REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Equity Shares, Par value Rs. 1.0 per share |
The New York Stock Exchange* |
* | Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. |
|
International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ |
Other ☐ |
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3 | ||||
4 | ||||
44 | ||||
83 | ||||
84 | ||||
88 | ||||
90 | ||||
91 | ||||
94 | ||||
102 | ||||
135 | ||||
162 | ||||
163 | ||||
166 | ||||
172 | ||||
224 | ||||
226 | ||||
230 | ||||
231 | ||||
232 | ||||
F-1 | ||||
EI-1 |
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S-1 |
Item Caption |
Location |
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Part I |
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Item 1 | Identity of Directors, Senior Management and Advisors | Not Applicable |
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Item 2 | Offer Statistics and Expected Timetable | Not Applicable |
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Item 3 | Key Information | Risk Factors |
44 | |||
Item 4 | Information on the Company | Business |
4 | |||
Selected Statistical Information |
94 | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
102 | |||||
Supervision and Regulation |
172 | |||||
Item 4A | Unresolved Staff Comments | Not Applicable |
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Item 5 | Operating and Financial Review and Prospects | Exchange Rates and Certain Defined Terms |
1 | |||
Selected Financial and Other Data |
91 | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
102 | |||||
Item 6 | Directors, Senior Management and Employees | Business—Employees |
38 | |||
Management |
135 | |||||
Principal Shareholders |
162 | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Restatements and Recovery of Erroneously Awarded Compensation |
134 | |||||
Item 7 | Major Shareholders and Related Party Transactions | Principal Shareholders |
162 | |||
Management—Loans to Members of Our Senior Management |
154 | |||||
Related Party Transactions |
163 | |||||
Item 8 | Financial Information | Report of Independent Registered Public Accounting Firm |
F-2 | |||
Consolidated Financial Statements and the Notes thereto |
F-6 | |||||
Business—Legal Proceedings |
39 | |||||
Dividend Policy |
90 | |||||
Item 9 | The Offer and Listing | Certain Information About Our American Depositary Shares and Equity Shares |
83 | |||
Item 10 | Additional Information | Management |
135 | |||
Description of Equity Shares |
84 | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
102 | |||||
Taxation |
166 | |||||
Supervision and Regulation |
172 | |||||
Exchange Controls |
224 | |||||
Restrictions on Foreign Ownership of Indian Securities |
226 | |||||
Additional Information |
230 |
Item Caption |
Location |
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Item 11 | Quantitative and Qualitative Disclosures About Market Risk | Business—Risk Management |
28 | |||||
Selected Statistical Information |
94 | |||||||
Item 12 | Description of Securities Other than Equity Securities | Description of American Depositary Shares—Fees and Charges for Holders of American Depositary Shares |
88 | |||||
Part II |
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Item 13 | Defaults, Dividend Arrearages and Delinquencies | Not Applicable |
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Item 14 | Material Modifications to the Rights of Security Holders and Use of Proceeds | Management’s Discussion and Analysis of Financial Condition and Results of Operations—Transaction with HDFC Limited |
102 | |||||
Item 15 | Controls and Procedures | Management—Controls and Procedures |
155 | |||||
Management’s Report on Internal Control Over Financial Reporting |
231 | |||||||
Report of Independent Registered Public Accounting Firm—Internal Controls Over Financial Reporting |
232 | |||||||
Item 16A | Audit Committee Financial Expert | Management—Audit Committee Financial Expert |
156 | |||||
Item 16B | Code of Ethics | Management—Code of Ethics |
156 | |||||
Item 16C | Principal Accountant Fees and Services | Management—Principal Accountant Fees and Services |
157 | |||||
Item 16D | Exemption from the Listing Standards for Audit Committees | Not Applicable |
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Item 16E | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | Management’s Discussion and Analysis of Financial Condition and Results of Operations—Purchases of Equity Shares by HDFC Bank and Affiliated Purchasers |
134 | |||||
Item 16F | Changes in or disagreements with accountants | Not Applicable |
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Item 16G | Significant Differences in Corporate Governance Practices | Management—Compliance with NYSE Listing Standards on Corporate Governance |
157 | |||||
Item 16H | Mine Safety Disclosure | Not Applicable |
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Item 16I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not Applicable |
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Item 16J | Insider Trading Policies | Management—Insider Trading Policies |
161 | |||||
Item 16K | Cybersecurity | Management’s Discussion and Analysis of Financial Condition and Results of Operations— Cybersecurity |
130 | |||||
Item 17 | Financial Statements | Not Applicable |
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Item 18 | Financial Statements | Consolidated Financial Statements and the Notes thereto |
F-1 |
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Item 19 | Exhibits | Exhibit Index |
EI-1 |
• | HDFC Investments Limited and HDFC Holdings Limited were amalgamated with and into HDFC Limited, and stood dissolved without being wound up, without any further act or deed; |
• | HDFC Limited was amalgamated with and into HDFC Bank, and HDFC Limited stood dissolved without being wound up, without any further act or deed; and |
• | the other subsidiaries of HDFC Limited became subsidiaries and affiliates of HDFC Bank. |
• | HDBFSL, a non-deposit-taking NBFC in which we hold a 95.2 percent stake, is engaged primarily in the business of retail asset financing. Its total assets and shareholders’ equity as of March 31, 2024 were Rs. 919.1 billion and Rs. 130.7 billion, respectively. Its net income before noncontrolling interest was Rs. 22.5 billion for fiscal year 2024. As of March 31, 2024, HDBFSL had 1,682 branches across 1,148 cities in India. |
• | HSL, in which we hold a 95.4 percent stake, is primarily in the business of providing brokerage and other investment services. Its total assets and shareholders’ equity as of March 31, 2024 were Rs. 142.3 billion and Rs. 19.9 billion, respectively. Its net income before noncontrolling interest was Rs. 9.9 billion for fiscal year 2024. As of March 31, 2024, HSL had 184 branches across 139 cities in India. |
• | HDFC Life, a publicly listed company in which we hold a 50.4 percent stake, is a leading, long-term life insurance solutions provider in India. HDFC Life’s consolidated total assets and shareholders’ equity as of March 31, 2024, including its subsidiaries, were Rs. 3,158.9 billion and Rs. 148.1 billion, respectively. HDFC Life and its subsidiaries contributed Rs. 13.5 billion to consolidated net income before noncontrolling interest for fiscal year 2024, representing nine months of consolidated activities since completion of the Transaction. HDFC Life had 535 branches pan-India as of March 31, 2024. |
• | HDFC AMC, a publicly listed company in which we hold a 52.5 percent stake, is the Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in India, and offers a comprehensive suite of savings and investment products. HDFC AMC’s consolidated total assets and shareholders’ equity as of March 31, 2024, including its subsidiary, were Rs. 75.5 billion and Rs. 71.0 billion, respectively. HDFC AMC and its subsidiary contributed Rs. 14.7 billion to consolidated net income before noncontrolling interest for fiscal year 2024, representing nine months of consolidated activities since completion of the Transaction. HDFC AMC had 254 branches as of March 31, 2024. |
• | Our subsidiary HDFC Capital Advisors Limited (“HDFC Capital”) provides long-term equity and mezzanine capital to developers at the land and pre-approval stage predominantly for the development of affordable and mid-income housing in India. Our wholly owned subsidiary HDFC Sales Private Limited (“HSPL”) markets and sells home loans for the Bank, including the distribution of insurance products to the Bank’s customers. Our wholly owned subsidiary HDFC Trustee Company Limited (“HDFC Trustee”) is the trustee company for HDFC Mutual Fund. Our overseas subsidiary Griha Investments (“Griha Investments”) acts as an investment manager to HIREF International LLC and its special purpose vehicles (“SPVs”), while our other overseas subsidiary Griha Pte. Limited (“Griha Pte”) acts as an investment manager to Singapore domiciled funds and their SPVs. |
• | Our wholly owned subsidiary HDFC Education and Development Services Private Limited (“HDFC Edu”) is in the business of providing education management and consulting services. The Bank’s control of HDFC Edu is intended to be temporary. As directed by the RBI in connection with the Transaction, HDFC Edu is expected to be fully divested no later than July 1, 2025. |
• | PayZapp 2.0 |
• | Smart Hub Vyapar |
• | HDFC Bank One (Customer Experience Hub) |
• | Xpress Car Loans (“XCL”): . |
• | Smart Saathi |
• | Digital Rupee: |
• | UPI 2.0 Autopay: |
• | UPI Secondary ASBA: |
Years ended March 31, |
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2022 |
2023 |
2024 |
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(in millions, except percentages) |
||||||||||||||||||||||||||||
Retail banking |
Rs. | 640,670.1 | 71.8 | % | Rs. | 808,952.1 | 71.5 | % | Rs. | 960,249.9 | US$ | 11,522.2 | 51.8 | % | ||||||||||||||
Wholesale banking |
235,811.3 | 26.4 | % | 305,947.4 | 27.1 | % | 325,808.4 | 3,909.4 | 17.6 | % | ||||||||||||||||||
Treasury services |
15,952.8 | 1.8 | % | 16,261.7 | 1.4 | % | 32,497.2 | 389.9 | 1.8 | % | ||||||||||||||||||
Insurance services |
504,724.6 | 6,056.2 | 27.2 | % | ||||||||||||||||||||||||
Others |
30,591.1 | 367.1 | 1.6 | % | ||||||||||||||||||||||||
Net revenue |
Rs. | 892,434.2 | 100.0 | % | Rs. | 1,131,161.2 | 100.0 | % | Rs. | 1,853,871.2 | US$ | 22,244.8 | 100.0 | % |
At March 31, 2024 |
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Value (in millions) |
% of Total Value |
|||||||||||
Retail Assets: |
||||||||||||
Auto loans |
Rs. | 1,378,523.1 | US$ | 16,541.0 | 7.0 | |||||||
Personal loans/Credit cards |
3,119,246.7 | 37,428.0 | 15.9 | |||||||||
Retail business banking |
4,207,836.2 | 50,490.0 | 21.5 | |||||||||
Commercial vehicle and construction equipment finance |
1,619,602.9 | 19,433.7 | 8.3 | |||||||||
Housing loans |
6,993,168.0 | 83,911.3 | 35.7 | |||||||||
Other retail loans |
2,272,031.2 | 27,262.1 | 11.6 | |||||||||
Total retail loans |
Rs. | 19,590,408.1 | US$ | 235,066.1 | 100.0 |
At March 31, 2024 |
||||||||||||
Value (in millions) |
% of total |
|||||||||||
Savings |
Rs. | 5,908,719.0 | US$ | 71,891.0 | 29.7 | |||||||
Current |
2,118,751.2 | 25,778.7 | 10.6 | |||||||||
Time |
11,877,187.1 | 144,508.9 | 59.7 | |||||||||
Total |
Rs. | 19,904,657.3 | US$ | 242,178.6 | 100.0 |
• | Savings accounts, which are demand deposits, primarily for individuals and trusts. |
• | Current accounts, which are non-interest-bearing accounts designed primarily for business customers. Customers have a choice to select from a wide range of product offerings which are differentiated by basis minimum average quarterly account balance requirements and the nature of the transactions. |
• | Time deposits, which pay a fixed return over a predetermined time period. |
As of March 31, |
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2022 |
2023 |
2024 |
2024 |
|||||||||||||
(in millions) |
||||||||||||||||
Gross wholesale loans |
Rs. | 5,099,009.3 | Rs. | 5,911,512.1 | Rs. | 7,202,639.3 | US$ | 86,424.7 | ||||||||
Credit substitutes: |
||||||||||||||||
Commercial paper |
Rs. | 1,468.2 | Rs. | — | Rs. | — | US$ | — | ||||||||
Non-convertible debentures |
581,551.5 | 503,187.6 | 131,458.6 | 1,577.4 | ||||||||||||
Preferred shares |
0.5 | 0.2 | 28.3 | 0.3 | ||||||||||||
Total credit substitutes |
Rs. | 583,020.2 | Rs. | 503,187.8 | Rs. | 131,486.9 | US $ | 1,577.7 | ||||||||
Gross wholesale loans plus credit substitutes |
Rs. | 5,682,029.5 | Rs. | 6,414,699.9 | Rs. | 7,334,126.2 | 88,002.4 |
As of March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(in millions) |
||||||||||||||||
Bill collection |
Rs. | 8,826,470.0 | Rs. | 11,526,616.0 | Rs. | 11,536,317.1 | US$ | 138,424.7 | ||||||||
Documentary credits |
2,543,661.3 | 2,766,993.2 | 2,688,235.6 | 32,256.2 | ||||||||||||
Bank guarantees |
455,008.5 | 610,568.0 | 715,671.6 | 8,587.4 | ||||||||||||
Total |
Rs. | 11,825,139.8 | Rs. | 14,904,177.2 | Rs. | 14,940,224.3 | US$ | 179,268.3 |
As of March 31, |
||||||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||||||||||||||||||
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
|||||||||||||||||||||||||
(in millions) |
||||||||||||||||||||||||||||||||
Interest rate swaps and forward rate agreements |
Rs. | 3,163,571.7 | Rs. | 2,253.9 | Rs. | 3,325,893.2 | Rs. | 6,032.8 | Rs. | 3,630,608.3 | Rs. | 5,326.6 | US$ | 43,563.8 | US$ | 63.9 | ||||||||||||||||
Forward exchange contracts, currency swaps, currency options |
Rs. | 1,892,709.0 | Rs. | (12,243.4 | ) | Rs. | 1,786,811.9 | Rs. | 5,327.2 | Rs. | 1,595,889.9 | Rs. | (2,204.3 | ) | US$ | 19,149.1 | US$ | (26.4 | ) |
As of March 31, |
||||||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||||||||||||||||||
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Interest rate swaps and forward rate agreements |
Rs.2,029,651.4 | Rs. | 225.1 | Rs. | 2,788,819.0 | Rs. | (205.0 | ) | Rs. | 4,796,148.5 | Rs. | (8,912.7 | ) | US$ | 57,549.2 | US$ | (106.9 | ) | ||||||||||||||
Forward exchange contracts, currency swaps, currency options |
Rs.5,402,291.4 | Rs. | 15,147.5 | Rs. | 7,895,164.9 | Rs. | 11,810.9 | Rs. | 11,247,250.9 | Rs. | 5,419.0 | US$ | 134,956.2 | US$ | 65.0 |
I. |
Banking |
(a) | Borrower/business group Supervision and Regulation—I. Regulations Governing Banking Institutions—Large Exposures Framework |
(b) | Industry |
(c) | Risk grading |
(a) | Retail Credit Strategy and Control Unit |
(b) | Retail Underwriting |
(c) | Credit Intelligence and Control |
(d) | Retail Collections Unit |
• | The ITDRM function is the second line of defense, and adheres to the Bank’s three lines of defense model. |
• | The ITDRM framework assesses various process-related risks, which are covered in the Bank’s IT policies and procedures. |
• | The IT Strategy Committee of the Board assesses IT strategy risk and the alignment of IT strategy and business strategy as detailed in the Bank’s IT Framework Procedure. |
• | The Apex IT Steering Committee assesses the project-specific risks and IT continuity-related risks. |
• | Risks related to the IT system capacity are assessed in accordance with the IT Capacity Management Policy and Procedure. |
• | Vendor risk is assessed in accordance with the IT and Digital Third Party Risk Management. IT Supplier Management, IT Contract Management and IT Outsourcing Policies and procedures. |
1. | Held to Maturity (“HTM”) |
2. | Available for Sale (“AFS”) |
3. | Fair Value through Profit & Loss (“FVTPL”) – with Held for Trading (“HFT”) treated as a separate investment sub-category within FVTPL |
4. | Subsidiaries, Associates and Joint Ventures |
1. | to review and recommend for Board approval the liquidity and interest rate risk policies, limits and behavioral studies or any other amendment thereto; and |
2. | to ratify excess utilization of Board-approved limits except where delegated to the ALCO. |
• | product pricing for deposits and customer advances; |
• | deciding the desired maturity profile and mix of incremental assets and liabilities as well as investments in debt and liquid mutual funds; |
• | articulating the Bank’s interest rate view and deciding on its future business strategy; |
• | reviewing and articulating funding strategy and deciding on source and mix of liabilities or sale of assets; |
• | ensuring adherence to the liquidity and interest rate risk limits set by the Board and ratification of utilization, wherever applicable; |
• | reviewing ALM stress test results and ensuring that a well-documented contingency funding plan is in place; |
• | deciding on the transfer pricing policy of the Bank and considering liquidity costs and benefits as an integral part of the Bank’s strategic planning; |
• | regularly reporting to the Board on the ALM risk profile of the Bank through ALCO minutes; and |
• | overall responsibility for monitoring the Bank’s Liquidity Coverage Ratio (“LCR”) and Net Stable Funding Ratio (“NSFR”). |
• | Earnings Perspective (impact on net interest income) |
• | Economic Value Perspective (impact on market value of equity) |
• | Business, operations, support and other functions: These functions are primarily responsible for the implementation of sound risk management practices (including cost-benefit analyses) in the day-to-day operations and any resulting impact of operational risk losses in their units. Specifically, these functions are responsible for developing risk mitigation strategies for their units and the first line of defense against operational risk; |
• | ORMD: The ORMD is responsible for implementing the operational risk management framework across the Bank. The department designs and develops tools required for implementing the framework, including policies and processes, and guidelines towards implementation and is also responsible for the maintenance of the framework. The ORMD represents the second line of defense against operational risk; and |
• | Internal audit department: The internal audit department is the third line of defense in mitigating operational risk exposures. It evaluates the adequacy and effectiveness of the internal control systems and procedures in the risk management functions, as well as across the various business and support units of the Bank. |
• | risk and control self-assessment to identify material risks and to initiate timely remedial measures. This assessment is conducted annually to update senior management about the risk level across the Bank; |
• | key risk indicators that are derived from various factors to provide an early warning of, or to monitor, the increasing risk or control failures in an activity. As these indicators are quantifiable, they are measured periodically to identify trends in values; |
• | operational risk loss management including the process of recognizing, recording and mitigating operational risk losses. Units or functions are required to report every operational risk loss event in a timely manner to the ORMD; |
• | operational risk scenario analysis carried out annually to assess the impact of such risks based on hypothetical severe loss situations. The Bank uses this information for risk management purposes and any possible financial impact; and |
• | periodic reporting on risk assessment and monitoring to the first line as well as to senior management to enable them to take timely action. |
1. |
Economic and Political Risks |
• | A slowdown in economic growth in India would cause us to experience slower growth in our asset portfolio and deterioration in the quality of our assets. |
• | Our business is particularly vulnerable to interest rate risk, and volatility in interest rates could adversely affect our net interest margin, the value of our fixed income portfolio, our treasury income and our financial performance. |
• | Financial and political instability in other countries may cause increased volatility in the Indian financial market. |
• | Our and our customers’ exposure to fluctuations in foreign currency exchange rates could adversely affect our operating results. |
• | We may not adequately assess, monitor and manage risks inherent in our business, and any failure to manage risks could adversely affect our business, financial position or results of operations. |
• | In order to support and grow our business, we must maintain a minimum capital adequacy ratio, and limited access to the capital markets may prevent us from maintaining an adequate ratio. |
• | We rely on third parties, including service providers, overseas correspondent banks and other Indian banks, which may not perform their obligations satisfactorily or in compliance with the law. |
2. |
Risks Relating to Our Business |
• | If we are unable to manage or sustain our growth, our operations may suffer and our performance may decline. |
• | Our success depends in large part upon our management team and skilled personnel and our ability to attract and retain such persons. |
• | Our funding is primarily short- and medium-term and if depositors do not roll over deposited funds upon maturity, our net income may decrease. |
• | Any increase in interest rates would have an adverse effect on the value of our fixed income securities portfolio and could have a material adverse effect on our net income. |
• | We could experience a decline in our revenue generated from activities on the equity markets if there is a prolonged or significant downturn on the Indian stock exchanges, and we may face difficulties in getting regulatory approvals necessary to conduct our business if we fail to meet regulatory limits on capital market exposures. |
• | Any failure or material weakness of our internal control system could cause significant errors, which may have a material adverse effect on our reputation, business, financial position or results of operations. |
• | Significant fraud, system failure or calamities would disrupt our revenue-generating activities in the short term and could harm our reputation and adversely impact our revenue-generating capabilities. |
• | We may not successfully implement our sustainability strategies or satisfy our ESG commitments, or our performance may not meet investor or other stakeholder expectations or standards, which could adversely impact our reputation, access to capital, business and financial condition. |
• | We are subject to climate change-related risks, including the physical risks of severe weather and water scarcity, as well as the risks of transitioning to a low carbon economy, which could have a significant negative impact on our industry, business and results of operations. |
• | Negative publicity could damage our reputation and adversely impact our business and financial results. |
