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Sales/transfer of receivables | 12 Months Ended
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Mar. 31, 2025
Sales/transfer of receivables | 11. Sales/transfer of receivables During the year ended March 31, 2025 the Bank has sold housing loans under direct assignment transaction aggregating to Rs. 346,696.1 million and auto loans aggregating to Rs. 214,342.8 million to SPEs under securitization transaction. After securitization of the loans, the Bank continues to act as the servicing agent, maintain customer account relationships and service these set of loans transferred to the securitization trusts. Direct assignment transactions: The following table summarizes the cash flows received during the year ended March 31, 2024 and March 31, 2025 from customers and paid to transferees on transferred performing housing loans:
|  | For the year ended March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Cash flow information |  |  |  |  |  |  |  |  |  |  |  |
Collections against securitized receivables/transfers |  |  | Rs. — |  |  | Rs. | 38,841.9 |  |  | US$ | 454.7 |
Payments made |  |  | — |  |  |  | 32,758.6 |  |  |  | 383.5 |
Cash flows on retained interests |  |  | — |  |  |  | 6,083.3 |  |  |  | 71.2 |
Other key disclosures are as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Transferred receivables with continuing involvement |  |  | Rs. — |  |  | Rs. | 332,411.5 |  |  | US$ | 3,891.0 |
Delinquencies |  |  | — |  |  |  | 15.4 |  |  |  | 0.2 |
Retained interest |  |  | — |  |  |  | 37,189.9 |  |  |  | 435.3 |
Key assumptions used for fair value of securitized receivables include prepayment rate, weighted average life and the discount rate. The table below outlines the sensitivity of the estimated fair value in securitized receivables as of March 31, 2024 and March 31, 2025 to immediate 10% and 20% changes in those assumptions.
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
Fair value of retained interests |  |  |  |  |  |  |  |  |  |  |  |
Annual prepayment rate: |  |  |  |  |  |  |  |  |  |  |  |
Impact of 10% adverse change |  |  | Rs. — |  |  |  | Rs. 226.9 |  |  | US$ | 2.7 |
Impact of 20% adverse change |  |  | — |  |  |  | 436.9 |  |  |  | 5.1 |
Weighted average life in years of the securitized receivables is not subject to change, except in the case of a change in the prepayment rate assumption. Consequently, the above sensitivity analysis does not include the impact on the estimated fair values of the retained interests due to an adverse change in the weighted average life in years and the discount rate. These sensitivities are hypothetical and should be used with appropriate caution. A 10% change in the assumptions may not result in lineally proportionate changes in the fair values of retained interests. Adverse changes assumed in the above analysis and the resultant change in the fair values of retained interests are calculated independent of each other. In reality, any change in one factor may cause a change in the other factors. Consolidated VIEs: The Bank determines whether it is the primary beneficiary of a VIE under ASC 810-10 upon its initial involvement with the VIE and reassesses whether it is a primary beneficiary on an ongoing basis as long it has ongoing involvement with the VIE. During the year ended March 31, 2025, the Bank determined that it was a primary beneficiary on an ongoing basis with certain trusts because it has the power to direct the activities that most significantly impact the trusts’ economic performance (e.g., servicing the underlying loans). The methodology for determining primary beneficiary status includes assessing the Bank’s servicing rights, retained interests, and exposure to credit losses. The loans held by the trusts are solely to satisfy the trusts’ obligations to security holders, and the Bank cannot repurpose these assets for other uses. The Bank provides servicing and liquidity support to these trusts under contractual agreements but has no obligation to provide additional financial support beyond these terms. As of March 31, 2025, the Bank consolidated VIEs with total assets of Rs. 183.4 billion and total liabilities of Rs. 183.4 billion, primarily related to auto loan securitizations. The assets are restricted and can only be used to settle the obligations of the respective trusts. The liabilities of the consolidated variable interest entities, primarily asset-backed securities, are non-recourse and do not impact the Bank’s general credit or consolidated financial position. The carrying amounts of consolidated VIE assets (classified as “Loans” and “Other Assets”) and liabilities (classified as “Long-term Debt”) are included in the Consolidated Balance Sheet as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |  |  | 2025 |
|  | (In millions) |
VIE Assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  | Rs. — |  |  |  | Rs. 183,356.8 |  |  | US$ | 2,146.3 |
Other assets |  |  | — |  |  |  | 108.1 |  |  |  | 1.3 |
VIE Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | Rs. — |  |  |  | Rs. 165,476.8 |  |  | US$ | 1,937.0 |
Accrued expenses and other liabilities |  |  | — |  |  |  | 108.1 |  |  |  | 1.3 |
Maximum exposure to loss |  |  | Rs. — |  |  |  | Rs.  30,369.3 |  |  | US$ | 355.5 |
Debt interests |  |  | — |  |  |  | 17,879.9 |  |  |  | 209.3 |
Commitments, Guarantees, Others |  |  | — |  |  |  | 12,489.4 |  |  |  | 146.2 |

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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