  |  | — |
Non-performing credit substitutes, net |  |  | — |  |  |  | — |  |  |  | — |
Total credit substitutes, net |  | Rs. | 131,486.9 |  |  | Rs. | 161,179.6 |  |  | US$ | 1,886.7 |
The following table provides information on non-performing credit substitutes as of March 31, 2024 and March 31, 2025:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Gross non-performing credit substitutes |  |  | Rs  — |  |  |  | Rs  — |  |  | US$ | — |
Gross non-performing credit substitutes by industry |  |  | Rs. — |  |  |  | Rs. — |  |  | US$ | — |
Average non-performing credit substitutes |  |  | Rs. — |  |  |  | Rs. — |  |  | US$ | — |
Interest income recognized on non-performing credit substitutes |  |  | Rs. — |  |  |  | Rs. — |  |  | US$ | — |
As of March 31, 2025, the Bank has no additional funds committed to borrowers whose credit substitutes were non-performing.

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- Definition Credit substitutes consists of securities that the Bank invests in as part of an overall extension of credit to certain customers. Such securities share many of the risk and reward characteristics of loans and are managed by the Bank together with other credit facilities extended to the same customers. + References No definition available. + Details
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Namespace Prefix: | hdb_
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