• | Many of our branches, including some of the branches that we acquired as a consequence of the Transaction, have been recently added to our branch network and are not operating with the same efficiency as compared to the rest of our existing branches, which adversely affects our profitability. |
• | Deficiencies in accuracy and completeness of information about customers and counterparties may adversely impact us. |
• | We present our financial information differently in other markets or in certain reporting contexts. |
• | Statistical, industry and financial data obtained from industry publications and other third-party sources may be incomplete or unreliable. |
• |
We may be unable to fully capture the expected value from acquisitions and divestments, which could materially and adversely affect our business, results of operations and financial condition. |
3. |
Credit Risks |
• |
If the level of non-performing loans in our portfolio increases, we will be required to increase our provisions, which would negatively impact our income. |
• | We have high concentrations of exposures to certain customers and sectors, and if any of these exposures were to become non-performing, the quality of our portfolio could be adversely affected and our ability to meet capital requirements could be jeopardized. |
• | We are required to undertake directed lending under RBI guidelines. Consequently, we may experience a higher level of non-performing loans in our directed lending portfolio, which could adversely impact the quality of our loan portfolio, our business and the price of our equity shares and ADSs. Further, in the case of any shortfall in complying with these requirements, we may be required to invest in deposits of Indian development banks as directed by the RBI. These deposits yield low returns, thereby impacting our profitability. |
• | We may be unable to foreclose on collateral in a timely fashion or at all when borrowers default on their obligations to us, or the value of collateral may decrease, any of which may result in failure to recover the expected value of collateral security, increased losses and a decline in net income. |
• | Our unsecured loan portfolio is not supported by any collateral that could help ensure repayment of the loan, and in the event of non-payment by a borrower of one of these loans, we may be unable to collect the unpaid balance. |
4. |
Risks Relating to Our Industry |
• | The RBI guidelines relating to ownership in private banks could discourage or prevent a change of control or other business combination involving us which could restrict the growth of our business and operations. |
• | Foreign investment in our shares may be restricted due to regulations governing aggregate foreign investment in the Bank’s paid-up equity share capital. |
• | Further competition and the development of advanced payment systems by our competitors would adversely impact our cash float and decrease fees we receive in connection with cash management services. |
• | Our business is highly competitive, which makes it challenging for us to offer competitive prices to retain existing customers and solicit new business, and our strategy depends on our ability to compete effectively. |
• | We may face increased competition as a result of revised guidelines that relax restrictions on foreign ownership and participation in the Indian banking industry and that facilitate the entry of new banks in the private sector, which could cause us to lose existing business or be unable to compete effectively for new business. |
• | If the goodwill recorded in connection with our acquisitions, or any of our other intangibles, becomes impaired, we may be required to record impairment charges, which would decrease our net income and total assets. |
5. |
Risks Relating to Our Ownership Structure and the Transaction |
• |
We may be unable to successfully integrate HDFC Limited’s business into the Bank’s business and, as a result, we may fail to realize the anticipated benefits of the Transaction, which has exposed us to incremental regulatory requirements. |
• | The Bank’s future results will suffer if we cannot effectively manage our expanded operations following completion of the Transaction. |
• |
Our joint venture partner in HDFC ERGO has significant voting power with respect to the conducting of HDFC ERGO’s business, which may adversely affect our ability to develop our general insurance business in a manner most beneficial to our larger business. |
• | Subject to the RBI’s approval, existing or new shareholders may seek to acquire larger stakes in the Bank now that HDFC Limited, our former sponsor, has been amalgamated into us in connection with the Transaction, which could affect our governance and future strategy. |
6. |
Risks Relating to Our Insurance Business |
• |
Future rates of growth or levels of profitability of our insurance business could decrease, including in connection with regulatory changes, an inability to adequately develop operations or, in the case of HDFC Life, reliance on incorrect actuarial assumptions. |
• |
Our life insurance business is exposed to mortality, persistency, morbidity and expenses risks, which could adversely affect its profitability and, as a result, our results of operations. |
• |
Actual claims experience and other parameters could differ materially from the assumptions used in pricing HDFC ERGO’s products and setting reserves for such products. |
• |
Our general insurance joint venture HDFC ERGO may not adequately assess, monitor and manage credit risks inherent in its business, and any failure to manage risks could adversely affect its business, financial position or results of operations. |
• | Our life insurance subsidiary and our general insurance joint venture require certain statutory and regulatory approvals and licenses to conduct their respective businesses, and the failure to obtain, renew or retain them in a timely manner, or at all, may adversely affect their operations. |
• |
Our life insurance subsidiary and our general insurance joint venture may be required to increase their solvency margins, which may result in changes to their business that could harm their businesses and results of operations, and if they do not meet the mandatory solvency ratio required by the IRDAI, they could be subject to regulatory actions and could be forced to raise additional capital. |
7. |
Risks Relating to Our Asset Management Subsidiary |
• |
The SEBI imposes restrictions on the scope of business activities that HDFC AMC may undertake, which may adversely impact its ability to enhance profitability. |
• | The impact of changes to the regulations on the Total Expenses Ratio (“TER”) for schemes could adversely impact the revenue, results of operations, business and prospects of HDFC AMC. |
• |
HDFC AMC is subject to SEBI inspections and is required to comply with obligations imposed by the SEBI. Failure to comply with such obligations may result in HDFC AMC being liable to pay interest and be subject to regulatory action. |
8. |
Legal and Regulatory Risks |
• |
We have previously been subjected to penalties imposed by the RBI and the SEBI. Any regulatory investigations, fines, sanctions and requirements relating to conduct of business and financial crime could negatively affect our business and financial results, or cause serious reputational harm. |
• |
Transactions with counterparties in countries designated as state sponsors of terrorism by the United States Department of State, the Government of India or other countries, or with persons targeted by U.S., Indian, EU or other economic sanctions may cause potential customers and investors to avoid doing business with us or investing in our securities, harm our reputation or result in regulatory action which could materially and adversely affect our business. |
• |
Material changes in Indian banking and other applicable regulations may adversely affect our business and our future financial performance. |
• | Our asset management subsidiary and our life insurance subsidiary are publicly listed on the Indian stock exchanges, which subjects them to extensive regulation that can lead to increased costs or additional restrictions on their activities that could adversely impact the Bank. |
• |
Our subsidiary, HDBFSL, will be required to make an initial public offering as per the requirements of the SBR Framework, which could divert management resources and may not yield expected returns. |
• |
Our business and financial results could be materially impacted by adverse results in legal proceedings. |
• |
We may breach third-party intellectual property rights. |
9. |
Technology Risks |
• | We face cybersecurity threats, such as hacking, phishing and trojans, attempting to exploit our network to disrupt services to customers and/or theft or leaking of sensitive internal Bank data or customer information. This may cause damage to our reputation and adversely impact our business and financial results. |
• | A failure, inadequacy or security breach in our information technology and telecommunication systems may adversely affect our business, results of operations or financial condition. |
10. |
Risks Relating to India |
• | Any adverse change in India’s credit rating, or the credit rating of any country in which our foreign banking outlets are located, by an international rating agency could adversely affect our business and profitability. |
• | If there is any change in tax laws or regulations, or their interpretation, such changes may significantly affect our financial statements for the current and future years, which may have a material adverse effect on our financial position, business and results of operations. |
• | Any volatility in the exchange rate may lead to a decline in India’s foreign exchange reserves and may affect liquidity and interest rates in the Indian economy, which could adversely impact us. |
• | Political instability or changes in the Government could delay the liberalization of the Indian economy and adversely affect economic conditions in India generally, which would impact the Bank’s financial results and prospects. |
• |
Terrorist attacks, civil unrest and other acts of violence or war involving India and other countries would negatively affect the Indian market where our shares trade and lead to a loss of confidence and impair travel, which could reduce our customers’ appetite for our products and services. |
• | Natural calamities, including those exacerbated by climate change, and public health epidemics could adversely affect the Indian economy or the economies of other countries where we operate which, in turn, could negatively impact our business and the price of our equity shares and ADSs. |
• | Investors may have difficulty enforcing foreign judgments in India against the Bank or its management. |
11. |
Risks Relating to the ADSs and Equity Shares |
• | Historically, our ADSs have traded at a premium to the trading prices of our underlying equity shares, a situation which may not continue. |
• | Investors in ADSs will not be able to vote. |
• | Your ability to withdraw equity shares from the depositary facility is uncertain and may be subject to delays. |
• | Restrictions on deposit of equity shares in the depositary facility could adversely affect the price of our ADSs. |
• | There is a limited market for the ADSs. |
• | Conditions in the Indian securities market may affect the price or liquidity of our equity shares and ADSs. |
• | Settlement of trades of equity shares on Indian stock exchanges may be subject to delays. |
• | You may be unable to exercise preemptive rights available to other shareholders. |
• | Financial difficulty and other problems in certain financial institutions in India could adversely affect our business and the price of our equity shares and ADSs. |
• | Because the equity shares underlying our ADSs are quoted in rupees in India, you may be subject to potential losses arising out of exchange rate risk on the Indian rupee and risks associated with the conversion of rupee proceeds into foreign currency. |
• | There may be less information available on Indian securities markets than securities markets in developed countries. |
• | Investors may be subject to Indian taxes arising out of capital gains on the sale of equity shares. |
• | Future issuances or sales of equity shares and ADSs could significantly affect the trading price of our equity shares and ADSs. |
• | U.S. securities laws do not require us to disclose as much information to investors as a U.S. issuer is required to disclose, and investors may receive less information about the Bank than they might otherwise receive from a comparable U.S. bank. |
• | Foreign Account Tax Compliance Act withholding may affect payments on our equity shares and ADSs. |
• | recruiting, training and retaining sufficient skilled personnel; |
• | upgrading, expanding and securing our technology platform; |
• | developing and improving our products and delivery channels; |
• | preserving our asset quality as our geographical presence increases and customer profile changes; |
• | complying with regulatory requirements such as the KYC norms; and |
• | maintaining high levels of customer satisfaction. |
(i) | maintain stringent cost controls and a sufficient capital base; |
(ii) | increase their marketing and sales activities; |
(iii) | implement appropriate digital initiatives to improve their distribution value proposition and customer experience; |
(iv) | hire and train sufficient numbers of new employees and agents; |
(v) | develop new products and review their existing products to keep pace with consumer trends and demands; |
(vi) | continue to strengthen their financial and management controls and information technology systems; and |
(vii) | continue to develop adequate underwriting and claim handling capabilities and skills. |
• | the United States dollar equivalent of the Indian rupee trading price of our equity shares in India and, indirectly, the United States dollar trading price of our ADSs in the United States; |
• | the United States dollar equivalent of the proceeds that you would receive upon the sale in India of any equity shares that you withdraw from the depositary; and |
• | the United States dollar equivalent of cash dividends, if any, paid in Indian rupees on the equity shares represented by our ADSs. |
Category |
Depositary actions |
Associated fee | ||||
(a) |
Issuing ADSs | Issuing ADSs upon deposits of shares, issuances in respect of share distributions, rights and other distributions, stock dividends, stock splits, mergers, exchanges of securities or any other transaction or event or other distribution affecting the ADSs or the deposited securities. | US$ 5.00 for each 100 ADSs (or portion thereof) issued or delivered. | |||
(b) |
Distributing dividends | Distribution of cash. | US$ 0.05 or less per ADS. | |||
(c) |
Distributing or selling securities | Distribution to ADR holders of securities received by the depositary or net proceeds from the sale of such securities. | US$ 5.00 for each 100 ADSs (or portion thereof), the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities. | |||
(d) |
Cancellation or reduction of ADSs | Acceptance of ADSs surrendered for withdrawal of deposited shares, or the cancellation or reduction of ADSs for any other reason. | US$ 5.00 for each 100 ADSs (or portion thereof) reduced, canceled or surrendered (as the case may be). | |||
(e) |
General depositary services | Services performed by the depositary in administering the ADRs. | US$ 0.05 or less per ADS per calendar year (or portion thereof). | |||
(f) |
Other | Fees, charges and expenses incurred on behalf of holders in connection with: | An amount for the reimbursement of such fees, charges and expenses incurred by the depositary and/or any of its agents. | |||
• compliance with foreign exchange control regulations or any law or regulation relating to foreign investment; |
||||||
• the servicing of shares or other deposited securities; |
||||||
• the sale of securities; |
||||||
• the delivery of deposited securities; |
||||||
• the depositary’s or its custodian’s compliance with applicable laws, rules or regulations; |
||||||
• stock transfer or other taxes and other governmental charges; |
||||||
• cancellation requests (including through SWIFT, telex and facsimile transmission) and any applicable delivery expenses; |
||||||
• transfer or registration fees for the registration or transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; or |
||||||
• the fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public or private sale of securities under the deposit agreement. |
Category |
Contribution received | |
Legal, accounting fees and other expenses incurred in connection with our ADS program |
US$ 9,406,306.38 (approximately Rs. 783.9 million) |
Dividend per equity share |
Total amount of dividends declared |
|||||||||||||||
(in millions) |
||||||||||||||||
Relating to fiscal |
||||||||||||||||
2020* |
Rs. | 2.50 | US$ | 0.030 | Rs. | 13,664.1 | US$ | 164.0 | ||||||||
2021 |
6.50 | 0.078 | 35,833.0 | 430.0 | ||||||||||||
2022 |
15.50 | 0.186 | 85,955.9 | 1,031.4 | ||||||||||||
2023 |
19.00 | 0.228 | 106,015.1 | 1,272.1 | ||||||||||||
2024** |
19.50 | 0.234 | 148,139.8 | 1,777.5 |
* | The RBI, in its circular dated April 17, 2020, prohibited banks from making any further dividend pay-outs from the profits pertaining to fiscal 2020 until further notice. This restriction was put in place to ensure that banks conserved capital and retained their ability to support the economy and absorb losses in an environment of heightened uncertainty caused by the COVID-19 pandemic. On December 4, 2020, the RBI repeated its view that, in light of the ongoing stress and heightened uncertainty caused by the pandemic, banks should continue to conserve capital, and maintained the prohibition to make dividend payments on equity shares from the profits pertaining to fiscal 2020. |
** | On April 20, 2024, the Board recommended a dividend of Rs. 19.50 per share of the Bank for the fiscal 2024 subject to approval of the shareholders at the Annual General Meeting to be held in 2024. |
Year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(in millions, except per equity share data and ADS data) |
||||||||||||||||
Selected income statement data: |
||||||||||||||||
Interest and dividend revenue |
Rs. | 1,333,137.0 | Rs. | 1,689,526.7 | Rs. 2,781,926.2 | US$ | 33,380.5 | |||||||||
Interest expense |
584,297.5 | 775,538.2 | 1,533,922.8 | 18,405.6 | ||||||||||||
Net interest revenue |
748,839.5 | 913,988.5 | 1,248,003.4 | 14,974.9 | ||||||||||||
Provisions for credit losses |
126,979.5 | 74,213.8 | 133,063.1 | 1,596.6 | ||||||||||||
Net interest revenue after provisions for credit losses |
621,860.0 | 839,774.7 | 1,114,940.3 | 13,378.3 | ||||||||||||
Non-interest revenue, net |
270,574.2 | 291,386.5 | 738,930.9 | 8,866.5 | ||||||||||||
Net revenue |
892,434.2 | 1,131,161.2 | 1,853,871.2 | 22,244.8 | ||||||||||||
Non-interest expense |
373,272.0 | 468,779.4 | 1,069,242.4 | 12,829.8 | ||||||||||||
Surplus/(Deficit) in P&L transferred to Undistributed Policyholders Earnings Account |
79,169.8 | 950.0 | ||||||||||||||
Income before income tax expense |
519,162.2 | 662,381.8 | 705,459.0 | 8,465.0 | ||||||||||||
Income tax expense |
132,559.2 | 166,117.4 | 77,827.1 | 933.9 | ||||||||||||
Net income before non-controlling interest |
386,603.0 | 496,264.4 | 627,631.9 | 7,531.1 | ||||||||||||
Net income attributable to shareholders of non-controlling interest |
602.6 | 817.5 | 4,975.3 | 59.7 | ||||||||||||
Net income attributable to HDFC Bank Limited |
Rs. | 386,000.4 | Rs. | 495,446.9 | Rs. | 622,656.6 | US$ | 7,471.4 | ||||||||
Per equity share data: |
||||||||||||||||
Earnings per equity share, basic |
Rs. | 69.76 | Rs. | 89.02 | Rs. | 88.66 | US$ | 1.06 | ||||||||
Earnings per equity share, diluted |
69.38 | 88.68 | 88.31 | 1.05 | ||||||||||||
Dividends declared per equity share |
15.50 | 19.00 | 19.50 | 0.23 | ||||||||||||
Book value (1) |
451.69 | 521.93 | 914.49 | 11.00 | ||||||||||||
Equity share data: |
||||||||||||||||
Equity shares outstanding at end of period |
5,545.5 | 5,579.7 | 7,596.9 | 7,596.9 | ||||||||||||
Weighted average equity shares outstanding—basic |
5,533.1 | 5,565.6 | 7,079.3 | 7,079.3 | ||||||||||||
Weighted average equity shares outstanding—diluted |
5,563.5 | 5,587.2 | 7,107.5 | 7,107.5 | ||||||||||||
ADS data (where one ADS represents three shares): |
||||||||||||||||
Earnings per ADS—basic |
209.28 | 267.06 | 265.98 | 3.18 | ||||||||||||
Earnings per ADS—diluted |
208.14 | 266.04 | 264.93 | 3.15 |
As of March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(in millions) |
||||||||||||||||
Selected balance sheet data: |
||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 1,122,031.1 | Rs. | 1,387,395.2 | Rs. | 2,086,031.4 | US$ | 25,030.4 | ||||||||
Loans, net of allowance |
14,036,872.2 | 17,052,927.9 | 26,335,700.9 | 316,003.1 | ||||||||||||
Investments: |
||||||||||||||||
Investments held for trading |
53,199.5 | 135,831.1 | 461,245.3 | 5,534.5 | ||||||||||||
Investments available for sale, debt securities |
4,388,563.1 | 4,878,844.0 | 8,295,487.1 | 99,537.9 | ||||||||||||
Total |
4,441,762.6 | 5,014,675.1 | 8,756,732.4 | 105,072.4 | ||||||||||||
Total assets |
Rs. | 21,113,705.5 | Rs. | 25,755,624.0 | Rs. | 44,118,573.0 | US$ | 529,380.6 | ||||||||
Long term debt |
1,554,333.4 | 2,054,436.4 | 6,648,772.0 | 79,778.9 | ||||||||||||
Short term borrowings |
554,167.6 | 1,089,897.5 | 1,313,737.1 | 15,763.6 | ||||||||||||
Total deposits |
15,580,031.9 | 18,826,635.6 | 23,768,235.6 | 285,196.0 | ||||||||||||
Of which: |
||||||||||||||||
Interest-bearing deposits |
13,197,979.7 | 16,097,459.3 | 20,688,406.2 | 248,241.0 | ||||||||||||
Non-interest-bearing deposits |
2,382,052.2 | 2,729,176.3 | 3,079,829.4 | 36,955.0 | ||||||||||||
Liabilities on policies in force |
1,763,979.1 | 21,166.1 | ||||||||||||||
Total liabilities |
18,604,252.1 | 22,837,786.1 | 36,232,390.2 | 434,753.9 | ||||||||||||
Noncontrolling interest in subsidiaries |
4,615.0 | 5,637.2 | 938,855.4 | 11,265.4 | ||||||||||||
HDFC Bank Limited shareholders’ equity |
2,504,838.4 | 2,912,200.7 | 6,947,327.4 | 83,361.3 | ||||||||||||
Total liabilities and shareholders’ equity |
Rs. | 21,113,705.5 | Rs. | 25,755,624.0 | Rs. | 44,118,573.0 | US$ | 529,380.6 | ||||||||
Year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(in millions) |
||||||||||||||||
Period average (2) |
||||||||||||||||
Interest-earning assets |
