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GUARANTEE LIABILITIES (Tables) | 12 Months Ended
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Mar. 31, 2022
Schedule of movement of guarantee liabilities |
|  | March 31, 2021 |  |  | March 31, 2022 |
|  | RMB |  |  | RMB |
Guarantee liabilities – stand ready |  |  | 172 |  |  |  | 46 |
Guarantee liabilities – contingent (i) |  |  | 2,269 |  |  |  | 133 |
|  |  | 2,441 |  |  |  | 179 |
(i) Financial guarantees in the scope of ASC 460, Guarantees, are in the scope of CECL impairment model, and a contingent guarantee liability with an allowance for credit losses was recorded at the initial adoption and subsequently measured using CECL model.
Guarantee liabilities - stand ready |
Schedule of movement of guarantee liabilities | The movement of guarantee liabilities – stand ready was as follows:
|  | For the year ended December 31, |  |  | For the three months ended March 31, |  |  | For the fiscal years ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Beginning balance of the period |  |  | 321,255 |  |  |  | 388,307 |  |  |  | 207,997 |  |  |  | 172 |
Changes on initial application of ASU 2016-13 |  |  | — |  |  |  | (135,839 | ) |  |  | — |  |  |  | — |
Fair value of guarantee liabilities upon the inception of new guarantees |  |  | 405,084 |  |  |  | — |  |  |  | — |  |  |  | — |
Guarantee liabilities settled |  |  | (398,167 | ) |  |  | — |  |  |  | — |  |  |  | — |
Losses from guarantee liabilities |  |  | 362,597 |  |  |  | — |  |  |  | — |  |  |  | — |
Net assets transferred (Note 3) |  |  | (302,462 | ) |  |  | — |  |  |  | — |  |  |  | — |
Guarantee income (i) (Note 13) |  |  | — |  |  |  | (44,471 | ) |  |  | (207,825 | ) |  |  | (126 | )
Ending balance of the period |  |  | 388,307 |  |  |  | 207,997 |  |  |  | 172 |  |  |  | 46 |
Guarantee liabilities - contingent |
Schedule of movement of guarantee liabilities | The movement of guarantee liabilities - contingent was as follows:
|  | For the three months ended March 31, |  |  | For the fiscal years ended March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |
Beginning balance of the period |  |  | — |  |  |  | 702,952 |  |  |  | 2,269 |
Changes on initial application of ASU 2016-13 |  |  | 224,834 |  |  |  | — |  |  |  |
Guarantee liabilities settled |  |  | (326,204 | ) |  |  | (68,578 | ) |  |  | — |
Guarantee liabilities released to WeBank (i) |  |  | — |  |  |  | (630,733 | ) |  |  | — |
Provision for/(reversal of) credit losses |  |  | 804,322 |  |  |  | (1,372 | ) |  |  | (2,136 | )
Ending balance of the period |  |  | 702,952 |  |  |  | 2,269 |  |  |  | 133 |
(i) In order to settle the Company’s remaining guarantee liabilities, the Company entered into a supplemental agreement on April 23, 2020 (the “2020 April Agreement”) with WeBank with regards to the Company’s historically-facilitated loans. Pursuant to the 2020 April Agreement, WeBank agreed to set a cap on the amount of cash the Company would use to fulfil its guarantee obligations from 2020 to 2022. Subsequently on July 23, 2020, the Company entered into another supplemental agreement (the “2020 July Agreement”) with WeBank, which amended and restated the 2020 April Agreement. Pursuant to the 2020 July Agreement, the Company paid an aggregate amount of RMB 372 million to WeBank from 2020 to 2025 as guarantee settlement with a maximum annual settlement amount of no more than RMB 84 million. Upon the signing of the 2020 July Agreement, the Company was no longer subject to guarantee obligations in relation to its historically facilitated loans for WeBank under the condition that the Company made the instalments based on the agreed-upon schedule in the 2020 July Agreement.

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12265-110248 + Details
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