Rs. | 17,476,144.8 | Rs. | 20,852,505.1 | Rs. | 32,438,872.6 | US$ | 389,235.3 | ||||||||
Loans, net of allowance |
12,175,749.9 | 15,037,546.2 | 22,852,313.0 | 274,205.8 | ||||||||||||
Total assets |
18,648,153.1 | 22,354,795.1 | 38,798,481.3 | 465,544.5 | ||||||||||||
Interest-bearing deposits |
11,951,645.0 | 14,149,631.8 | 18,178,808.6 | 218,128.3 | ||||||||||||
Non-interest-bearing deposits |
1,769,880.8 | 2,009,410.5 | 2,211,282.6 | 26,533.3 | ||||||||||||
Total deposits |
13,721,525.8 | 16,159,042.3 | 20,390,091.2 | 244,661.5 | ||||||||||||
Interest-bearing liabilities |
13,945,086.1 | 16,993,341.0 | 25,452,396.1 | 305,404.3 | ||||||||||||
Long term debt |
1,243,226.8 | 1,646,705.9 | 5,388,304.2 | 64,654.5 | ||||||||||||
Short term borrowings |
750,214.3 | 1,197,003.3 | 1,885,283.3 | 22,621.6 | ||||||||||||
Total liabilities |
16,347,325.5 | 19,711,755.2 | 32,593,352.2 | 391,088.9 | ||||||||||||
Total shareholders’ equity |
2,300,827.6 | 2,643,039.9 | 6,205,129.1 | 74,455.6 |
2022 |
2023 |
2024 |
||||||||||
(in percentage) |
||||||||||||
Profitability: |
||||||||||||
Net income attributable to HDFC Bank Limited as a percentage of: |
||||||||||||
Average total tangible assets (3) |
2.1 | 2.2 | 1.8 | |||||||||
Average total tangible shareholders’ equity (4) |
17.3 | 19.3 | 15.3 | |||||||||
Dividend payout ratio (5) |
22.3 | 21.4 | 23.8 | |||||||||
Spread (6) |
3.9 | 4.0 | 3.0 | |||||||||
Net interest margin (7) |
4.3 | 4.4 | 3.8 | |||||||||
Cost-to-net revenue ratio (8) |
41.8 | 41.4 | 57.7 | |||||||||
Cost-to-average assets ratio (9) |
2.0 | 2.1 | 2.8 | |||||||||
Capital: |
||||||||||||
Total capital adequacy ratio (10) |
18.90 | 19.26 | 18.80 | |||||||||
Tier I capital adequacy ratio (10) |
17.87 | 17.13 | 16.79 | |||||||||
Tier II capital adequacy ratio (10) |
1.03 | 2.13 | 2.01 | |||||||||
Average total shareholders’ equity as a percentage of average total assets |
12.3 | 11.8 | 16.0 | |||||||||
Asset quality: |
||||||||||||
Gross non-performing customer assets as a percentage of gross customer assets (11) |
1.3 | 1.1 | 1.2 |
(1) | Represents the difference between total assets and total liabilities, reduced by noncontrolling interests in subsidiaries, divided by the number of shares outstanding at the end of each reporting period. |
(2) | Average balances are the average of daily outstanding amounts. |
(3) | Represents the ratio of net income attributable to HDFC Bank Limited as a percentage of average tangible assets. Average tangible assets exclude goodwill and intangibles. |
(4) | Represents the ratio of net income attributable to HDFC Bank Limited as a percentage of average tangible shareholders’ equity. Average tangible shareholders’ equity is shareholders’ equity reduced by goodwill and intangibles. |
(5) | Represents the ratio of total dividends payable on equity shares relating to each fiscal year, as a percentage of net income of that year. Dividends declared each year are typically paid in the following fiscal year. |
(6) | Represents the difference between yield on average interest-earning assets and cost of average interest-bearing liabilities. Yield on average interest-earning assets is the ratio of interest revenue to average interest-earning assets. Cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities. For purposes of calculating spread, interest-bearing liabilities includes non-interest-bearing current accounts. |
(7) | Represents the ratio of net interest revenue to average interest-earning assets. The difference in net interest margin and spread arises due to the difference in the amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, the net interest margin is greater than the spread. If average interest-bearing liabilities exceed average interest-earning assets, the net interest margin is less than the spread. |
(8) | Represents the ratio of non-interest expense to the sum of net interest revenue after provision for credit losses and non-interest revenue, net. |
(9) | Represents the ratio of non-interest expense to average total assets. |
(10) | Calculated in accordance with RBI guidelines (Basel III Capital Regulations, generally referred to as “Basel III”). See also “ Supervision and Regulation |
(11) | Gross customer assets consist of loans and credit substitutes. |
Year ended March 31, |
||||||||||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
||||||||||||||||||||||||||||||||||
Average balance |
Interest revenue/ expense |
Average yield/ cost |
Average balance |
Interest revenue/ expense |
Average yield/ cost |
Average balance |
Interest revenue/ expense |
Average yield/ cost |
||||||||||||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 108,184.0 | Rs. | 1,090.9 | 1.0 | % | Rs. | 152,848.2 | Rs. | 6,308.7 | 4.1 | % | Rs. | 267,249.0 | Rs. | 17,771.7 | 6.6 | % | ||||||||||||||||||
Investments available for sale debt securities |
4,132,605.2 | 240,943.0 | 5.8 | 4,875,942.8 | 304,566.7 | 6.2 | 7,721,061.2 | 516,550.0 | 6.7 | |||||||||||||||||||||||||||
Investments held for trading |
81,809.4 | 1,647.5 | 2.0 | 71,944.9 | 2,964.6 | 4.1 | 406,211.0 | 3,563.1 | 0.9 | |||||||||||||||||||||||||||
Loans, net: |
||||||||||||||||||||||||||||||||||||
Retail loans |
8,014,536.7 | 807,146.1 | 10.1 | 9,863,886.2 | 987,975.9 | 10.0 | 16,069,363.9 | 1,625,134.5 | 10.1 | |||||||||||||||||||||||||||
Wholesale loans |
4,161,213.2 | 250,779.5 | 6.0 | 5,173,660.0 | 363,842.1 | 7.0 | 6,782,949.1 | 569,391.0 | 8.4 | |||||||||||||||||||||||||||
Securities purchased with agreement to resell |
699,778.0 | 25,101.0 | 3.6 | 52,860.0 | 2,222.7 | 4.2 | 103,522.0 | 4,276.9 | 4.1 | |||||||||||||||||||||||||||
Other assets |
278,018.3 | 6,429.0 | 2.3 | 661,363.0 | 21,646.0 | 3.3 | 1,088,516.4 | 45,239.0 | 4.2 | |||||||||||||||||||||||||||
Total interest-earning assets: |
Rs. | 17,476,144.8 | Rs. | 1,333,137.0 | 7.6 | % | Rs. | 20,852,505.1 | Rs. | 1,689,526.7 | 8.1 | % | Rs. | 32,438,872.6 | Rs. | 2,781,926.2 | 8.6 | % | ||||||||||||||||||
Non-interest-earning assets: |
||||||||||||||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
668,669.0 | 878,597.0 | 1,231,833.0 | |||||||||||||||||||||||||||||||||
Property and equipment |
57,591.1 | 72,436.9 | 131,056.3 | |||||||||||||||||||||||||||||||||
Other assets |
445,748.2 | 551,256.1 | 4,996,719.4 | |||||||||||||||||||||||||||||||||
Total non-interest earning assets |
1,172,008.3 | 1,502,290.0 | 6,359,608.7 | |||||||||||||||||||||||||||||||||
Total assets |
Rs. | 18,648,153.1 | Rs. | 1,333,137.0 | 7.1 | % | Rs. | 22,354,795.1 | Rs. | 1,689,526.7 | 7.6 | % | Rs. | 38,798,481.3 | Rs. | 2,781,926.2 | 7.2 | % | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
Savings account deposits |
Rs. | 4,348,242.0 | Rs. | 137,400.0 | 3.2 | % | Rs. | 5,021,031.0 | Rs. | 158,795.0 | 3.2 | % | Rs. | 5,421,819.0 | Rs. | 171,489.0 | 3.2 | % | ||||||||||||||||||
Time deposits |
7,603,403.0 | 351,610.1 | 4.6 | 9,128,600.8 | 456,313.9 | 5.0 | 12,756,989.6 | 825,916.6 | 6.5 | |||||||||||||||||||||||||||
Short term borrowings |
403,780.3 | 6,537.1 | 1.6 | 870,879.3 | 42,473.5 | 4.9 | 1,314,706.3 | 80,943.6 | 6.2 | |||||||||||||||||||||||||||
Long term debt |
1,243,226.8 | 77,456.3 | 6.2 | 1,646,705.9 | 101,587.8 | 6.2 | 5,388,304.2 | 432,520.3 | 8.0 | |||||||||||||||||||||||||||
Securities sold with agreement to repurchase |
346,434.0 | 11,294.0 | 3.3 | 326,124.0 | 16,368.0 | 5.0 | 570,577.0 | 23,053.4 | 4.0 | |||||||||||||||||||||||||||
Total interest-bearing liabilities |
Rs. | 13,945,086.1 | Rs. | 584,297.5 | 4.2 | % | Rs. | 16,993,341.0 | Rs. | 775,538.2 | 4.6 | % | Rs. | 25,452,396.1 | Rs. | 1,533,922.9 | 6.0 | % | ||||||||||||||||||
Non-interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
1,769,880.8 | 2,009,410.5 | 2,211,282.6 | — | — | |||||||||||||||||||||||||||||||
Other liabilities |
632,358.6 | 709,003.7 | 4,929,673.5 | — | — | |||||||||||||||||||||||||||||||
Total non-interest-bearing liabilities |
2,402,239.4 | 2,718,414.2 | 7,140,956.1 | — | — | |||||||||||||||||||||||||||||||
Total liabilities |
Rs. | 16,347,325.5 | Rs. | 584,297.5 | 3.6 | % | Rs. | 19,711,755.2 | Rs. | 775,538.2 | 3.9 | % | Rs. | 32,593,352.2 | Rs. | 1,533,922.9 | 4.7 | % | ||||||||||||||||||
Total shareholders’ equity |
2,300,827.6 | 2,643,039.9 | 6,205,129.1 | — | — | |||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity |
Rs. | 18,648,153.1 | Rs. | 584,297.5 | 3.1 | % | Rs. | 22,354,795.1 | Rs. | 775,538.2 | 3.5 | % | Rs. | 38,798,481.3 | Rs. | 1,533,922.9 | 4.0 | % |
Fiscal 2023 vs. Fiscal 2022 Increase/ (decrease) (1) due to |
Fiscal 2024 vs. Fiscal 2023 Increase/ (decrease) (1) due to |
|||||||||||||||||||||||
Net change |
Change in Average balance |
Change in Average rate |
Net change |
Change in Average balance |
Change in Average rate |
|||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
Interest revenue: |
||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 5,217.8 | Rs. | 450.4 | Rs. | 4,767.4 | Rs. | 11,463.0 | Rs. | 4,721.8 | Rs. | 6,741.2 | ||||||||||||
Investments available for sale debt securities |
63,623.7 | 43,338.8 | 20,284.9 | 211,983.3 | 177,715.0 | 34,268.3 | ||||||||||||||||||
Investments held for trading |
1,317.1 | (198.7 | ) | 1,515.8 | 598.5 | 13,773.9 | (13,175.4 | ) | ||||||||||||||||
Loans, net: |
||||||||||||||||||||||||
Retail loans |
180,829.8 | 186,248.5 | (5,418.7 | ) | 637,158.6 | 621,546.3 | 15,612.3 | |||||||||||||||||
Wholesale loans |
113,062.6 | 61,016.1 | 52,046.5 | 205,548.9 | 113,174.7 | 92,374.2 | ||||||||||||||||||
Securities purchased with agreement to resell |
(22,878.3 | ) | (23,204.9 | ) | 326.6 | 2,054.2 | 2,130.3 | (76.1 | ) | |||||||||||||||
Other assets |
15,217.0 | 8,864.6 | 6,352.4 | 23,593.0 | 13,980.5 | 9,612.5 | ||||||||||||||||||
Total interest-earning assets |
Rs. | 356,389.7 | Rs. | 276,514.8 | Rs. | 79,874.9 | Rs. 1,092,399.5 | Rs. | 947,042.5 | Rs. | 145,357.0 | |||||||||||||
Interest expense: |
||||||||||||||||||||||||
Savings account deposits |
Rs. | 21,395.0 | Rs. | 21,259.4 | Rs.135.6 | Rs. | 12,694.0 | Rs. | 12,675.3 | Rs.18.7 | ||||||||||||||
Time deposits |
104,703.8 | 70,530.9 | 34,172.9 | 369,602.7 | 181,373.3 | 188,229.4 | ||||||||||||||||||
Short term borrowings |
35,936.4 | 7,562.2 | 28,374.2 | 38,470.1 | 21,645.8 | 16,824.3 | ||||||||||||||||||
Long term debt |
24,131.5 | 25,137.8 | (1,006.3 | ) | 330,932.5 | 230,824.9 | 100,107.6 | |||||||||||||||||
Securities sold with agreement to repurchase |
5,074.0 | (662.1 | ) | 5,736.1 | 6,685.4 | 12,269.0 | (5,583.6 | ) | ||||||||||||||||
Total interest-bearing liabilities |
Rs. | 191,240.7 | Rs. | 123,828.2 | Rs. | 67,412.5 | Rs. | 758,384.7 | Rs. | 458,788.3 | Rs. | 299,596.4 | ||||||||||||
Net interest revenue |
Rs. | 165,149.0 | Rs. | 152,686.6 | Rs. | 12,462.4 | Rs. | 334,014.8 | Rs. | 488,254.2 | Rs. | (154,239.4) |
(1) | The changes in net interest revenue between periods have been reflected as attributed either to average balance or average rate changes. For purposes of this table, changes that are due to both average balance and average rate have been allocated solely to changes in average rate. |
Year ended March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
(in millions, except percentages) |
||||||||||||
Interest and dividend revenue |
Rs. | 1,333,137.0 | Rs. | 1,689,526.7 | Rs. | 2,781,926.2 | ||||||
Average interest-earning assets |
17,476,144.8 | 20,852,505.1 | 32,438,872.6 | |||||||||
Interest expense |
584,297.5 | 775,538.2 | 1,533,922.8 | |||||||||
Average interest-bearing liabilities |
13,945,086.1 | 16,993,341.0 | 25,452,396.1 | |||||||||
Average total assets |
18,648,153.1 | 22,354,795.1 | 38,798,481.3 | |||||||||
Average interest-earning assets as a percentage of average total assets |
93.7 | % | 93.3 | % | 83.6 | % | ||||||
Average interest-bearing liabilities as a percentage of average total assets |
74.8 | % | 76.0 | % | 65.6 | % | ||||||
Average interest-earning assets as a percentage of average interest-bearing liabilities |
125.3 | % | 122.7 | % | 127.4 | % | ||||||
Yield (1) |
7.6 | % | 8.1 | % | 8.6 | % | ||||||
Cost of funds (2) |
3.6 | % | 3.9 | % | 4.7 | % | ||||||
Spread (3) |
3.9 | % | 4.0 | % | 3.0 | % | ||||||
Net interest margin (4) |
4.3 | % | 4.4 | % | 3.8 | % |
(1) | Represents the average yield on all interest-earning assets. |
(2) | Represents the average rate paid on all liabilities, excluding total shareholders’ equity. |
(3) | Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. The yield on average interest-earning assets is the ratio of interest revenue to average interest-earning assets. The cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities. For purposes of calculating spread, interest-bearing liabilities includes non-interest-bearing current accounts. |
(4) | The net interest margin is the ratio of net interest revenue to average interest-earning assets, with net interest revenue equal to the difference between (a) the sum of interest and dividend income, and (b) interest expense. The difference in the net interest margin and spread arises due to the difference in the amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, the net interest margin is greater than the spread. If average interest-bearing liabilities exceed average interest-earning assets, the net interest margin is less than the spread. |
As of March 31, |
||||||||||||||||||||||||
2022 |
2023 |
2024 |
||||||||||||||||||||||
Amount |
% of total |
Amount |
% of total |
Amount |
% of total |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Current deposits |
Rs. | 1,769,880.8 | 12.9 | % | Rs. | 2,009,410.5 | 12.4 | % | Rs. | 2,211,282.6 | 10.8 | % | ||||||||||||
Savings deposits |
4,348,242.0 | 31.7 | 5,021,031.0 | 31.1 | 5,421,819.0 | 26.6 | ||||||||||||||||||
Time deposits |
7,603,403.0 | 55.4 | 9,128,600.8 | 56.5 | 12,756,989.6 | 62.6 | ||||||||||||||||||
Total |
Rs. | 13,721,525.8 | 100.0 | % | Rs. | 16,159,042.3 | 100.0 | % | Rs. | 20,390,091.2 | 100.0 | % |
At March 31, 2023 |
At March 31, 2024 |
|||||||
(in billions) |
(in billions) |
|||||||
Uninsured time deposits with a maturity of: |
||||||||
Up to three months |
Rs. | 2,165.7 | Rs. | 3,341.6 | ||||
Three to six months |
1,561.0 | 1,882.1 | ||||||
Six to twelve months |
2,478.5 | 3,985.9 | ||||||
More than one year |
2,870.8 | 3,299.6 |
At March 31, |
||||||||
2023 |
2024 |
|||||||
(in millions) |
||||||||
Retail loans |
Rs.11,506,580.3 | Rs.19,590,408.1 | ||||||
Wholesale loans |
5,911,512.1 | 7,202,639.3 | ||||||
Gross loans |
Rs.17,418,092.4 | Rs.26,793,047.4 | ||||||
Credit substitutes (at fair value) |
503,187.8 | 131,486.9 | ||||||
Gross loans plus credit substitutes |
Rs.17,921,280.2 | Rs.26,924,534.3 |
At March 31, 2024 |
||||||||||||||||
Due in one year or less |
Due in one to five years |
Due in five to fifteen years |
Due after fifteen years |
|||||||||||||
(in millions) |
||||||||||||||||
Retail loans |
Rs. | 4,191,712.5 | Rs. | 9,992,377.8 | Rs. | 3,907,730.1 | Rs. | 1,498,587.7 | ||||||||
Wholesale loans |
2,011,692.4 | 3,675,651.9 | 1,496,885.6 | 18,409.4 | ||||||||||||
Gross loans |
Rs. | 6,203,404.9 | Rs. | 13,668,029.7 | Rs. | 5,404,615.7 | 1,516,997.1 | |||||||||
Credit substitutes (at fair value) |
56,341.2 | 54,965.7 | 20,178.8 | 1.2 | ||||||||||||
Gross loans plus credit substitutes |
Rs. | 6,259,746.1 | Rs. | 13,722,995.4 | Rs. | 5,424,794.5 | Rs. | 1,516,998.3 | ||||||||
At March 31, 2024 |
||||||||||||||||
Due in one year or less |
Due in one to five years |
Due in five to fifteen years |
Due after fifteen years |
|||||||||||||
(in millions) |
||||||||||||||||
Interest rate classification of gross loans by maturity: |
||||||||||||||||
Variable rates |
Rs. | 3,234,772.5 | Rs. | 8,076,058.3 | Rs. | 4,711,494.3 | 1,515,078.8 | |||||||||
Fixed rates |
2,968,632.4 | 5,591,971.4 | 693,121.4 | 1,918.3 | ||||||||||||
Gross loans |
Rs. | 6,203,404.9 | Rs. | 13,668,029.7 | Rs. | 5,404,615.7 | 1,516,997.1 | |||||||||
Interest rate classification of credit substitutes by maturity: |
||||||||||||||||
Variable rates |
Rs. | — | Rs. | 4,764.8 | Rs. | 904.1 | — | |||||||||
Fixed rates |
56,341.2 | 50,200.9 | 19,274.7 | 1.2 | ||||||||||||
Gross credit substitutes |
Rs. | 56,341.2 | Rs. | 54,965.7 | Rs. | 20,178.8 | 1.2 | |||||||||
Interest rate classification of loans and credit substitutes by maturity: |
||||||||||||||||
Variable rates |
Rs. | 3,234,772.5 | Rs. | 8,080,823.1 | Rs. | 4,712,398.4 | 1,515,078.8 | |||||||||
Fixed rates |
3,024,973.6 | 5,642,172.3 | 712,396.1 | 1,919.5 | ||||||||||||
Gross loans and credit substitutes |
Rs. | 6,259,746.1 | Rs. | 13,722,995.4 | Rs. | 5,424,794.5 | 1,516,998.3 |
As of March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
(in millions) |
||||||||||||
Directed lending: |
||||||||||||
Agriculture |
Rs.1,022,103.4 | Rs.1,394,654.4 | Rs.1,803,305.3 | |||||||||
Micro, small and medium enterprises |
2,573,219.5 | 3,547,469.0 | 4,531,460.1 | |||||||||
Other |
352,350.5 | 442,703.0 | 1,515,844.4 | |||||||||
Total directed lending |
Rs.3,947,673.4 | Rs.5,384,826.4 | Rs.7,850,609.8 |
As of March 31, |
||||||||||||||||||||||||
2023 |
2024 |
|||||||||||||||||||||||
Retail |
Wholesale |
Total |
Retail |
Wholesale |
Total |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Non-performing loans |
Rs. | 167,196.5 | Rs. | 33,512.3 | Rs. | 200,708.8 | Rs. | 220,616.2 | Rs. | 106,827.7 | Rs. | 327,443.9 | ||||||||||||
Allowance for credit losses |
303,857.6 | 61,306.9 | 365,164.5 | 344,705.7 | 112,640.8 | 457,346.5 | ||||||||||||||||||
Net charge-offs* |
81,333.5 | 387.6 | 81,721.1 | 80,979.8 | (683.5 | ) | 80,296.3 | |||||||||||||||||
Gross loan |
11,506,580.3 | 5,911,512.1 | 17,418,092.4 | 19,590,408.1 | 7,202,639.3 | 26,793,047.4 | ||||||||||||||||||
Net loan |
11,202,722.7 | 5,850,205.2 | 17,052,927.9 | 19,245,702.4 | 7,089,998.5 | 26,335,700.9 | ||||||||||||||||||
Average loans |
9,863,886.2 | 5,173,660.0 | 15,037,546.2 | 16,069,363.9 | 6,782,949.1 | 22,852,313.0 | ||||||||||||||||||
Gross non-performing loans as a percentage of gross loans |
1.5 | % | 0.6 | % | 1.2 | % | 1.1 | % | 1.5 | % | 1.2 | % | ||||||||||||
Gross unsecured non-performing loans as a percentage of gross non-performing loans |
25.9 | % | 23.3 | % | 25.5 | % | 19.9 | % | 7.4 | % | 15.8 | % | ||||||||||||
Gross unsecured non-performing loans as a percentage of gross unsecured loans |
1.3 | % | 0.3 | % | 0.9 | % | 1.2 | % | 0.3 | % | 0.9 | % | ||||||||||||
Total allowances for credit losses as a percentage of gross loans |
2.6 | % | 1.0 | % | 2.1 | % | 1.8 | % | 1.6 | % | 1.7 | % | ||||||||||||
Net charge-offs* as a percentage of average outstanding loans |
0.8 | % | ~0.0 | % | 0.5 | % | 0.5 | % | 0.0 | % | 0.4 | % |
* | Write-off net of recoveries |
At March 31, |
||||||||
2023 |
2024 |
|||||||
(in millions) |
||||||||
Performing |
Rs.17,217,383.6 | Rs. 26,465,603.5 | ||||||
Non-performing: |
||||||||
On accrual status |
— | — | ||||||
On non-accrual status |
200,708.8 | 327,443.9 | ||||||
Total non-performing |
200,708.8 | 327,443.9 | ||||||
Total |
Rs.17,418,092.4 | Rs. 26,793,047.4 |
As of March 31, |
||||||||||||||||||||||||
2023 |
2024 |
|||||||||||||||||||||||
Industry |
Gross Loans |
Non- performing loans |
% of loans in industry |
Gross Loans |
Non- performing Loans |
% of loans in industry |
||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Capital Market Intermediaries |
Rs. | 30,510.9 | Rs. | 3,327.1 | 10.9 | Rs. | 31,962.3 | Rs. | 3,312.7 | 10.4 | ||||||||||||||
Agriculture Production—Food |
401,720.3 | 28,222.2 | 7.0 | 465,103.6 | 30,493.3 | 6.6 | ||||||||||||||||||
Real Estate & Property Services |
458,906.6 | 1,635.9 | 0.4 | 1,070,220.3 | 65,195.3 | 6.1 | ||||||||||||||||||
Agriculture Production—Non food |
182,416.0 | 8,392.9 | 4.6 | 217,389.5 | 7,336.2 | 3.4 | ||||||||||||||||||
Tobacco & Products |
6,425.2 | 157.2 | 2.4 | 4,199.1 | 131.4 | 3.1 | ||||||||||||||||||
Agriculture Produce Trade |
102,180.2 | 3,246.6 | 3.2 | 121,963.6 | 3,733.0 | 3.1 | ||||||||||||||||||
Agriculture-Allied |
431,581.1 | 13,426.1 | 3.1 | 541,455.9 | 13,866.0 | 2.6 | ||||||||||||||||||
Animal Husbandry |
42,289.5 | 1,268.0 | 3.0 | 101,140.0 | 2,404.4 | 2.4 | ||||||||||||||||||
Fishing |
19,373.1 | 265.3 | 1.4 | 26,156.2 | 545.2 | 2.1 | ||||||||||||||||||
Engineering |
300,745.5 | 4,051.2 | 1.3 | 371,258.1 | 7,007.3 | 1.9 | ||||||||||||||||||
Consumer Services |
581,272.1 | 11,505.0 | 2.0 | 860,297.1 | 15,040.2 | 1.7 | ||||||||||||||||||
Leather & Products |
35,770.3 | 331.7 | 0.9 | 41,996.8 | 710.6 | 1.7 | ||||||||||||||||||
Food and Beverage |
566,172.9 | 8,478.7 | 1.5 | 712,895.6 | 11,996.6 | 1.7 | ||||||||||||||||||
Wholesale Trade—Industrial |
421,900.9 | 6,089.3 | 1.4 | 480,419.9 | 7,667.4 | 1.6 | ||||||||||||||||||
Road Transportation |
568,414.2 | 10,031.1 | 1.8 | 741,738.6 | 11,232.4 | 1.5 | ||||||||||||||||||
Retail Trade |
973,274.3 | 15,044.4 | 1.5 | 1,085,962.9 | 16,067.8 | 1.5 | ||||||||||||||||||
Wood & Products |
36,349.0 | 557.9 | 1.5 | 45,913.9 | 605.3 | 1.3 | ||||||||||||||||||
Automobile & Auto Ancillary |
483,658.4 | 6,553.2 | 1.4 | 521,736.3 | 6,837.4 | 1.3 |
As of March 31, |
||||||||||||||||||||||||
2023 |
2024 |
|||||||||||||||||||||||
Industry |
Gross Loans |
Non- performing loans |
% of loans in industry |
Gross Loans |
Non- performing Loans |
% of loans in industry |
||||||||||||||||||
Infrastructure Development |
284,690.7 | 5,947.7 | 2.1 | 450,183.2 | 5,762.5 | 1.3 | ||||||||||||||||||
Paper, Printing and Stationery |
111,039.5 | 1,236.5 | 1.1 | 125,703.1 | 1,557.3 | 1.2 | ||||||||||||||||||
Wholesale Trade—Non Industrial |
530,057.5 | 5,973.1 | 1.1 | 542,767.9 | 6,680.5 | 1.2 | ||||||||||||||||||
Media & Entertainment |
30,685.9 | 293.3 | 1.0 | 27,642.7 | 339.8 | 1.2 | ||||||||||||||||||
Rubber & Products |
24,094.1 | 329.5 | 1.4 | 28,736.8 | 350.2 | 1.2 | ||||||||||||||||||
Business Services |
334,169.3 | 4,254.0 | 1.3 | 454,347.8 | 4,622.0 | 1.0 | ||||||||||||||||||
Textiles & Garments |
390,883.0 | 4,099.8 | 1.0 | 491,269.9 | 4,882.1 | 1.0 | ||||||||||||||||||
Other Industries |
848,828.2 | 6,796.0 | 0.8 | 1,287,426.2 | 13,077.7 | 1.0 | ||||||||||||||||||
FMCG & Personal Care |
53,185.9 | 358.8 | 0.7 | 63,939.4 | 573.1 | 0.9 | ||||||||||||||||||
Information Technology |
76,198.3 | 596.7 | 0.8 | 79,167.1 | 656.5 | 0.8 | ||||||||||||||||||
Power |
695,716.5 | 5,736.0 | 0.8 | 770,473.1 | 5,638.0 | 0.7 | ||||||||||||||||||
Non-ferrous Metals |
139,802.7 | 555.2 | 0.4 | 76,922.1 | 556.8 | 0.7 | ||||||||||||||||||
Mining and Minerals |
90,828.4 | 1,413.3 | 1.6 | 92,330.6 | 658.6 | 0.7 | ||||||||||||||||||
Consumer Loans |
4,410,346.6 | 34,684.8 | 0.8 | 10,191,521.5 | 68,976.4 | 0.7 | ||||||||||||||||||
Glass & Glass Products |
11,486.4 | 45.2 | 0.4 | 23,906.7 | 150.9 | 0.6 | ||||||||||||||||||
Railways |
2,024.5 | 10.5 | 0.5 | 3,166.9 | 19.1 | 0.6 | ||||||||||||||||||
Consumer Durables |
185,056.6 | 1,188.0 | 0.6 | 232,291.5 | 1,351.3 | 0.6 | ||||||||||||||||||
Cement & Products |
103,131.6 | 393.3 | 0.4 | 104,508.6 | 387.3 | 0.4 | ||||||||||||||||||
Drugs and Pharmaceuticals |
134,731.7 | 668.5 | 0.5 | 172,542.5 | 638.7 | 0.4 | ||||||||||||||||||
Chemical and Products |
178,820.5 | 528.5 | 0.3 | 205,574.0 | 748.4 | 0.4 | ||||||||||||||||||
Gems and Jewelery |
90,953.9 | 607.2 | 0.7 | 186,718.8 | 660.9 | 0.4 | ||||||||||||||||||
Plastic & Products |
101,570.3 | 431.7 | 0.4 | 121,979.7 | 390.2 | 0.3 | ||||||||||||||||||
Other Non-metallic/Mineral Products |
68,471.5 | 144.0 | 0.2 | 82,850.6 | 240.9 | 0.3 | ||||||||||||||||||
Iron and Steel |
360,021.9 | 1,072.4 | 0.3 | 450,031.1 | 1,163.0 | 0.3 | ||||||||||||||||||
Coal & Petroleum Products |
353,329.8 | 496.3 | 0.1 | 244,191.7 | 595.2 | 0.2 | ||||||||||||||||||
Financial Intermediaries |
10,744.5 | 46.9 | 0.4 | 15,998.8 | 35.9 | 0.2 | ||||||||||||||||||
NBFC |
690,783.9 | 34.6 | 0.0 | 1,725,559.7 | 2,316.0 | 0.1 | ||||||||||||||||||
Fertilisers & Pesticides |
37,783.7 | 39.9 | 0.1 | 46,015.5 | 47.2 | 0.1 | ||||||||||||||||||
Airlines |
— | — | — | 40,213.1 | 33.0 | 0.1 | ||||||||||||||||||
Shipping |
13,009.8 | 21.0 | 0.2 | 17,911.8 | 13.4 | 0.1 | ||||||||||||||||||
Telecom |
365,112.3 | 118.7 | 0.0 | 412,148.9 | 134.5 | 0.0 | ||||||||||||||||||
Financial Institutions |
659,117.5 | 3.6 | 0.0 | 20,499.2 | 4.0 | 0.0 | ||||||||||||||||||
Total |
200,708.8 |
327,443.9 |
(i) | we divested 140,172,180 equity shares of HDFC Credila such that we held a 9.99 percent stake as of March 31, 2024; |
(ii) | we must fully divest HDFC Edu before July 1, 2025, for which purpose the Bank is conducting a sale process with interested parties (see “ Business—About our Bank |
(iii) | we must bring our shareholding in each of Housing Development Finance Corporation Plc and First Housing Finance (Tanzania) Ltd below 10.0 percent before July 1, 2025. |
• | the allowance for loan losses, which covers our loan portfolios and is presented separately on the balance sheet in loans; |
• | the allowance for lending-related commitments, which is recognized on the balance sheet in “ Accrued expenses and other liabilities |
• | the allowance for credit losses on investment securities, which covers our AFS debt securities and is recognized on the balance sheet in “ Investments available for sale debt securities |
• | the allowance for credit losses on other financial assets measured at amortized cost, and other off-balance sheet credit exposures, which are recognized on the balance sheet in “ Accrued expenses and other liabilities . |
• | Actuarial remeasurement of insurance liabilities; |
• | EIR on Investments; |
• | Fair value of Investments classified as AFS and HFT; |
• | Fair valuation of ESOP; |
• | Adjustment on account of leases; |
• | Actuarial remeasurement of employee benefits; and |
• | Reversal of hedge reserve from previous framework. |
• | Traditional life insurance contracts and traditional life insurance limited payment contracts—Sum assured in force. |
• | Annuity products —Number of policies in force. |
• | Universal life type contracts—Number of policies in force. |
• | royalty rates, projected revenue for the future periods and risk adjusted discount rate used in estimation of the fair value of the Brand, |
• | future earnings, risk adjusted discount rate and contributory asset charge used in estimation of the fair value of Investment Management Contract, and |
• | cash flow assumptions of mortality and persistency used in estimation of the fair value of insurance contract liabilities used to compute the Value of Business Acquired. |
Intangible Assets |
Useful lives (years) |
Amortization method | ||
Brand |
Indefinite | Not applicable | ||
Investment Management Contract |
Indefinite | Not applicable | ||
Value of Business Acquired (VOBA) * |
Life of the underlying contracts | Constant level basis | ||
Distribution Network |
17 | Straight line | ||
Customer relationship |
17 | Straight line | ||
Transferable Development Rights |
8 | Straight line |
(*) | VOBA is amortized on a constant-level basis that approximates straight-line amortization (see also Note 20 “Insurance services” in our consolidated financial statements). |
• | whether the asset or liability is transacted in an active market with a quoted market price that is readily available; |
• | the size of transactions occurring in an active market; |
• | the level of bid-ask spreads; |
• | whether only a few transactions are observed over a significant period of time; |
• | whether the inputs to the valuation techniques can be derived from or corroborated with market data; and |
• | whether significant adjustments are made to the observed pricing information or model output to determine the fair value. |
Years ended March 31, |
||||||||||||||||
2023 |
2024 |
Increase/ (Decrease) |
% Increase/ (Decrease) |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Interest and dividend revenue: |
||||||||||||||||
Loans |
Rs. | 1,351,818.0 | Rs. | 2,194,525.5 | Rs. | 842,707.5 | 62.3 | |||||||||
Available for sale debt securities, trading securities |
307,531.3 | 520,113.1 | 212,581.8 | 69.1 | ||||||||||||
Other |
30,177.4 | 67,287.6 | 37,110.2 | 123.0 | ||||||||||||
Total interest and dividend revenue |
1,689,526.7 |
2,781,926.2 |
1,092,399.5 |
64.7 |
||||||||||||
Interest on deposits |
615,108.9 | 997,405.6 | 382,296.7 | 62.2 | ||||||||||||
Interest on short term borrowings |
58,142.8 | 100,181.0 | 42,038.2 | 72.3 | ||||||||||||
Interest on long term debt |
101,587.8 | 432,520.3 | 330,932.5 | 325.8 | ||||||||||||
Other interest expense |
698.7 | 3,815.9 | 3,117.2 | 446.1 | ||||||||||||
Total interest expense |
775,538.2 |
1,533,922.8 |
758,384.6 |
97.8 |
||||||||||||
Net interest revenue |
Rs. |
913,988.5 |
Rs. |
1,248,003.4 |
Rs. |
334,014.9 |
36.5 |
|||||||||
Less: Provision for credit losses: |
||||||||||||||||
Retail |
86,920.2 | 118,900.0 | 31,979.8 | 36.8 | ||||||||||||
Wholesale |
(12,706.4 | ) | 14,163.1 | 26,869.5 | (211.5 | ) | ||||||||||
Total |
Rs. |
74,213.8 |
Rs. |
133,063.1 |
Rs. |
58,849.3 |
79.3 |
|||||||||
Net interest revenue after allowance for credit losses |
Rs. |
839,774.7 |
Rs. |
1,114,940.3 |
Rs. |
275,165.6 |
32.8 |
Years ended March 31, |
||||||||||||||||
2023 |
2024 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Fees and commissions |
Rs. | 239,603.7 | Rs. | 280,965.9 | Rs. | 41,362.2 | 17.3 | |||||||||
Net, realized gain/ (loss) and allowance on available for sale debt securities |
(791.2 | ) | 897.6 | 1,688.8 | (213.4 | ) | ||||||||||
Trading securities gains/(loss), net |
479.9 | 41,595.0 | 41,115.1 | 8,567.4 | ||||||||||||
Foreign exchange transactions |
25,547.0 | 15,521.2 | (10,025.8 | ) | (39.2 | ) | ||||||||||
Derivatives gains/(loss), net |
15,366.1 | 18,558.5 | 3,192.4 | 20.8 | ||||||||||||
Premium and other operating income from insurance business |
— | 381,879.5 | 381,879.5 | n/a | ||||||||||||
Other, net |
11,181.0 | (486.8 | ) | (11,667.8 | ) | (104.4 | ) | |||||||||
Total non-interest revenue, net |
Rs. |
291,386.5 |
Rs. |
738,930.9 |
Rs. |
447,544.4 |
153.6 |
Years ended March 31, |
||||||||||||||||||||||||
2023 |
2024 |
Increase/ (Decrease) |
% Increase/ (Decrease) |
2023 % of net revenues |
2024 % of net revenues |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Salaries and staff benefits |
Rs. | 199,726.8 | Rs. | 288,776.0 | Rs. | 89,049.2 | 44.6 | 17.7 | 15.6 | |||||||||||||||
Premises and equipment |
45,069.9 | 65,131.5 | 20,061.6 | 44.5 | 4.0 | 3.5 | ||||||||||||||||||
Depreciation and amortization |
23,489.7 | 31,147.3 | 7,657.6 | 32.6 | 2.1 | 1.7 | ||||||||||||||||||
Administrative and other |
200,493.0 | 281,020.8 | 80,527.8 | 40.2 | 17.7 | 15.2 | ||||||||||||||||||
Amortization of Intangibles |
— | 21,201.0 | 21,201.0 | n/a | — | 1.1 | ||||||||||||||||||
Claims and benefits paid pertaining to insurance business |
— | 381,965.8 | 381,965.8 | n/a | — | 20.6 | ||||||||||||||||||
Total non-interest expense |
Rs. |
468,779.4 |
Rs. |
1,069,242.4 |
Rs. |
600,463.0 |
128.1 |
41.4 |
57.7 |
|||||||||||||||
(Surplus) / Deficit in P&L transferred to undistributed policyholders earnings account |
— |
(79,169.8 |
) |
(79,169.8 |
) |
n/a |
— |
— |
Year ended March 31, |
||||||||
2023 |
2024 |
|||||||
(in percentage) |
||||||||
Effective statutory income tax rate |
25.17 | % | 25.17 | % | ||||
Adjustments to reconcile statutory income tax rate to effective income tax rate: |
||||||||
Stock-based compensation (net of forfeitures) |
0.25 | (1.51 | ) | |||||
Special Reserve |
— | (0.73 | ) | |||||
Interest on income tax refunds |
(0.33 | ) | (0.58 | ) | ||||
Income subject to rates other than the statutory income tax rate |
— | (0.18 | ) | |||||
Unrecognized tax benefit of earlier years including consequential tax credit pursuant to favorable orders received recognized |
— | (11.46 | ) | |||||
Other, net |
(0.01 | ) | 0.32 | |||||
Annual effective income tax rate |
25.08 |
% |
11.03 |
% |
Years ended March 31, |
||||||||||||||||
2022 |
2023 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Interest and dividend revenue: |
||||||||||||||||
Loans |
Rs. | 1,057,925.6 | Rs. | 1,351,818.0 | Rs. | 293,892.4 | 27.8 | |||||||||
Available for sale debt securities, trading securities |
242,590.5 | 307,531.3 | 64,940.8 | 26.8 | ||||||||||||
Other |
32,620.9 | 30,177.4 | (2,443.5 | ) | (7.5 | ) | ||||||||||
Total interest and dividend revenue |
1,333,137.0 |
1,689,526.7 |
356,389.7 |
26.7 |
||||||||||||
Interest on deposits |
489,010.1 | 615,108.9 | 126,098.8 | 25.8 | ||||||||||||
Interest on short term borrowings |
17,675.2 | 58,142.8 | 40,467.6 | 229.0 | ||||||||||||
Interest on long term debt |
77,456.3 | 101,587.8 | 24,131.5 | 31.2 | ||||||||||||
Other interest expense |
155.9 | 698.7 | 542.8 | 348.2 | ||||||||||||
Total interest expense |
584,297.5 |
775,538.2 |
191,240.7 |
32.7 |
||||||||||||
Net interest revenue |
Rs. |
748,839.5 |
Rs. |
913,988.5 |
Rs. |
165,149.0 |
22.1 |
|||||||||
Less: Provision for credit losses: |
||||||||||||||||
Retail |
122,622.6 | 86,920.2 | (35,702.4 | ) | (29.1 | ) | ||||||||||
Wholesale |
4,356.9 | (12,706.4 | ) | (17,063.3 | ) | (391.6 | ) | |||||||||
Total |
Rs. |
126,979.5 |
Rs. |
74,213.8 |
Rs. |
(52,765.7 |
) |
(41.6 |
) | |||||||
Net interest revenue after allowance for credit losses |
Rs. |
621,860.0 |
Rs. |
839,774.7 |
Rs. |
217,914.7 |
35.0 |
Years ended March 31, |
||||||||||||||||
2022 |
2023 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Fees and commissions |
Rs. | 202,979.5 | Rs. | 239,603.7 | Rs. | 36,624.2 | 18.0 | |||||||||
Net, realized gain/ (loss) and allowance on available for sale debt securities |
19,660.9 | (791.2 | ) | (20,452.1 | ) | (104.0 | ) | |||||||||
Trading securities gains/(loss), net |
2,455.5 | 479.9 | (1,975.6 | ) | (80.5 | ) | ||||||||||
Foreign exchange transactions |
34,851.4 | 25,547.0 | (9,304.4 | ) | (26.7 | ) | ||||||||||
Derivatives gains/(loss), net |
1,422.0 | 15,366.1 | 13,944.1 | 980.6 | ||||||||||||
Other, net |
9,204.9 | 11,181.0 | 1,976.1 | 21.5 | ||||||||||||
Total non-interest revenue, net |
Rs. |
270,574.2 |
Rs |
.291,386.5 |
Rs. |
20,812.3 |
7.7 |
Years ended March 31, |
||||||||||||||||||||||||
2022 |
2023 |
Increase/ Decrease |
% Increase/ Decrease |
2022 % of net revenues |
2023 % of net revenues |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Salaries and staff benefits |
Rs. | 165,287.7 | Rs. | 199,726.8 | Rs. | 34,439.1 | 20.8 | 18.5 | 17.6 | |||||||||||||||
Premises and equipment |
36,236.0 | 45,069.9 | 8,833.9 | 24.4 | 4.1 | 4.0 | ||||||||||||||||||
Depreciation and amortization |
16,816.9 | 23,489.7 | 6,672.8 | 39.7 | 1.9 | 2.1 | ||||||||||||||||||
Administrative and other |
154,931.4 | 200,493.0 | 45,561.6 | 29.4 | 17.4 | 17.7 | ||||||||||||||||||
Total non-interest expense |
Rs. |
373,272.0 |
Rs. |
468,779.4 |
Rs. |
95,507.4 |
25.6 |
41.8 |
41.4 |
Year ended March 31, |
||||||||
2022 |
2023 |
|||||||
Effective statutory income tax rate |
25.17 | % | 25.17 | % | ||||
Adjustments to reconcile statutory income tax rate to effective income tax rate: |
||||||||
Stock-based compensation (net of forfeitures) |
0.67 | 0.25 | ||||||
Interest on income tax refunds |
— | (0.33 | ) | |||||
Income subject to rates other than the statutory income tax rate |
(0.45 | ) | — | |||||
Other, net |
0.14 | (0.01 | ) | |||||
Annual effective income tax rate |
25.53 |
% |
25.08 |
% |
Years ended March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
(in millions) |
||||||||||||
Cash Flows from Operating Activities: |
||||||||||||
Net income before non-controlling interest |
Rs. | 386,603.0 | Rs. | 496,264.4 | Rs. | 627,631.9 | ||||||
Non-cash adjustments to net income |
135,507.9 | 137,402.1 | 193,371.1 | |||||||||
Net change in other assets and liabilities |
58,907.3 | (156,465.9 | ) | 201,319.4 | ||||||||
Net cash provided by operating activities |
Rs. |
581,018.2 |
Rs. |
477,200.6 |
Rs. |
1,022,322.4 |
||||||
Cash Flows from Investing Activities: |
||||||||||||
Net change in term placements |
(366,297.2 | ) | Rs. | (498,561.2 | ) | Rs. | (353,054.8 | ) | ||||
Net change in investments |
(162,341.6 | ) | (564,821.7 | ) | (848,038.4 | ) | ||||||
Net change in repurchase agreements and reverse repurchase agreements |
(307,207.6 | ) | (234,067.0 | ) | 519,749.7 | |||||||
Loans purchased net of repayments |
(125,978.2 | ) | (188,511.6 | ) | (64,176.4 | ) | ||||||
Increase in loans originated, net of principal collections |
(2,328,833.2 | ) | (2,864,884.7 | ) | (3,104,884.4 | ) | ||||||
Net additions to property and equipment |
(26,125.3 | ) | (43,193.5 | ) | (52,304.1 | ) | ||||||
Proceeds from disposal of business |
95,006.7 | |||||||||||
Net cash received on acquisition of HDFC Limited |
— | — | 54,793.7 | |||||||||
Activity in equity securities, net |
14,503.3 | 1,256.7 | 80,343.8 | |||||||||
Net cash used in investing activities |
Rs. |
(3,302,279.8 |
) |
Rs. |
(4,392,783.0 |
) |
Rs. |
(3,672,564.2 |
) | |||
Cash Flows from Financing Activities: |
||||||||||||
Net increase in deposits |
Rs. | 2,237,238.5 | Rs. | 3,224,774.3 | Rs. | 3,368,161.6 | ||||||
Net increase (decrease) in short term borrowings |
314,735.9 | 535,729.9 | 222,250.1 | |||||||||
Proceeds from issuance of shares by subsidiaries to non-controlling interest |
691.8 | 822.7 | 3,641.4 | |||||||||
Net increase (decrease) in long term debt |
369,583.2 | 464,819.5 | (244,522.7 | ) | ||||||||
Proceeds from issuance of equity shares for options and warrants exercised |
26,097.3 | 34,158.3 | 84,425.4 | |||||||||
Payment of dividends |
(36,239.2 | ) | (86,394.3 | ) | (86,617.1 | ) | ||||||
Net cash provided by financing activities |
Rs. |
2,912,107.5 |
Rs. |
4,173,910.4 |
Rs. |
3,347,338.7 |
||||||
Effect of exchange rate changes on cash and due from banks, and restricted cash |
Rs. | 490.5 | Rs. | 7,036.1 | Rs. | 1,539.3 | ||||||
Net change in cash and due from banks, and restricted cash |
Rs. |
191,336.4 |
Rs. |
265,364.1 |
Rs. |
698,636.2 |
||||||
Cash and due from banks, and restricted cash, beginning of year |
Rs. | 930,694.7 | Rs. | 1,122,031.1 | Rs. | 1,387,395.2 | ||||||
Cash and due from banks, and restricted cash, end of year |
Rs. |
1,122,031.1 |
Rs. |
1,387,395.2 |
Rs. |
2,086,031.4 |
As of March 31, |
||||||||||||||||
2023 |
2024 |
Increase/ (Decrease) |
% Increase/ (Decrease) |
|||||||||||||
(in millions except percentages) |
||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 1,387,395.2 | Rs. | 2,086,031.4 | Rs. | 698,636.2 | 50.4 | |||||||||
Investments held for trading |
135,831.1 | 461,245.3 | 325,414.2 | 239.6 | ||||||||||||
Investments available for sale debt securities |
4,878,844.0 | 8,295,487.1 | 3,416,643.1 | 70.0 | ||||||||||||
Securities purchased under agreements to resell |
455,275.4 | 34,178.3 | (421,097.1 | ) | (92.5 | ) | ||||||||||
Loans, net |
17,052,927.9 | 26,335,700.9 | 9,282,773.0 | 54.4 | ||||||||||||
Accrued interest receivable |
186,091.2 | 249,644.5 | 63,553.3 | 34.2 | ||||||||||||
Property and equipment |
87,569.7 | 147,030.4 | 59,460.7 | 67.9 | ||||||||||||
Intangible assets, net |
— | 1,396,117.2 | 1,396,117.2 | n/a | ||||||||||||
Goodwill |
74,937.9 | 1,629,510.3 | 1,554,572.4 | 2,074.5 | ||||||||||||
Other assets |
1,496,751.6 | 2,528,211.3 | 1,031,459.7 | 68.9 | ||||||||||||
Separate account assets |
— | 955,416.3 | 955,416.3 | n/a | ||||||||||||
Total assets |
Rs. |
25,755,624.0 |
Rs. |
44,118,573.0 |
Rs. |
18,362,949.0 |
71.3 |
As of March 31, |
||||||||||||||||
2023 |
2024 |
Increase/ (Decrease) |
% Increase/ (Decrease) |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest-bearing deposits |
Rs. | 16,097,459.3 | Rs. | 20,688,406.2 | Rs. | 4,590,946.9 | 28.5 | |||||||||
Non-interest-bearing deposits |
2,729,176.3 | 3,079,829.4 | 350,653.1 | 12.8 | ||||||||||||
Total deposits |
18,826,635.6 |
23,768,235.6 |
4,941,600.0 |
26.2 |
||||||||||||
Securities sold under repurchase agreements |
— | 56,541.0 | 56,541.0 | n/a | ||||||||||||
Short term borrowings |
1,089,897.5 | 1,313,737.1 | 223,839.6 | 20.5 | ||||||||||||
Accrued interest payable |
112,463.2 | 238,638.8 | 126,175.6 | 112.2 | ||||||||||||
Long term debt |
2,054,436.4 | 6,648,772.0 | 4,594,335.6 | 223.6 | ||||||||||||
Accrued expenses and other liabilities |
754,353.4 | 1,295,002.8 | 540,649.4 | 71.7 | ||||||||||||
Separate account liabilities |
— | 955,416.3 | 955,416.3 | n/a | ||||||||||||
Liabilities on policies in force |
— | 1,763,979.1 | 1,763,979.1 | n/a | ||||||||||||
Undistributed Policyholders Earnings Account |
— | 192,067.5 | 192,067.5 | n/a | ||||||||||||
Total liabilities |
22,837,786.1 |
36,232,390.2 |
13,394,604.1 |
58.7 |
||||||||||||
Non-controlling interest in subsidiaries |
5,637.2 | 938,855.4 | 933,218.2 | 16,554.6 | ||||||||||||
HDFC Bank Limited shareholders’ equity |
2,912,200.7 | 6,947,327.4 | 4,035,126.7 | 138.6 | ||||||||||||
Total liabilities and shareholders’ equity |
Rs. |
25,755,624.0 |
Rs. |
44,118,573.0 |
Rs. |
18,362,949.0 |
71.3 |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(in millions, except percentages) |
||||||||||||
Tier I capital |
Rs. | 2,718,239.1 | Rs. | 4,142,813.2 | US$ | 49,709.8 | ||||||
Tier II capital |
337,409.4 | 497,215.0 | 5,966.1 | |||||||||
Total capital |
Rs. |
3,055,648.5 |
Rs. |
4,640,028.2 |
US$ |
55,675.9 |
||||||
Total risk weighted assets |
Rs. | 15,866,349.6 | Rs. | 24,680,280.6 | US$ | 296,139.7 | ||||||
Capital ratios of the Bank: |
||||||||||||
Common Equity Tier I |
16.40 | % | 16.30 | % | 16.30 | % | ||||||
Tier I |
17.13 | % | 16.79 | % | 16.79 | % | ||||||
Total capital |
19.26 | % | 18.80 | % | 18.80 | % | ||||||
Minimum capital ratios required by the RBI:* |
||||||||||||
Tier I |
9.700 | % | 9.700 | % | 9.700 | % | ||||||
Total capital |
11.700 | % | 11.700 | % | 11.700 | % |
* | The Tier I and Total capital ratios include a capital conservation buffer and additional capital applicable to us as a D-SIB. |
As of March 31, 2024 |
||||||||||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
Notional |
Net Fair Value |
|||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
Interest rate derivatives |
Rs. | 7,834,342.2 | Rs. | 53,970.3 | Rs. | 63,112.8 | Rs. | (9,142.5 | ) | US$ | 94,004.6 | US$ | (109.7 | ) | ||||||||||
Forward rate agreements |
592,414.5 | 10,071.3 | 4,514.9 | 5,556.4 | 7,108.4 | 66.7 | ||||||||||||||||||
Currency options |
223,904.8 | 588.1 | 873.2 | (285.1 | ) | 2,686.6 | (3.4 | ) | ||||||||||||||||
Currency swaps |
493,708.2 | 11,754.5 | 4,440.2 | 7,314.3 | 5,924.0 | 87.8 | ||||||||||||||||||
Forward exchange contracts |
12,125,527.9 | 32,654.3 | 36,468.8 | (3,814.5 | ) | 145,494.7 | (45.8 | ) | ||||||||||||||||
Total |
Rs. |
21,269,897.6 |
Rs. |
109,038.5 |
Rs. |
109,409.9 |
Rs. |
(371.4 |
) |
US$ |
255,218.3 |
US$ |
(4.4 |
) |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(in millions) |
||||||||||||
Nominal values: |
||||||||||||
Bank guarantees: |
||||||||||||
Financial guarantees |
Rs. | 494,191.3 | Rs. | 610,381.3 | US$ | 7,324.0 | ||||||
Performance guarantees |
519,953.0 | 653,452.8 | 7,840.8 | |||||||||
Documentary credits |
614,555.5 | 710,083.8 | 8,520.3 | |||||||||
Total |
Rs. |
1,628,699.8 |
Rs. |
1,973,917.9 |
US$ |
23,685.1 |
Amount of Commitment Expiration Per Period, as of March 31, 2024 |
||||||||||||||||||||
Total Amounts Committed (1) |
Up to 1 Year |
1-3 Years |
3-5 Years |
Over 5 Years |
||||||||||||||||
(in millions) |
||||||||||||||||||||
Documentary credits |
Rs. | 710,083.8 | Rs. | 596,972.0 | Rs. | 110,406.2 | Rs. | 1,382.2 | Rs. | 1,323.4 | ||||||||||
Guarantees |
1,263,834.1 | 908,209.2 | 257,158.2 | 69,352.0 | 29,114.7 | |||||||||||||||
Forward exchange and derivative contracts |
21,269,897.7 | 14,560,416.2 | 3,090,089.5 | 2,734,323.6 | 885,068.4 | |||||||||||||||
Total |
Rs. |
23,243,815.6 |
Rs. |
16,065,597.4 |
Rs. |
3,457,653.9 |
Rs. |
2,805,057.8 |
Rs. |
915,506.5 |
(1) | Denotes nominal values of documentary credits and guarantees and notional principal amounts of forward exchange and derivative contracts. |
March 31, 2024 |
||||||||||||||||||
Borrower Industry |
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
Total Exposure |
||||||||||||||
(in millions) |
||||||||||||||||||
Borrower 1 |
NBFC | Rs. | 301,241.8 | Rs. | — | Rs. | 301,241.8 | US$ | 3,614.6 | |||||||||
Borrower 2 |
Power | 276,973.5 | 1,200.0 | 278,173.5 | 3,337.8 | |||||||||||||
Borrower 3 |
NBFC | 220,801.0 | — | 220,801.0 | 2,649.4 | |||||||||||||
Borrower 4 |
NBFC | 214,755.0 | 42.5 | 214,797.5 | 2,577.4 | |||||||||||||
Borrower 5 |
Housing Finance Companies | 212,970.4 | — | 212,970.4 | 2,555.4 | |||||||||||||
Borrower 6 |
Telecom | 187,963.3 | 200.0 | 188,163.3 | 2,257.8 | |||||||||||||
Borrower 7 |
Financial Intermediaries | 175,000.0 | 28.1 | 175,028.1 | 2,100.2 | |||||||||||||
Borrower 8 |
Retail Trade | 163,105.7 | 5,893.4 | 168,999.1 | 2,027.8 | |||||||||||||
Borrower 9 |
Coal & Petroleum Products | 47,933.7 | 112,605.5 | 160,539.2 | 1,926.3 | |||||||||||||
Borrower 10 |
Financial Intermediaries | 145,250.0 | 21.0 | 145,271.0 | 1,743.1 |
• | We have made significant advancements to further consolidate cybersecurity through initiatives such as the foundation of a next-generation Cybersecurity Operations Center (“CSOC”) for predictive security and incident management, introduction of SOAR (Security Orchestration, Automation & Response) to reduce incident response times, and network micro-segmentation for better control, visibility and preparedness against ransomware. |
• | We have upgraded our monitoring and detection by deploying the next generation security incident event management (“SIEM”) solution. The initiative and approach to proactively detect and respond to threats is managed through the deployment of the SIEM solution augmented by artificial intelligence (“AI”) and machine learning (“ML”) capabilities along with strong user entity behavioral analysis (“UEBA”) functionalities and built-in threat modelling. |
• | The 24/7 defacement monitoring and vulnerability management of the Bank’s internet properties, antivirus and malware program, patch management and penetration testing, among others, minimize the surface area for cybersecurity attacks and aid in fortifying the Bank’s assets such as infrastructure and applications. |
• | We are equipped with a dedicated program for attack surface management (“ASM”) that includes continuous attack surface discovery and probing for weaknesses on the discovered assets. There has been a continuous effort to ensure that all significant weaknesses are remediated within a reasonable timeframe. |
• | Phishing: We identify phishing sites and trojans targeting our customers and once identified, these sites are taken down. We have implemented a “Secure Access” system which provides an additional layer of security in addition to the customer identification (“ID”) and password requirement for internet banking transactions. Our practice also includes sending awareness mails to our customers, to educate them about phishing and the measures they should take to protect themselves from falling victim to it. We launched the ‘Vigil Aunty (“VA”)’ initiative, which encourages people across the country to practice safe banking habits. The customers are guided on safe banking dos and don’ts via the adopted cast of VA. VA has a designated WhatsApp number to connect with customers. In addition, customer ecommerce transactions and card transactions are continuously monitored. |
• | Hacking and data theft: We have implemented network firewall, web application firewall and an intrusion prevention system at the perimeter of our network, in order to block any attempts to hack or breach our network. Our cybersecurity operations center (“CSOC”) operates 24 hours a day and 7 days a week, to secure against attempts made to breach our network. We have developed an Incident Management Procedure, a Cybersecurity Policy (“CSP”) and a Cyber Crisis Management Plan (“CCMP”) for the incident management process to ensure that relevant stakeholders are aware of their role in the event of any incident. The Bank has also undertaken “table top exercises” to test the incident response readiness. |
• | We also test our internet facing infrastructure and applications for vulnerabilities including periodic red team assessments. Any vulnerability identified is remediated in a timely manner to ensure that the online banking services remain protected against the evolving threat. In addition, we have deployed a host intrusion prevention solution on the internet banking setup to protect against unpatched vulnerabilities. We have defined baseline security standards for the technologies in use and these standards are created while taking into consideration the industry best practices and are reviewed on a regular basis to counter new threat vectors and avoid obsolescence. We have also subscribed to anti-DDOS services (Distributed Denial Of Services) to strengthen our protection against DDOS attacks. |
• | Data Loss Prevention (“DLP”): We have implemented enterprise solutions such as DLP to monitor sensitive data stored, transmitted and shared by users, and to prevent and detect data breaches. DLP agents are deployed on all the laptops and endpoints where exception access of removable media is provided. All endpoints have proxy agent configured to ensure that only authorized websites are accessed. All outgoing e-mails are monitored through our DLP solution. Individual business functions are also involved in incident reviews which helps create a sense of ownership and awareness amongst our employees. |
• | Laptop Encryption: Data encryption ensures that business-critical and sensitive data is not misplaced, thereby preventing any reputational damage and curtailing monetary losses. We have therefore implemented a laptop encryption tool on our laptops. Hard disk encryption is implemented on all laptops. All endpoints have hardening controls defined through the group policy. |
• | Domain-based Message Authentication, Reporting and Conformance (“DMARC”): We have implemented a DMARC system which gives us the ability to protect the domain from unauthorized use, commonly known as “email spoofing”. The purpose and primary outcome of implementing DMARC is to protect a domain from being used in business email compromise attacks, phishing emails, email scams and other cybersecurity threat activities. |
• | Advanced Persistence Threat (“APT”): An APT is a prolonged and targeted cybersecurity incident in which an intruder gains access to a network and remains undetected for an extended period of time. We have implemented an anti-APT system agent on all endpoints in the Bank to protect from zero-day malware attacks. Through this agent the threat intelligence feeds like hashes / indicators of compromise (“IOCs”) are ingested on servers and endpoints to prevent these attacks. All network elements such as email, web as well as endpoint computers are protected by the anti-APT system. |
• | Awareness programs: Our comprehensive e-learning module, iSecurity Ambassador (“iSA”), is a mandatory assessment based course on information and cybersecurity, which is accessible to all employees. We also send regular emails to raise employee awareness on cybersecurity, which include cybersecurity tips and advisories. As part of “on floor awareness”, we also have posters and desktop calendars covering various infosec topics. To gauge the awareness level of our employees, we send simulated phishing emails to measure their user response, after which they are provided with specific education and awareness to ensure that staff are better prepared to face such attacks in the future. New joiners are expected to complete the mandatory course apart from the cybersecurity session conducted by the Bank’s HR team. |
• | Data privacy: Financial institutions regularly encounter a variety of data-related challenges involving issues such as data quality and accessibility. In today’s highly automated banking environment, such challenges can have serious effects on virtually all aspects of bank operations. Our data privacy program is a highly regulated initiative headed by the Data Privacy Officer (“DPO”) under the direct supervision of the Board and the Chief Data Officer. |
• | Governance: A governance structure which organizes and appropriately establishes the roles and responsibilities of employees and other stakeholders. |
• | Control: A control model which establishes the set of data privacy controls that enables the decision making. |
• | Operations: A set of processes, procedures and operations that provide operational support to privacy compliance. |
• | Cyber security and data privacy are of paramount importance to the Bank. To manage risks associated with these areas, we have constituted specialized committees, namely the IT Strategy Committee and the Information Security Committee, which are in addition to the Information Security Group, each with specific roles and responsibilities. We also have in place a cybersecurity framework and an information security program to oversee these risks and mitigate them adequately in order to protect customer information. Our Information Security and Cybersecurity policies lay down the guidelines for implementation of the security measures within the Bank. |
• | Information Security Committee: Chaired by the Chief Risk Officer (“CRO”), this committee is tasked with assessing, accepting, and sponsoring company-wide security investments. It serves as a platform for discussing information security risks and oversees the enterprise security program. The committee convenes at least once every two months, with representatives from Audit, Information Technology, Information Security Group, and various business units in attendance. Its primary responsibility is to provide leadership and sponsorship to the agreed security agenda, which is endorsed by the committee. The Chief Information Security Officer (“CISO”) proposes and finalizes the ISC agenda, represents the current state of Information Security to the ISC, drives the implementation of the ISC approved ISMS agenda and also reports major security incidents faced by the Bank. The qualifications of our senior management are described under “ Management—Senior Management |
• | The Bank has multiple KRIs to regularly monitor all critical aspects of technology risks. KRIs with high risks are monitored closely with a remedial action plan. These KRIs are reviewed through an Internal Capital Adequacy Assessment Process (“ICAAP”) by the ICAAP review committee. |
• | We also maintain oversight on the information security posture of the Bank, with its information security team publishing an “Executive Metrics” report to senior management on a monthly basis comprising key Information Security metrics. |
• | A steering committee for centralized monitoring of our Business Continuity program implementation; |
• | Crisis management teams for effective management of recovery operations during disruptive events |
• | A dedicated Disaster Recovery (“DR”) site for recovery of critical core and customer facing applications |
• | Functional recovery plans for structured and speedy recovery of business; and |
• | Periodic drills for testing the effectiveness of these functional recovery plans |
S. No. |
Name |
Designation |
Expertise / Competence / Matrix |
Start of Current Term |
Expiration of Current Term |
Age |
||||||||
1 |
Mr. Atanu Chakraborty (1) |
Part-time Chairman and Independent Director |
Finance, Economy, Public Policy, Administration and Infrastructure, Banking, Risk Management, Payment & Settlement System, Business Management |
May 5, 2024 |
May 4, 2027 |
63 |
||||||||
2 |
Mr. M. D. Ranganath (2) |
Independent Director |
Finance, Accountancy, Information Technology, Risk Management Business Management Strategy, Merger & Acquisition (M&A), Consulting and Corporate Planning |
January 31, 2024 |
January 30, 2027 |
62 |
||||||||
3 |
Mr. Sandeep Parekh (2) |
Independent Director |
Law (with focus on securities market and financial regulations), Payment & Settlement System and Business Management |
January 19, 2024 |
January 18, 2027 |
52 |
||||||||
4 |
Dr. (Mrs.) Sunita Maheshwari |
Independent Director |
Medicine, Healthcare, Entrepreneurship, General Administration, Small Scale Industries and Business Management |
March 30, 2021 |
March 29, 2026 |
57 |
||||||||
5 |
Mrs. Lily Vadera |
Independent Director |
Banking |
November 26, 2021 |
November 25, 2026 |
63 |
||||||||
6 |
Dr. (Mr.) Harsh Kumar Bhanwala (3) |
Independent Director |
Agriculture and Rural Economy, Co-operation, Business Management and Finance |
January 25, 2024 |
January 24, 2027 |
62 |
||||||||
7 |
Mr. Keki Mistry (4) |
Non-Executive (Non-Independent) Director |
Finance, Accountancy, Audit, Economics, Consumer Behavior, Sales, Marketing, Corporate Governance, Risk Management, Housing & Real Estate and Strategic Thinking |
June 30, 2023 |
November 6, 2029 |
69 |
||||||||
8 |
Mrs. Renu Sud Karnad (4) |
Non-Executive (Non-Independent) Director |
Business Management, Finance, Economics, Human Resources, Risk Management, Housing Finance, Real Estate, Infrastructure, Accounting & Audit, Information Technology, Cyber Security, Consumer Behaviour, Sales & Marketing, Legal and Strategy Management |
July 1, 2023 |
September 2, 2027 |
71 |
||||||||
9 |
Mr. Sashidhar Jagdishan (5) |
Managing Director and Chief Executive Officer |
Banking and Finance, Accountancy, Economics of Money and Business Management |
October 27, 2023 |
October 26, 2026 |
59 |
||||||||
10 |
Mr. Kaizad Maneck Bharucha (6) |
Deputy Managing Director |
Banking Business, Credit & Risk Management and Business Management |
April 19, 2023 |
April 18, 2026 |
58 |
||||||||
11 |
Mr. Bhavesh C Zaveri (6) |
Executive Director |
Banking, Accountancy, Payment & Settlement Systems and Risk Management |
April 19, 2023 |
April 18, 2026 |
58 |
||||||||
12 |
Mr. V. Srinivasa Rangan (7) |
Executive Director |
Finance, Accountancy, Audit, Economics, Corporate Governance, Legal & Regulatory Compliance, Risk Management and Strategic Thinking |
November 23, 2023 |
November 22, 2026 |
64 |
(1) | Mr. Atanu Chakraborty was re-appointed as the Part Time Chairman and Independent Director of the Bank for a period of three years with effect from May 5, 2024 to May 4, 2027 (both days inclusive) and not liable to retire by rotation, as approved by the RBI and the shareholders through Postal Ballot on May 3, 2024. |
(2) | Mr. Sandeep Parekh and Mr. M. D. Ranganath were re-appointed as Independent Directors of the Bank for a period of three years with effect from January 19, 2024 to January 18, 2027 and January 31, 2024 to January 30, 2027 (both days inclusive), respectively and not liable to retire by rotation, as approved by the shareholders through Postal Ballot on January 9, 2024. |
(3) | Dr. (Mr.) Harsh Kumar Bhanwala was appointed as an Independent Director of the Bank for a period of three years from January 25, 2024 to January 24, 2027 (both days inclusive), not liable to retire by rotation, as approved by the shareholders through Postal Ballot on March 29, 2024. |
(4) | Mr. Keki Mistry and Mrs. Renu Karnad were appointed as Non-Executive (Non-Independent) Directors of the Bank, with effect from June 30, 2023 to November 6, 2029 (both days inclusive) and July 1, 2023 to September 2, 2027 (both days inclusive), respectively, liable to retire by rotation, as approved by shareholders at the 29th Annual General Meeting of the Bank held on August 11, 2023. |
(5) | Mr. Sashidhar Jagdishan was re-appointed as Managing Director and Chief Executive Officer of the Bank for a period of three years with effect from October 27, 2023 to October 26, 2026 (both days inclusive) and not liable to retire by rotation, as approved by the RBI and the shareholders through Postal Ballot on January 9, 2024. |
(6) | Mr. Kaizad Bharucha and Mr. Bhavesh Zaveri were appointed as Deputy Managing Director and Executive Director respectively, for a period of three years with effect from April 19, 2023 to April 18, 2026 (both days inclusive), liable to retire by rotation, as approved by the RBI and the shareholders through Postal Ballot on June 11, 2023. |
(7) | Mr. V. Srinivasa Rangan was appointed as an Executive Director of the Bank for a period of three years with effect from November 23, 2023 to November 22, 2026 (both days inclusive) and liable to retire by rotation as approved by the RBI and the shareholders through Postal Ballot on January 9, 2024. |
Name |
Position |
Age |
||||
Mr. Sashidhar Jagdishan |
Managing Director and CEO | 59 | ||||
Mr. V. Srinivasa Rangan (1) |
Executive Director | 64 | ||||
Mr. Kaizad Bharucha (2) |
Deputy Managing Director | 58 | ||||
Mr. Ashish Parthasarthy |
Head – Branch Banking, Infrastructure, Treasury and Virtual Channels | 56 | ||||
Ms. Ashima Bhat |
Head – Virtual Relationship, Virtual Care, Virtual Sales Channels, BEU and Infrastructure | 53 | ||||
Mr. Arvind Kapil (3) |
Head – Mortgage business (Home loan, LAP and HDFC Sales) | 52 | ||||
Mr. Arvind Vohra |
Head – Retail Assets | 52 | ||||
Mr. Anjani Rathor |
Chief Digital Experience Officer | 51 | ||||
Mr. Arup Rakshit |
Head – Treasury | 55 | ||||
Mr. Rakesh Kumar Rajput |
Chief Compliance Officer | 54 | ||||
Mr. Bhavesh Zaveri (4) |
Executive Director; Head – Operations, ATM and Cash Management Product | 58 | ||||
Mr. Benjamin Frank (5) |
Head – Wholesale Credit | 59 | ||||
Mr. Chakrapani Venkatachari |
Head – Internal Audit and Quality Initiatives Group | 60 | ||||
Mr. Jimmy Tata |
Chief Credit Officer | 57 | ||||
Mr. Nirav Shah |
Head – Corporate Banking -Large Corporate Coverage, Multi-National Coverage Companies and Public Sector Coverage. | 52 | ||||
Mr. Parag Rao |
Head – Payments, Liability Products, Consumer Finance & Marketing | 58 | ||||
Mr. Rakesh Singh |
Head – Investment Banking, Private Banking, International Banking, Digital Ecosystems and Banking as a Service (“BaaS”) | 55 | ||||
Mr. Rahul Shukla (6) |
Head – Commercial and Rural Banking | 55 | ||||
Mr. Ramesh Lakshminarayanan |
Chief Information Officer – Tech and Digital | 53 | ||||
Mr. Raveesh Bhatia |
Head – Emerging Corporates Group and Healthcare Finance | 58 | ||||
Ms. Smita Bhagat |
Head – Retail Branch Banking I (East, North and Central India Region) | 58 | ||||
Mr. Srinivasan Vaidyanathan |
Chief Financial Officer | 60 | ||||
Mr. S. Sampath Kumar |
Head – Retail Branch Banking II (West, Gujarat and South Region) | 51 | ||||
Mr. Sanmoy Chakrabarti |
Chief Risk Officer | 48 | ||||
Mr. Vinay Razdan |
Chief Human Resources Officer | 57 | ||||
Mr. Abhijit Singh |
Head - Banking as a Service (“BaaS”), Digital Ecosystem Banking and International Banking | 52 | ||||
Mr. Prashant Ramesh Mehra |
Head - Retail Debt & Portfolio Management and Credit Intelligence & Control (“CIC”) | 52 | ||||
Mr. Sumant Vinay Rampal (3) |
Head - Business Banking Working Capital, Rural Banking Group and Sustainable Livelihood Initiative | |||||
Mr. Ravi Santhanam |
Head - Chief Marketing Officer and Head – Direct to Consumer Business | 54 | ||||
Mr. Sundaresan M |
Head - Retail Credit Strategy & Control | 52 | ||||
Mr. Sudhir Kumar Jha |
Head and Group General Counsel | 57 | ||||
Mr. Tushar Vikram (7) |
Head - Investment Banking Group | 52 | ||||
Mr. Vinayak Ravindra Mavinkurve |
Head - Realty Business Finance | 54 |
(1) | Mr. V. Srinivasa Rangan was appointed as an Executive Director of the Bank for a period of three years from November 23, 2023 up to November 22, 2026 (both days inclusive), liable to retire by rotation and the same was approved by the RBI and subsequently by the shareholders of the Bank through Postal Ballot on January 09, 2024. |
(2) | Mr. Kaizad Bharucha, formerly an Executive Director of the Bank, was re-designated as the Deputy Managing Director of the Bank for a period of three years with effect from April 19, 2023. The same was approved by the RBI and subsequently by the shareholders of the Bank through Postal Ballot on June 11, 2023. |
(3) | Mr. Arvind Kapil resigned from the services of the Bank effective from April 26, 2024 being his last working day. Mr. Sumant Vinay Rampal assumed charge of Mr. Arvind Kapil’s portfolio (with respect to the Mortgage business (Home loan, LAP and HDFC Sales)), with effect from April 1, 2024. |
(4) | Mr. Bhavesh Zaveri was appointed as an Executive Director of the Bank for a period of three years with effect from April 19, 2023. The same was approved by the RBI and subsequently by the shareholders of the Bank through Postal Ballot on June 11, 2023. |
(5) | Mr. Benjamin Frank superannuated on June 30, 2024. Mr. Sanjiv Bhuyan, who was reporting to Mr. Benjamin Frank, has replaced him. |
(6) | Mr. Rahul Shukla besides his current portfolio (with respect to Commercial and Rural Banking) also handles Mr. Sumant Vinay Rampal’s previous portfolio (with respect to Business Banking Working Capital, Rural Banking Group and Sustainable Livelihood Initiative). |
(7) | Mr. Tushar Vikram resigned from the services of the Bank effective from May 10, 2024 being his last working day. |
a. | overseeing the Bank’s financial reporting process and disclosure of financial information to ensure that the financial statements are correct, sufficient and credible; |
b. | recommending the appointment and removal of external auditors and the fixing of their fees; |
c. | reviewing with management the annual financial statements and auditor’s report before their submission to the Board, with special emphasis on accounting policies and practices, compliance with accounting standards, disclosure of related-party transactions and other legal requirements relating to the financial statements; |
d. | reviewing the adequacy of the audit and compliance functions, including their policies, procedures, techniques and other regulatory requirements; and |
e. | any other terms of reference as may be included from time to time in the Companies Act 2013 or the SEBI Listing Regulations 2015, including any amendments or reenactments thereof from time to time. |
a. | scrutinizing the nominations of the directors with reference to their qualifications and experience, for identifying ‘Fit and Proper’ persons, assessing competency of the persons and reviewing compensation levels of the Bank’s employees vis-à-vis other banks and the banking industry in general. The NRC has formulated a Policy for Appointment and Fit and Proper Criteria of Directors, which inter alia provides for criteria to assess the competency of the persons nominated, which includes academic qualifications, previous experience, track record and integrity of the candidates. To assess integrity and suitability, features like criminal records, financial position, civil actions undertaken to pursue personal debts, refusal of admission to and expulsion from professional bodies, sanctions applied by regulators or similar bodies and previous questionable business practices are considered. |
b. | formulating criteria for evaluation of performance of individual directors including independent directors, the Board of Directors and its Committees. The criteria for evaluation of performance of directors (including independent directors) include personal attributes such as attendance at meetings, communication skills, leadership skills and adaptability and professional attributes such as understanding of the Bank’s core business and strategic objectives, industry knowledge, independent judgment, adherence to the Bank’s Code of Conduct, Ethics and Values, among others. |
c. | carrying out any other function as is mandated by the Board from time to time and / or enforced by any statutory notification, amendment or modification, as may be applicable. |
a. | Identify the systemic lacunae, if any, that facilitated perpetration of the fraud and put in place measures to plug the same; |
b. | Identify the reasons for delay in detection, if any, and report to the top management of the Bank and the RBI; |
c. | Monitor the progress of any Central Bureau of Investigation and any police investigation and any appropriate recovery position; |
d. | Ensure that staff accountability is examined at all levels in all cases of fraud and that staff side action, if required, is completed quickly without loss of time; |
e. | Review the efficacy of the remedial action taken to prevent any recurrence of fraud, such as the strengthening of internal controls; and |
f. | Put in place other measures as may be considered relevant to strengthen preventive measures against frauds. |
• | To formulate the Bank’s CSR and ESG Strategy, Policy and Goals and recommend to the Board, the CSR Annual Action Plan |
• | To identify the areas of CSR activities and recommend to the Board the amount of CSR expenditure |
• | To monitor the Bank’s CSR policy and performance |
• | To review the CSR projects / initiatives from time to time |
• | To ensure legal and regulatory compliance from a CSR viewpoint |
• | To ensure reporting and communication and appropriate disclosures to the Bank’s stakeholders on the Bank’s CSR projects/initiatives |
• | To monitor the Bank’s ESG Framework, strategy, goals and disclosures |
• | Approving IT strategy and related policy documents and reviewing the same from time to time; |
• | Ensuring that the management has put an effective strategic planning process in place; |
• | Approving the Bank’s IT budget to ensure it aligns with the business needs; |
• | Approving re-allocation of resources within IT to facilitate meeting priorities and business needs; |
• | Reviewing and approving IT implementation plans; |
• | Framing the Bank-level strategy and action plans for achieving the target of digital transactions in an organized manner, as may be set by the Government of India, regulatory authorities, the IBA or others from time to time; |
• | Monitoring the progress of achievement in digital transactions in line with the Bank’s strategy and action plans; |
• | Reviewing and exploring new opportunities for increasing the digital transactions of the Bank from time to time and giving the necessary directions in implementing and improving the high level of digitalization in the Bank; |
• | Reviewing the digital banking strategy of the Bank as and when required thereby providing guidance on focus areas; |
• | Reviewing the progress made on the initiatives relating to digital banking covering performance initiatives as determined by the Board of Directors and the Government of India from time to time; |
• | Reviewing customer services rendered on digital platforms from time to time; and |
• | Any other terms of reference as may be specified by the Government of India, regulatory authorities, the Indian Banks’ Association or others from time to time. |
Particulars |
Sashidhar Jagdishan |
Kaizad Bharucha |
Bhavesh Zaveri |
V. Srinivasa Rangan |
||||||||||||
(Rs. in million, except stock options) |
||||||||||||||||
Basic |
29.4 | 30.2 | 16.0 | 11.7 | ||||||||||||
Allowances and perquisites |
33.2 | 34.5 | 21.2 | 8.1 | ||||||||||||
Provident fund |
3.5 | 3.6 | 1.9 | 1.4 | ||||||||||||
Superannuation |
4.4 | 4.5 | 2.4 | 1.8 | ||||||||||||
Performance bonus |
37.1 | (2) |
38.4 | (3) |
nil | (4)(9) |
nil | (4)(9) | ||||||||
Number of stock options granted during the year (5) |
209,131 | (6) |
126,926 | (7) |
nil | (8)(9) |
nil | (8)(9) |
1. | Mr. Aditya Puri retired as Managing Director and CEO of the Bank at the close of business hours on October 26, 2020. Mr. Aditya Puri was paid cash variable pay of Rs. 71.1 million for the performance period April 1, 2020 to October 26, 2020. The same was approved by the RBI vide its letter dated March 23, 2022. In accordance with RBI directions, 40 percent of the above-mentioned cash variable pay, i.e., Rs. 28.4 million was paid in the fiscal year 2021–22 and the balance 60 percent of the cash variable pay was to be deferred and subject to payment over a period of three years in three equal instalments. The first tranche of the aforementioned deferred amount of Rs. 42.6 million, i.e., Rs. 14.2 million (computed as one third of Rs. 42.6 million) was paid in April 2023 in line with the RBI directive. The second tranche of the aforementioned deferred amount of Rs. 42.6 million, i.e., Rs. 14.2 million (computed as one third of Rs. 42.6 million) was paid on April 2, 2024 in line with the RBI directive. |
2. | Mr. Sashidhar Jagdishan, Managing Director and CEO, was paid a total cash variable pay of Rs. 37.1 million (this also included a payment received as part of deferred cash variable of previous years paid to Mr. Sashidhar Jagdishan in the fiscal year 2023-24) and comprised the following: |
i) | Per RBI directions, 50% of the cash variable pay for the performance year 2022-23, i.e., Rs. 25.0 million (computed as one half of the total cash variable pay approved by the RBI, which was Rs. 50.0 million) was paid in February 2024. |
ii) | Per RBI directions, Tranche 1 of the deferred cash variable pay for the performance year 2020-21, i.e., Rs. 3.5 million was paid in July 2023. |
iii) | Per RBI directions, Tranche 1 of the deferred cash variable pay for the performance year 2021-22, i.e., Rs. 8.6 million was paid on April 2, 2024. |
3. | Mr. Kaizad Bharucha, Deputy Managing Director, was paid a total cash variable pay of Rs. 38.4 million (this also includes a payment received as part of deferred cash variable of previous years paid to Mr. Kaizad Bharucha in the fiscal year 2023-24) and comprised of the following: |
i) | Per RBI directions, 50% of the cash variable pay for the performance year 2022-23, i.e., Rs. 20.5 million (computed as one half of the total cash variable pay approved by the RBI, which was Rs. 41.1 million) was paid in February 2024. |
ii) | Per RBI directions, Tranche 1 of the deferred cash variable pay for the performance year 2020-21, i.e., Rs. 5.9 million was paid on April 2023. |
iii) | Per RBI directions, Tranche 2 of the deferred cash variable pay for the performance year 2020-21, i.e., Rs. 5.9 million was paid on April 2, 2024. |
iv) | Per RBI directions, Tranche 1 of the deferred cash variable pay for the performance year 2021-22, i.e., Rs. 6.1 million was paid on April 2, 2024. |
4. | Mr. Bhavesh Zaveri and Mr. Srinivasa Rangan were appointed as Executive Directors of the Bank with effect from April 19, 2023, and November 23, 2023, respectively and hence were not paid any performance bonus for their roles as Executive Directors during the fiscal year 2023-24. Prior to being appointed as an Executive Director, Mr. Bhavesh Zaveri was Group Head—Operations, ATM and Cash Management Product of the Bank and was paid a performance bonus for the said role on a proportionate basis. Accordingly, the same has been excluded from the remuneration being paid to Mr. Bhavesh Zaveri in his capacity as an Executive Director of the Bank. For remuneration paid prior to their appointment as executive Directors please refer note 9 below. |
5. | The vesting schedule for the stock options is as follows: 25% after expiry of twelve months from date of grant, 25% after expiry of twenty-four months from the date of grant, 25% after expiry of thirty-six months from the date of grant and the remaining 25% options after expiry of 48 months from the date of grant. The vested options need to be exercised within a period of four years from the respective dates of their vesting, failing which, they shall lapse forthwith. |
6. | Mr. Sashidhar Jagdishan was granted a total of 209,131 employee stock options with a face value of Rs. 1.0 each at a grant price of Rs. 1,478.85 for the performance year 2022-23 on January 22, 2024, which was approved by the RBI vide its letter dated December 21, 2023. |
7. | Mr. Kaizad Bharucha was granted a total of 126,926 employee stock options with a face value of Rs. 1.0 each at a grant price of Rs. 1,478.85 for the performance year 2022-23 on January 22, 2024, which was approved by the RBI vide its letter dated December 21, 2023. |
8. | Mr. Bhavesh Zaveri and Mr Srinivasa Rangan were appointed as Executive Directors of the Bank with effect from April 19, 2023, and November 23, 2023 respectively, and hence were not granted any ESOP for the role of Executive Director during the fiscal year. Prior to being appointed as an Executive Director, Mr. Bhavesh Zaveri was Group Head—Operations, ATM and Cash Management Product of the Bank and was granted ESOP for the said role which is detailed in note 9 below. Accordingly, the same has not been mentioned above. |
9. | The details of the remuneration paid during fiscal year 2024 to Mr. Bhavesh Zaveri, Executive Director and Mr. V. Srinivasa Rangan, Executive Director, prior to their appointment as Executive Directors are as follows: |
Particulars |
Mr. Bhavesh Zaveri |
Mr. V. Srinivasa Rangan |
||||||
(Rs. in million, except stock options) |
||||||||
Basic |
0.27 | 13.0 | ||||||
Allowances and Perquisites |
0.97 | 7.80 | ||||||
Provident Fund |
0.03 | 1.56 | ||||||
Superannuation |
0.03 | 1.69 | ||||||
Performance Bonus |
9.00 | nil | ||||||
Number of stock options Granted during the year |
89,690 | nil |
i) | 50% of the cash variable pay for the performance year 2022-23, i.e., Rs. 4.0 million (computed as one half of the total cash variable pay approved by the RBI, which was Rs. 8.0 million). |
ii) | Tranche 1 of the deferred cash variable pay for the performance year 2021-22, i.e., Rs. 2.8 million. |
iii) | Tranche 2 of the deferred cash variable pay for the performance year 2020-21, i.e., Rs. 2.2 million. |
Director |
Sitting Fees (in Rs.) |
Remuneration to NEDs (in Rs.) |
||||||
Mr. Atanu Chakraborty |
5,600,000 | 3,500,000 | ||||||
Mr. M.D. Ranganath |
7,500,000 | 2,123,626 | ||||||
Mr. Sandeep Parekh |
8,250,000 | 2,123,626 | ||||||
Dr. (Mrs.) Sunita Maheshwari |
3,350,000 | 2,123,626 | ||||||
Mrs. Lily Vadera |
4,300,000 | 2,123,626 | ||||||
Dr. (Mr). Harsh Kumar Bhanwala (1) |
800,000 | 491,758 | ||||||
Mr. Keki M. Mistry (2) |
1,300,000 | 1,623,626 | ||||||
Mrs. Renu Karnad |
5,850,000 | 2,123,626 | ||||||
Mr. Sanjiv Sachar (3) |
2,400,000 | 608,695 | ||||||
Mr. Umesh Chandra Sarangi (4) |
5,700,000 | 1,868,132 | ||||||
Total |
45,050,000 |
18,710,341 |
||||||
(1) | Dr. (Mr.) Harsh Kumar Bhanwala was appointed as an Independent Director of the Bank with effect from January 25, 2024. |
(2) | Mr. Keki Mistry was appointed as a Non-Executive (Non-Independent) Director of the Bank with effect from June 30, 2023. |
(3) | Mr. Sanjiv Sachar ceased to be an Independent Director on the Board of the Bank with effect from the close of business hours on July 20, 2023, on account of completion of his term. |
(4) | Mr. Umesh Chandra Sarangi ceased to be an Independent Director on the Board of the Bank with effect from the close of business hours on February 29, 2024, on account of completion of his term. |
i. | From April 1, 2023 to February 15, 2024 (both dates inclusive)—Rs. 2.0 million per annum (on a proportionate basis) to each of the Non-Executive Directors, and |
ii. | From February 16, 2024 to March 31, 2024 (both dates inclusive)—Rs. 3.0 million per annum (on a proportionate basis) to each of the Non-Executive Directors |
Name |
Largest amount outstanding since March 31, 2023 |
Amount outstanding as of March 31, 2024 |
Interest rate as of March 31, 2024 % |
Nature of Loan |
||||||||||||
(Rs. in millions, except percentages) |
||||||||||||||||
Ashima Khanna Bhat |
3.73 | 3.64 | 2.50 | Housing Loan | ||||||||||||
Ashish Parthasarthy |
4.61 | 4.51 | 2.50 | Housing Loan | ||||||||||||
Arvind Kapil |
7.22 | 7.02 | 5.00 | Additional Housing Loan | ||||||||||||
Arvind Kapil |
7.17 | 6.97 | 2.50 | Housing Loan | ||||||||||||
Arvind Vohra |
2.32 | 2.26 | 2.50 | Housing Loan | ||||||||||||
Bhavesh Chandulal Zaveri |
6.14 | 5.82 | 5.00 | Additional Housing Loan | ||||||||||||
Bhavesh Chandulal Zaveri |
6.09 | 5.78 | 2.50 | Housing Loan | ||||||||||||
Benjamin Frank |
0.38 | 0.26 | 5.00 | Personal Loan | ||||||||||||
Nirav Shah |
6.74 | 6.60 | 5.00 | Additional Housing Loan | ||||||||||||
Nirav Shah |
6.47 | 6.34 | 2.50 | Housing Loan | ||||||||||||
Nirav Shah |
0.60 | 0.49 | 5.00 | Personal Loan | ||||||||||||
Ravi Santhanam |
6.33 | 6.33 | 5.00 | Additional Housing Loan | ||||||||||||
Ravi Santhanam |
6.25 | 6.25 | 2.50 | Housing Loan | ||||||||||||
Raveesh Bhatia |
0.58 | 0.58 | 5.00 | Personal Loan | ||||||||||||
Rakesh Kumar Singh |
6.48 | 6.30 | 5.00 | Additional Housing Loan | ||||||||||||
Rakesh Kumar Singh |
6.37 | 6.20 | 2.50 | Housing Loan | ||||||||||||
Sashidhar Jagdishan |
2.60 | 2.52 | 2.50 | Housing Loan | ||||||||||||
Sumant Vinay Rampal |
1.39 | 1.29 | 2.50 | Housing Loan | ||||||||||||
Smita A Bhagat |
6.09 | 5.74 | 5.00 | Additional Housing Loan | ||||||||||||
Smita A Bhagat |
6.04 | 5.71 | 2.50 | Housing Loan | ||||||||||||
Sampath Kumar |
1.68 | 1.64 | 2.50 | Housing Loan | ||||||||||||
Sampath Kumar |
0.57 | 0.38 | 5.00 | Personal Loan | ||||||||||||
Sanmoy Chakrabarti |
7.40 | 7.09 | 5.00 | Additional Housing Loan | ||||||||||||
Sanmoy Chakrabarti |
7.38 | 7.02 | 2.50 | Housing Loan | ||||||||||||
Chakrapani Venkatachari |
2.81 | 2.37 | 5.00 | Additional Housing Loan | ||||||||||||
Chakrapani Venkatachari |
2.72 | 2.35 | 2.50 | Housing Loan |
• | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets; |
• | provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
• | provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisitions, use or dispositions of our assets that could have a material effect on the financial statements. |
Fiscal Year Ended |
||||||||||||
Type of Services |
March 31, 2023 |
March 31, 2024 |
Description of Services |
|||||||||
(in millions) |
||||||||||||
Audit services |
Rs. | 78.6 | Rs. | 418.7 | Audit of financial statements | |||||||
Audit-related services |
13.5 | 4.5 | Limited review | |||||||||
Tax services |
— | 3.8 | Tax services | |||||||||
Other services |
2.1 | 3.2 | Certification and other services | |||||||||
Total |
Rs. | 94.2 | Rs. | 430.2 |
1. | Establish an independent audit committee that has specified responsibilities and authority. [NYSE Listed Company Manual Section 303A.06]; |
2. | Provide prompt written notice by its CEO if any executive officer becomes aware of any non-compliance with any applicable corporate governance rules. [NYSE Listed Company Manual Section 303A.12(b)]; |
3. | Provide to the NYSE annual written affirmations with respect to its corporate governance practices, and interim written affirmations in the event of a change to the board or a board committee. [NYSE Listed Company Manual Section 303A.12(c)]; |
4. | Include a statement of significant differences between its corporate governance practices and those followed by United States companies in the annual report of the foreign private issuer. [NYSE Listed Company Manual Section 303A.11]; and |
5. | Adopt and comply with a written policy providing that the issuer will recover reasonably promptly the amount of erroneously awarded incentive-based compensation in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws. [NYSE Listed Company Manual Section 303A.14]. |
NYSE Corporate Governance Standards applicable to NYSE Listed Companies |
Corporate Governance Rules as per SEBI Listing Regulations | |
An NYSE listed company needs to have a majority of independent directors. [NYSE Listed Company Manual Section 303A.01] | The board of a listed company must have a combination of executive and non-executive directors, including at least one female director, and not less than 50 percent of the board of directors shall comprise of non-executive directors. The board of directors of the 500 largest listed entities, as determined by market capitalization at the end of the most recent financial year, were required to have at least one independent female director by April 1, 2019 and the board of directors of the 1,000 largest listed entities, as determined by market capitalization at the end of the most recent financial year, were required to have at least one independent female director by April 1, 2020. No listed entity shall appoint a person or continue the directorship of any person as a non-executive director who has attained the age of 75 years unless a special resolution is passed to that effect, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such a person, if: (i) the chairperson of the board of directors is a non-executive director, at least one-third of the board of directors must be comprised of independent directors; (ii) the company does not have a regular non-executive chairperson, at least half of the board of directors must be comprised of independent directors; and (iii) the regular non-executive chairperson is a promoter of the listed company or is related to any promoter or person occupying management positions at the level of board of director or at one level below the board of directors, at least half of the board of directors of the listed company must consist of independent directors. | |
The requirements under the SEBI Listing Regulations which become applicable to a listed entity on the basis of market capitalization criteria continue to apply to such entity even if when it falls below the specified thresholds. | ||
A director must meet certain criteria in order to qualify as “independent”. An NYSE listed company must disclose the identity of its independent directors and the basis upon which it is determined that they are independent. [NYSE Listed Company Manual Section 303A.02] | A director must meet certain criteria in order to qualify as an “independent director”. The appointment, reappointment or removal of an independent director of a listed entity, shall be subject to the approval of shareholders by way of a special resolution. No independent director, who resigns from a listed entity, shall be appointed as an executive or whole-time director on the board of the listed entity, its holding, subsidiary or associate company or on the board of a company belonging to its promoter group, unless a period of one year has elapsed from the date of resignation as an independent director. | |
Executive Sessions |
||
Non-management directors need to meet at regularly scheduled executive sessions without management. [NYSE Listed Company Manual Section 303A.03] | The board of directors of a listed company must meet at least four times a year, with a maximum time gap of 120 days between any two meetings. The independent directors of the listed company must hold at least one meeting in each fiscal year without the presence of the non-independent directors and the members of management, and all the independent directors have to endeavor to be present at such meeting. | |
Nominating/Corporate Governance Committee |
||
An NYSE listed company needs to have a nominating/corporate governance committee composed entirely of independent directors. [NYSE Listed Company Manual Section 303A.04] | A listed company needs to have a nomination and remuneration committee. The nomination and remuneration committee shall comprise of at least three directors and all directors must be non-executive directors with at least two-thirds of the directors being independent directors. |
Listed companies in India are not required to constitute a separate corporate governance committee. The Companies Act 2013 and the SEBI Listing Regulations prescribe the corporate governance requirements which include, inter alia, obligations regarding the appointment of internal auditors, the constitution of the board of directors as per the prescribed composition and the constitution of an audit committee and a nomination and remuneration committee. | ||
The nominating/corporate governance committee needs to have a written charter that addresses certain specific committee purposes and responsibilities and provides for an annual performance evaluation of the committee. [NYSE Listed Company Manual Section 303A.04] | The nomination and remuneration committee must have the terms of reference specified in the SEBI Listing Regulations and the Companies Act 2013 such as formulating criteria to determine the qualifications, positive attributes and independence of directors, formulating criteria to evaluate the performance of directors, recommending to the board of directors a remuneration policy for directors, key managerial personnel and other employees and devising a policy on diversity of the board of directors. | |
Compensation Committee |
||
An NYSE listed company needs to have a compensation committee composed entirely of independent directors. Compensation committee members must satisfy certain additional independence requirements set forth in Section 303A.02 of the NYSE Listed Company Manual by the deadline specified therein. [NYSE Listed Company Manual Section 303A.05] | A listed company is permitted to have a combined nomination and remuneration committee. All members of the nomination and remuneration committee must be non-executive directors and at least two-thirds must be independent directors. The chairperson of the nomination and remuneration committee must be an independent director. | |
The compensation committee needs to have a written charter that addresses certain specific rights, purposes and responsibilities of the committee, and provides for an annual performance evaluation of the committee. [NYSE Listed Company Manual Section 303A.05] On or before December 1, 2023, FPIs must adopt and enforce a clawback policy consistent with the requirements of NYSE Listed Company Manual Section 303A.14. [NYSE Listed Company Manual Section 303A.14] |
The terms of reference and the role of the nomination and remuneration committee have been specified under the Companies Act 2013 and SEBI Listing Regulations and must include, inter alia, formulating the policy relating to the remuneration of directors, key managerial personnel and other employees, formulating criteria to determine the qualifications, positive attributes and independence of directors and formulating criteria to evaluate the performance of directors. | |
Audit Committee |
||
An NYSE listed company needs to have an audit committee with at least three members. All the members of the audit committee must satisfy the independence requirements of Rule 10A-3 under the Exchange Act and the requirements of NYSE Corporate Governance Standard 303A.02. [NYSE Listed Company Manual Sections 303A.06 and 303A.07] | A listed company must have a qualified and independent audit committee with a minimum of three directors as members and at least two-thirds of such members must be independent directors. In case of a listed entity having outstanding equity shares with superior voting rights, the audit committee must consist of only independent directors. All members of the audit committee should be financially literate and at least one member must have accounting or related financial management expertise. | |
The audit committee needs to have a written charter that addresses certain specific purposes of the committee, provides for an annual performance evaluation of the committee and sets forth certain specific minimum duties and responsibilities. [NYSE Listed Company Manual Section 303A.07] |
The terms of reference and the role of the audit committee of a listed company have been specified in the SEBI Listing Regulations and the Companies Act 2013 and include, inter alia |
Internal Audit Function |
||
An NYSE listed company needs to have an internal audit function to provide management and the audit committee with ongoing assessments of the company’s risk management processes and system of internal control. A company may choose to outsource this function to a third-party service provider other than its independent auditor. [NYSE Listed Company Manual Section 303A.07] | A listed company must appoint an internal auditor to conduct an internal audit of the functions and activities of the company. The auditor must review the accounts of the company and submit a report along with financial statements of the company placed before the company in a general meeting. It is the role of the audit committee to review the adequacy of the company’s internal audit function and all internal audit reports relating to internal control weaknesses of the company. The audit committee should also evaluate the internal financial controls and risk management systems of the company. | |
In addition, a listed company must put in place procedures to inform board members about risk assessment and minimization procedures. The board of directors is responsible for framing, implementing and monitoring the company’s risk assessment plan. Further, the top 1000 listed companies (determined on the basis of market capitalization as at the end of the immediately previous financial year) and companies qualifying as a “high value debt listed entity” must establish a risk management committee, consisting of at least three members with a majority of them being board members including at least one independent director, and, in case of a listed entity having outstanding equity shares with superior voting rights, at least two-thirds of the risk management committee shall comprise independent directors. The board of directors shall define the roles and responsibilities of the risk management committee. The board may delegate the monitoring and review of the risk management plan to the risk management committee. | ||
Shareholder Approval of Equity Compensation Plans |
||
Shareholders must be given the opportunity to vote on all equity-compensation plans and material revisions thereto, with limited exemptions. [NYSE Listed Company Manual Section 303A.08] | Under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, shareholders’ approval is required for all equity compensation plans and material revisions thereto. | |
Corporate Governance Guidelines/Code of Ethics |
||
An NYSE listed company needs to adopt and disclose corporate governance guidelines. [NYSE Listed Company Manual Section 303A.09] | A listed company is required to comply with all mandatory corporate governance requirements as prescribed under the Companies Act 2013 and the SEBI Listing Regulations, and disclose such compliance to stock exchanges in the corporate governance report contained in the listed company’s annual report. The listed company should also state in its annual report the extent to which it has complied with the non-mandatory corporate governance requirements. The listed entity is also required to submit a compliance report on corporate governance on a quarterly basis. | |
An NYSE listed company needs to adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. [NYSE Listed Company Manual Section 303A.10] | A listed company needs to adopt a code of conduct (or code of ethics), which is applicable to all members of the board of directors and senior management. The company’s annual report and the yearly compliance report on corporate governance must both disclose any non-compliance with any requirement of the compliance report on corporate governance and contain a declaration signed by the CEO stating that all board members and senior management personnel have complied with the code of conduct. |
Certifications as to Compliance |
||
The CEO of each NYSE listed company has to certify on an annual basis that he or she is not aware of any violation by the company of the NYSE corporate governance listing standards. This certification, as well as the CEO/CFO certification required under Section 302 of the Sarbanes-Oxley Act of 2002, must be disclosed in the company’s annual report to shareholders. [NYSE Listed Company Manual Section 303A.12] | The CEO and the CFO are required to provide an annual certification on the true and fair view of the company’s financial statements and compliance with existing accounting standards, applicable laws and regulations. In addition, a listed company is required to submit a quarterly compliance report and an annual corporate governance report to stock exchanges which must include a certificate from either the auditors or the practicing company secretary regarding the company’s compliance with the conditions of corporate governance. A listed company is also required to submit a secretarial compliance report to stock exchanges annually. | |
Posting of Charters and Guidelines on Website |
||
An NYSE listed company is required to post the charters of its audit, compensation, and nominating/corporate governance committees, its corporate governance guidelines, and its code of business conduct and ethics on the company’s website, and to state in its proxy statement or annual report that these documents are so posted. The listed company’s website address must be included in such postings. [NYSE Listed Company Manual Sections 303A.04, 303A.05, 303A.07, 303A.09 and 303A.10] | A listed company must maintain a functional website containing information about the company including, inter alia |
• | each person or group of affiliated persons known by us to beneficially own 5 percent or more of our equity shares; and |
• | our individual directors and their relatives as a group. |
Equity Shares Held as of |
March 31, 2022 |
March 31, 2023 |
March 31, 2024 |
|||||||||||||||||||||
Shareholder |
Number of Equity Shares |
Percentage of Total Equity Shares Outstanding |
Number of Equity Shares |
Percentage of Total Equity Shares Outstanding |
Number of Equity Shares |
Percentage of Total Equity Shares Outstanding |
||||||||||||||||||
HDFC Group* |
1,164,625,834 | 21.00 | % | 1,164,625,834 | 20.87 | % | n/a | n/a | ||||||||||||||||
Directors and relatives |
4,877,958 | 0.09 | % | 4,706,178 | 0.08 | % | 12,341,192 | 0.16 | % | |||||||||||||||
SBI Funds Management Limited** |
n/a | n/a | n/a | n/a | 440,585,075 | 5.8 | % |
* | “HDFC Group” refers to HDFC Limited and its subsidiaries and associates prior to completion of the Transaction, as of March 31, 2022, and 2023. |
** | The RBI by its letter dated May 16, 2023 approved SBI Funds Management Limited’s (“SBIFML”) proposal to acquire an “aggregate holding” of up to 9.99 percent of the paid-up share capital or voting rights in the Bank subject to certain conditions, i.e. (i) compliance with the relevant provisions of the Banking Regulation Act, 1949, the RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, the SEBI regulations, and any other guidelines, regulations and statutes, as applicable, and (ii) that SBIFML shall acquire this major shareholding in the Bank within a period of six months from the date of the approval letter (i.e. May 16, 2023). Further, SBIFML was required to ensure that the aggregate holding in the Bank is below 10 percent of the paid-up share capital or voting rights of the Bank at all times. After acquisition, if the aggregate holding of SBIFML falls below 5 percent, a fresh approval from the RBI will be required to increase the aggregate holding to 5 percent or more of the total paid up share capital or voting rights in HDFC Bank. |
• | insurance companies; |
• | regulated investment companies and real estate investment trusts; |
• | tax-exempt organizations; |
• | broker-dealers; |
• | traders in securities that elect to mark-to-market; |
• | banks or certain other financial institutions; |
• | United States investors whose functional currency is not the United States dollar; |
• | certain former citizens or residents of the United States subject to Section 877 of the Internal Revenue Code; |
• | investors that hold our ADSs or equity shares as part of a hedge, straddle or conversion transaction; or |
• | holders that own, directly, indirectly or constructively, 10.0 percent or more of our total combined voting stock. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity taxable as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate, the income of which is subject to United States federal income tax regardless of its source; or |
• | a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the trust, or if the trust has made a valid election to be treated as a United States person. |
• | such gain is considered effectively connected with the Non-U.S. Holder’s conduct of a United States trade or business (and, if required by an applicable income tax treaty, the income is attributable to a permanent establishment maintained in the United States); or |
• | such Non-U.S. Holder is an individual that is present in the United States for 183 days or more during the taxable year of the disposition, and certain other conditions are met. |
• | is a corporation or other exempt recipient; or |
• | provides an accurate taxpayer identification number and certifies that no loss of exemption from backup withholding applies to such U.S. Holder. |
• | Tier 1—100,000 and above; |
• | Tier 2—50,000 to 99,999; |
• | Tier 3—20,000 to 49,999; |
• | Tier 4—10,000 to 19,999; |
• | Tier 5—5,000 to 9,999; and |
• | Tier 6—Less than 5,000. |
• | A concept of “banking outlets” was introduced. A banking outlet for a domestic scheduled commercial bank has been defined as a fixed point service delivery unit, manned by either bank’s staff or its business correspondent where services of acceptance of deposits, encashment of checks/cash withdrawal or lending of money are provided for a minimum of four hours per day for at least five days a week. |
• | At least 25.0 percent of the total number of “banking outlets” opened during a fiscal year must be opened in unbanked rural centers (Tier 5 and Tier 6). The definition of unbanked rural centers has been modified to mean a rural (Tier 5 and Tier 6) center that does not have a CBS-enabled banking outlet of a scheduled commercial bank. |
• | The restriction on the number of banking outlets that may be opened in Tier 1 centers was removed. |
• | interest and/or an installment of principal remain overdue (as defined below) for a period of more than 90 days in respect of a term loan; |
• | the account remains “out-of-order” (as defined below) in respect of an overdraft (“OD”) or cash credit (“CC”) for more than 90 days; |
• | the bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted; |
• | the installment of principal or interest thereon remains overdue for two crop seasons for short-duration crops; |
• | the installment of principal or interest thereon remains overdue for one crop season for long-duration crops; |
• | the amount of a liquidity facility remains outstanding for more than 90 days, in respect of securitization transactions undertaken in accordance with the RBI (Securitisation of Standard Assets) Directions, 2021; or |
• | in respect of derivative transactions, the overdue receivables representing the positive mark-to-market value of a derivative contract, if remain unpaid for a period of 90 days from the specified due date for payment. |
(i) | compromise settlements where the time for payment of the agreed settlement amount exceeds three months will be treated as restructurings, as defined in the “Prudential Framework on Resolution of Stressed Assets” dated June 7, 2019, issued by the RBI; and |
(ii) | in case of partial technical write-offs, the prudential requirements in respect of residual exposure, including provisioning and asset classification, will be with reference to the original exposure. |
• | Up to one year: 25.0 percent provision. |
• | One to three years: 40.0 percent provision. |
• | More than three years: 100.0 percent provision. |
• | transfer of loan accounts of borrowers by a bank to other banks, financial institutions or NBFCs, at the request of the borrower; |
• | inter-bank participations; |
• | trading in bonds; |
• | sale of the entire portfolio of assets consequent upon a decision to exit the line of business completely (which should have the approval of the board of directors of the bank); |
• | consortium and syndication arrangements and arrangement under a corporate debt restructuring mechanism; and |
• | any other arrangements and transactions specifically exempted by the RBI. |
(i) | PSLC Agriculture: counting for achievement towards the total agriculture lending target; |
(ii) | PSLC SF/MF: counting for achievement towards the sub-target for lending to small and marginal farmers; |
(iii) | PSLC Micro Enterprises: counting for achievement towards the sub-target for lending to micro enterprises; and |
(iv) | PSLC General: counting for achievement towards the overall priority sector target. |
• | all types of funded and non-funded credit limits; and |
• | facilities extended by way of equipment leasing, hire purchase finance and factoring services. |
• | direct investment in equity shares, convertible bonds, convertible debentures and units of equity-oriented mutual funds, the fund assets of which are not exclusively invested in corporate debt; |
• | advances against shares, bonds, debentures or other securities or advances without security to individuals for investment in shares (including in primary offerings and employee stock option plans), convertible bonds, convertible debentures and units of equity-oriented mutual funds; |
• | advances for any other purposes where shares or convertible bonds or convertible debentures or units of equity-oriented mutual funds are taken as primary security; |
• | advances for any other purposes to the extent secured by collateral of shares, convertible bonds, convertible debentures or units of equity-oriented mutual funds ( i.e. |
• | secured and unsecured advances to stockbrokers and guarantees issued on behalf of stockbrokers and market makers; |
• | loans sanctioned to companies against the security of shares, bonds, debentures or other securities or on a clean basis for meeting a promoter’s contribution to the equity of new companies; |
• | bridge loans to companies against expected equity flows/issues; |
• | underwriting commitments taken up by banks in respect of primary issues of shares or convertible bonds or convertible debentures or units of equity-oriented mutual funds; |
• | financing to stockbrokers for margin trading; |
• | all exposure to VCFs (both registered and unregistered); and |
• | irrevocable payment commitments issued by custodian banks in favor of stock exchanges. |
• | Banks are required to classify their entire portfolio of approved securities under three categories: “held for trading”, “available for sale” and “held to maturity”; banks must decide the category of investment at the time of acquisition. |
• | Held to maturity (“HTM”) investments compulsorily include: (i) recapitalization bonds received from the Government; (ii) investments in subsidiaries and joint ventures; and (iii) investment in the long-term bonds (with a minimum residual maturity of seven years) issued by companies engaged in infrastructure activities. The minimum residual maturity of these bonds must be of seven years at the time of investment in these bonds. Once invested, banks may continue to classify these investments under the HTM category even if the residual maturity falls below seven years subsequently. HTM investments also include any other investments identified for inclusion in this category subject to the condition that such investments cannot exceed 25.0 percent of total investments. Banks are permitted to exceed the limit of 25.0 percent of investments for the HTM category provided the excess is comprised only of investments eligible for the SLR and the aggregate of such investments in the HTM category does not exceed a specified percentage of the prescribed demand and time liabilities. |
• | Profit on the sale of investments in the HTM category is appropriated to the capital reserve account after being recognized in the profit and loss account. Loss on any sale is recognized in the profit and loss account. |
• | Investments under the held for trading (“HFT”) category must be sold within 90 days. |
• | Available for sale (“AFS”) and HFT securities are required to be valued at market or fair value at prescribed intervals. The market price of the security available from the stock exchange, the price of securities in subsidiary general ledger transactions, the RBI price list or prices declared by the Primary Dealers Association of India jointly with the Fixed Income Money Market and Derivatives Association of India serves as the “market value” for investments in AFS and HFT securities. |
• | Profit or loss on the sale of investments in both the HFT and AFS categories is recorded in the profit and loss account. |
• | Shifting of investments from or to the HTM category is permitted only under exceptional circumstances with the approval of the board of directors once a year, normally at the beginning of the accounting year; shifting of investments from AFS to HFT may be done, subject to depreciation, if any, applicable on the date of transfer, with the approval of the board of directors, the asset liability management committee or the investment committee; shifting from HFT to AFS is generally not permitted, save for under exceptional circumstances where banks are not able to sell the security within 90 days due to tight liquidity conditions, or extreme volatility, or the market becoming unidirectional, in which case transfer is permitted only with the approval of the board of directors, the asset liability management committee or the investment committee. |
• | each bank has to offer a uniform interest rate on savings bank deposits up to Rs. 0.1 million, irrespective of the amount in the account within this limit. While calculating interest on such deposits, banks are required to apply the uniform rate set by them on end-of-day balance up to Rs. 0.1 million; and |
• | for any end-of-day savings bank deposits over Rs. 0.1 million a bank may provide differential rates of interest, if it so chooses, by ensuring that it does not discriminate in interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices. |
• | a single term deposit is of Rs. 20.0 million and above; and |
• | interest on deposits is paid in accordance with the schedule of interest rates disclosed in advance by the bank and not pursuant to negotiation between the depositor and the bank. |
(i) | all cash transactions with a value of more than Rs. 1.0 million or an equivalent in foreign currency; |
(ii) | all series of cash transactions integrally connected to each other which have been valued below Rs. 1.0 million or an equivalent in foreign currency where such series of transactions has taken place within a month and the aggregate value of such transactions exceeds Rs. 1.0 million; |
(iii) | all transactions involving receipts by non-profit organizations with a value of more than Rs. 1.0 million or an equivalent in foreign currency; |
(iv) | all cash transactions in which forged or counterfeit currency notes or bank notes have been used and where any forgery of a valuable security or a document has taken place facilitating the transaction; and |
(v) | all other suspicious transactions whether or not made in cash and by such other ways as mentioned in the Rules. |
(i) | liabilities to the banking system in India as computed under clause (d) of the explanation to section 42(1) of the Reserve Bank of India Act 1934; |
(ii) | credit balances in Asian Clearing Union (US$) Accounts; and |
(iii) | demand and time liabilities in respect of the banks’ offshore banking units. |
(i) | Cash including cash reserves in excess of required CRR. |
(ii) | For banks incorporated in India, |
(a) | Reserves held with foreign central banks in excess of the reserve requirement, where a foreign sovereign has been assigned a zero percent risk weight as per the rating by an international rating agency. |
(b) | Reserves held with foreign central banks in excess of the reserve requirement, to the extent these balances cover the Bank’s stressed net cash outflows in that specific currency, in cases where a foreign sovereign has been assigned an on-0 percent risk weight as per the rating by an international rating agency, but a zero percent risk weight has been assigned at national discretion under the Basel II framework. |
(iii) | Government securities in excess of the minimum SLR requirement. |
(iv) | Within the mandatory SLR requirement, Government securities to the extent allowed by the RBI, under Marginal Standing Facility (MSF). |
(v) | Marketable securities issued or guaranteed by foreign sovereigns satisfying all the following conditions: |
(a) | assigned a zero percent risk weight under the Basel II standardized approach for credit risk; |
(b) | traded in large, deep and active repo or cash markets characterized by a low level of concentration and proven record as a reliable source of liquidity in the markets (repo or sale), even during stressed market conditions; and |
(c) | not issued by a bank, financial institution, NBFC or any of its affiliated entities. |
• | requiring certain foreign banks, including banks with complex structures and banks belonging to jurisdictions which: (i) do not have adequate disclosure requirements; or (ii) have legislation which give preferential treatment to deposits of the home country in a winding-up proceeding, to set up a wholly owned subsidiary in order to enter the Indian market; |
• | permitting foreign banks that do not fall under the above categories to either set up a branch office or a wholly owned subsidiary; |
• | offering near-national treatment to wholly owned subsidiaries of foreign banks, subject to certain conditions; |
• | requiring newly incorporated wholly owned subsidiaries to have an initial minimum paid-up voting equity capital of Rs. 5.0 billion. In the case of existing banking outlets of foreign banks that wish to convert into a wholly owned subsidiary, they must have a minimum net worth of Rs. 5.0 billion; |
• | requiring at least 50.0 percent of the board of directors of wholly owned subsidiaries to be Indian nationals, non-resident Indians or persons of Indian origin; and |
• | mandating that wholly owned subsidiaries comply with the priority sector lending requirements applicable to domestic commercial banks. |
(i) | overseas borrowing by banks for the purpose of financing export credit subject to certain conditions prescribed by the RBI; |
(ii) | capital funds raised or augmented by the issue of Innovative Perpetual Debt Instruments and Debt Capital Instruments in foreign currency; |
(iii) | subordinated debt placed by head offices of foreign banks with their banking outlets in India as Tier II capital; and |
(iv) | any other overseas borrowing with the specific approval of the RBI. |
• | the capital adequacy ratio must be at least 9.0 percent for the preceding two completed years and the accounting year for which the bank proposes to declare a dividend; |
• | net non-performing assets must be less than 7.0 percent of advances. In the event a bank does not meet the above capital adequacy norm, but has capital adequacy of at least 9.0 percent for the fiscal year for which it proposes to declare a dividend, it would be eligible to declare a dividend if its net non-performing asset ratio is less than 5.0 percent; |
• | the bank has complied with the provisions of Sections 15 and 17 of the Banking Regulation Act; |
• | the bank has complied with the prevailing regulations and guidelines issued by the RBI, including creating adequate provisions for the impairment of assets and staff retirement benefits and the transfer of profits to statutory reserves; |
• | dividends should be payable out of the current year’s profits; and |
• | the RBI has not placed any explicit restrictions on the Bank for declarations of dividends. |
• | the dividend payout ratio (calculated as a percentage of “dividends payable in a year” (excluding dividend tax) to “net profit during the year”) should not exceed 40.0 percent. The RBI has prescribed a matrix of criteria linked to the capital adequacy ratio and the net non-performing assets ratio in order to ascertain the maximum permissible range of the dividend payout ratio; and |
• | if the financial statements for which the dividend is declared have any audit qualifications which have an adverse bearing on the profits, the same should be adjusted while calculating the dividend payout ratio. |
(i) | Non-promoter: |
(a) | 10.0 percent of the paid-up share capital or voting rights of the banking company in case of natural persons, non-financial institutions, financial institutions directly or indirectly connected with Large Industrial Houses, as referred to under the Guidelines for “on tap” Licensing of Small Finance Banks in the Private Sector dated December 5, 2019, and Guidelines for “on tap”’ Licensing of Universal Banks dated August 1, 2016, and financial institutions that are owned to the extent of 50.0 percent or more or controlled by individuals (including the relatives and persons acting in concert); or |
(b) | 15.0 percent of the paid-up share capital or voting rights of the banking company in case of financial institutions (excluding those mentioned above), supranational institutions, public sector undertaking and the central/ state government; and |
(ii) | Promoter: 26.0 percent of the paid-up share capital or voting rights of the banking company after the completion of 15 years from commencement of business of the banking company. During the period prior to the completion of the 15 years, the promoters of banking companies may be allowed to hold a higher percentage of shareholding as part of the licensing conditions or as part of the shareholding dilution plan submitted by the banking company and approved by the RBI with such conditions as deemed fit by the concerned authority. |
• | assets, liabilities and off-balance sheet exposures; |
• | the risk weighting of these exposures, the capital base and the capital adequacy ratio; |
• | asset quality; |
• | concentration of exposures; |
• | connected and related lending and the profile of ownership, control and management; and |
• | other prudential parameters. |
• | The chair of the board must be an independent director. |
• | The posts of managing director (“MD”) and chief executive officer (“CEO”) or WTD cannot be held by the same person for more than 15 years. The individual will be eligible for reappointment as MD and CEO or WTD in the same bank, if considered necessary and desirable by the board of directors, after a minimum gap of three years, subject to meeting other conditions. During this three-year cooling-off period, the individual may not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly. |
• | The upper age limit for a person serving as MD and CEO or WTDs in a private bank continues to be 70 years. |
• | An MD and CEO or WTD who is also a promoter or major shareholder, cannot hold these posts for more than 12 years. |
(i) | Foreign portfolio investors (“FPIs”) are permitted to invest in government securities with 7- and 14-year maturities. |
(ii) | During the period between July 8, 2022 and October 31, 2022, short-term investments by FPIs in government securities and corporate bonds were exempt from the limit on short-term investments until maturity or sale of such investments; the regulations required that such short-term investments would not exceed 30.0 percent of the total investment of that FPI in any category. |
(iii) | During the period between July 8, 2022 and October 31, 2022, investments by FPIs in commercial paper and non-convertible debentures with an original maturity of up to one year were exempt from the limit on short-term investments until maturity or sale of such investments. |
(iv) | Until December 31, 2022, the maximum borrowing limit under the ECB framework was increased temporarily from US$ 750.0 million or its equivalent per financial year to US$ 1.5 billion. In addition, the all-in cost ceiling under the ECB framework was raised by 100 basis points for the same period, provided that the borrower had an investment grade rating. |
(i) | Invoicing—all exports and imports may be denominated and invoiced in rupees; |
(ii) | Exchange rate—the exchange rate between the currencies of the trading partner countries may be market-determined; and |
(iii) | Settlement—the settlement of trade transactions must occur in rupees in accordance with the procedure laid down in the circular. |
(i) | Indian importers must make payment in rupees, which must be credited into the special “vostro” account of the correspondent bank of the partner country against the invoices for the supply of goods or services from the overseas seller/supplier; and |
(ii) | Indian exporters must be paid the export proceeds in rupees from the balance in the designated special “vostro” account of the correspondent bank of the partner country. |
(i) | Payments for projects and investments; |
(ii) | Export/ import advance flow management; and |
(iii) | Investments in government treasury bills, government securities etc. within existing guidelines and prescribed limits as well as subject to FEMA and similar statutory provisions. |
(i) | the insurer must be a public company, a society registered under the Co-operative Societies Act, 1912, or a body corporate incorporated under the law of any country outside India not being of the nature of a private company; and |
(ii) | the insurer must have: |
(a) | a paid-up equity capital of Rs. 1 billion, in case of carrying on the business of life insurance, general insurance, or health insurance; and |
(b) | A paid-up equity capital of Rs. 2 billion, in case of carrying on exclusively the business as a re-insurer. Further, an insurer that is a foreign company engaged in a re-insurance business through a branch established in India must have net owned funds of not less than Rs. 50 billion. |
(i) | the directors of the AMC should have adequate professional experience in finance and financial services and should not have been found guilty of moral turpitude or convicted of an economic offence or violation of securities laws; |
(ii) | the key personnel of the AMC should not have been found guilty of moral turpitude or convicted of an economic offence or violation of securities laws or worked for any AMC or mutual fund or any intermediary during the period when its registration was suspended or cancelled by the SEBI; |
(iii) | at least one half of the board of directors of the AMC should not be associated in any manner with the sponsor of the trust or any of its subsidiaries or the trustees; |
(iv) | the chairman of the AMC should not be a trustee of any mutual fund; |
(v) | the net worth of the AMC should not be less than Rs. 500 million, on a continuous basis which is deployed in assets as may be specified by the SEBI; and |
(vi) | the AMC should be a fit and proper person. |
(i) | 10.0 percent or more of the shareholding or voting rights in the AMC or the trustee company of any other mutual fund; or |
(ii) | representation on the board of the AMC or the trustee company of any other mutual fund. |
(i) | 10.0 percent or more of the shareholding or voting rights in the AMC or the trustee company of any other mutual fund; or |
(ii) | representation on the board of the AMC or the trustee company of any other mutual fund. |
(i) | to the SEBI’s satisfaction, its bank and securities accounts are segregated activities; |
(ii) | it meets the capital adequacy requirements, if any, separately for each such activity and obtains separate approvals, if necessary under the relevant regulations; |
(iii) | it ensures that there is no material conflict of interest across different activities; |
(iv) | the absence of conflict of interest is disclosed to the trustees and unit holders in the scheme information document and the statement of additional information; |
(v) | if there are unavoidable conflict of interest situations, it is satisfied that disclosures are made about the source of the conflict, any potential “material risk or damage” to investor interests and detailed parameters for the same; |
(vi) | it appoints a separate fund manager for each separate fund managed by it, unless the investment objectives and asset allocation are the same and the portfolio is replicated across all the funds managed by the fund manager (the requirements of this clause do not apply if the funds managed are of such categories of FPI subject to such conditions as may be specified by the SEBI from time to time); |
(vii) | it ensures fair treatment of investors across different products that include, but are not limited to, simultaneous buy and sell in the same equity securities only through market mechanism and a written trade order management system; and |
(viii) | it ensures key personnel handling conflicts of interest are independent, by removing any direct link between remuneration to relevant AMC personnel and revenues generated by that activity. |
(i) | it satisfies the SEBI that key personnel of the asset management company, the system, back office, bank and securities accounts are segregated activity wise and there exists a system to prohibit access to inside information of various activities; and |
(ii) | it meets with the capital adequacy requirements, if any, separately for each of such activities and obtains separate approval, if necessary under the relevant regulations. |
(i) | The fundamental attributes of the surviving scheme do not change. The “surviving scheme” means the scheme which remains in existence after the merger. |
(ii) | The mutual funds are able to demonstrate that the circumstances merit merger or consolidation of schemes and the interest of the unit holders of the surviving scheme is not adversely affected. |
(i) | An independent trustee and independent director will hold office for a maximum of two terms with each term not exceeding a period of five consecutive years. |
(ii) | No independent trustee or independent director may hold office for more than two consecutive terms; however, such individuals will be eligible for re-appointment after a cooling-off period of three years. During the cooling-off period, such individuals should not be associated with the concerned MF, AMC and its subsidiaries and/or sponsor of the asset management company in any manner whatsoever. |
(iii) | Existing independent trustees and independent directors will hold office for a maximum of 10 years (including all preceding years for which such individual has held office). In this respect, the following may be noted: |
(a) | individuals who had held office for less than nine years (as on November 30, 2017) could continue for the residual period of service. |
(b) | individuals who had held office for nine years or more (as on November 30, 2017) could continue in their respective position for a maximum of two additional years. |
(c) | such individuals were subsequently eligible for reappointment after a cooling-off period of three years, in terms of paragraph A(i) and paragraph A(ii) above. |
(i) | No mutual fund may appoint an auditor for more than two terms of maximum five consecutive years. Such auditor may be re-appointed after a cooling-off period of five years. |
(ii) | Further, during the cooling-off period of five years, the incoming auditor may not include: |
(a) | any firm that has common partner(s) with the outgoing audit firm; and |
(b) | any associate firm(s) of the outgoing audit firm which are under the same network of audit firms wherein the term “same network” includes the firms operating or functioning, hitherto or in future, under the same brand name, trade name or common control. |
(iii) | Existing auditors may be appointed for a maximum of 10 years (including all preceding years for which an auditor has been appointed in terms of Regulation 55(1) of the SEBI Mutual Funds Regulations. In this respect, the following may be noted: |
(a) | auditors who have conducted the audit of the mutual fund for less than nine years (as on November 30, 2017) could continue for the residual period of service; |
(b) | auditors who have conducted the audit of the mutual fund for nine years or more (as on November 30, 2017) could continue until the end of fiscal year 2019; and |
(c) | such auditors were subsequently eligible for reappointment after a cooling-off period of five years, in terms of paragraph B(i) and paragraph B(ii) above. |
• | In June 2021, an individual customer of HDFC Bank was designated by the United States as a Specially Designated Global Terrorist (“SDGT”) under Executive Order 13224. HDFC Bank provided several banking, credit and brokerage products and services to this customer, which were initiated prior to the customer’s designation. We blocked this customer’s accounts and credit card and continued to do so while he remained designated as an SDGT. The said individual was removed from the SDGT list in April 2023. |
• | In November 2023, the United States designated a corporate customer of HDFC Bank and its ultimate beneficial owner as SDGTs under Executive Order 13224. This customer holds several accounts with HDFC Bank. We blocked each of these accounts following the customer’s designation. |
• | In April 2024, the United States designated another corporate customer of HDFC Bank as an SDGT under Executive Order 13224. We blocked the customer’s account following its designation. |
• | the Indian company has issued ADSs; |
• | the shares of the Indian company are purchased by a registered stockbroker in India in the name of the depository, on behalf of the non-resident investor who wishes to convert such shares into ADSs; |
• | shares are purchased on a recognized stock exchange; |
• | the shares are purchased with the permission of the custodian of the ADSs of the Indian company and are deposited with the custodian; |
• | the number of shares so purchased does not exceed the ADSs converted into underlying shares, and is in compliance with the sectoral caps applicable under the Foreign Direct Investment regime; and |
• | the non-resident investor, broker, custodian and the overseas depository comply with the provisions of the Depository Receipt Mechanism and the guidelines issued in relation thereto from time to time. |
• | provide a certificate to the RBI and the SEBI stating that the sectoral caps for foreign investment in the relevant company have not been breached; |
• | monitor the total number of ADSs that have been converted into underlying shares by non-resident investors; |
• | liaise with the issuer company to verify that the sectoral caps for foreign direct investment, if any, are not being breached; and |
• | file a monthly report about the ADS transactions under the two-way fungibility arrangement with the SEBI. |
• | foreign investments, including a transfer of shares, in excess of specified sectoral caps; |
• | transfer of control and/or ownership (as a result of a share transfer and/or new share issuance) pursuant to an amalgamation, merger or acquisition of an Indian company engaged in an activity having limitations on foreign ownership, currently owned or controlled by resident Indian citizens and Indian companies, which are owned or controlled by resident Indian citizens to a non-resident entity; |
• | foreign investments in a non-operating company that does not have any downstream investments for undertaking activities which are under the government route. Further, as and when such a company commences business or makes a downstream investment, it will have to comply with the relevant sectoral conditions on entry route, conditionalities and caps; |
• | foreign investments by an unincorporated entity in certain cases; and |
• | foreign investment by swap of shares for sectors under the Government approval route. |
• | Foreign investors may own up to 74.0 percent of the equity shares of a private sector Indian banking company subject to compliance with guidelines issued by the RBI from time to time. FDI up to 49.0 percent is permitted under the automatic route and FDI above 49 percent and up to 74.0 percent requires prior approval of the competent authorities. This 74.0 percent limit will include investment under the portfolio investment scheme by FPIs/non-resident Indian (“NRIs”) and shares acquired prior to September 16, 2003 by erstwhile overseas corporate bodies (“OCBs”), and continue to include IPOs, private placements, GDR/ADRs and acquisition of shares from existing shareholders. Aggregate foreign investment in the Bank from all sources is allowed up to a maximum of 74.0 percent of the paid-up capital of the Bank. At least 26.0 percent of the paid-up capital would have to be held by Indian residents, except in the case of a wholly owned subsidiary of a foreign bank. |
• | An FPI may invest in the capital of an Indian banking company in the private sector under the portfolio investment scheme which limits the individual holding of an FPI to below 10.0 percent of the capital of the Indian banking company. With effect from April 1, 2020, the aggregate limit for FPI investment is prescribed by sectoral caps applicable to Indian companies in relation to FDI, in accordance with the NDI Rules. Subject to a resolution of the board of directors and a special resolution of the shareholders of the Indian banking company, the 74.0 percent limit ordinarily applicable to Indian banking companies could be decreased to 24.0 percent, or 49.0 percent of the total paid-up capital of a private sector banking company before March 31, 2020. An Indian banking company which has decreased its aggregate limit of FDI investment can increase it again, to the aggregate limit of 74.0 percent. However, once the aggregate limit of FPI investment is increased, the same cannot be reduced to a lower threshold by the Indian banking company. The total holding by each FPI or an investor group must be less than 10.0 percent of the total paid-up capital on a fully diluted basis or less than 10.0 percent of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company, and the total holdings of all FPIs put together, including any other direct and indirect foreign investments in the Indian company permitted under these rules, must not exceed 24.0 percent of paid-up equity capital on a fully diluted basis or paid-up value of each series of debentures or preference shares or share warrants. The aggregate limit of 24.0 percent may be increased by the Indian company concerned up to the sectoral cap/statutory ceiling, as applicable, with the approval of its board of directors and its general body through a resolution and a special resolution, respectively. |
• | No single NRIs may own more than 5.0 percent of the total paid-up capital of a private sector banking company, and the aggregate holdings of all NRIs and overseas citizens of India cannot exceed 10.0 percent of the total paid-up capital. However, NRIs’ holdings can be allowed up to 24.0 percent of the total paid-up capital, provided the banking company passes a special resolution of the shareholders to that effect. In addition, while OCBs were derecognized as a class of investors in India with effect from September 16, 2003, erstwhile OCBs which are incorporated outside India and are not under the adverse notice of the RBI can make fresh investments as incorporated non-resident entities in accordance with the Consolidated FDI Policy and NDI Rules. |
Page |
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Consolidated Financial Statements of HDFC BANK LIMITED AND SUBSIDIARIES : |
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F- 6 |
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F- 7 |
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F- 8 |
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F- 9 |
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F- 11 |
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F-1 3 |
• |
development and approval of the Company’s collective ACL methodology; |
• |
continued use and appropriateness of changes to the PD, LGD models and credit rating models for wholesale loans; |
• |
identification and determination of significant assumptions used in the PD and LGD models including the acquired loan portfolio of eHDFC; and |
• |
analysis of the collective ACL results and trends. |
• |
evaluating the Company’s collective ACL methodology and key assumptions for compliance with U.S. generally accepted accounting principles; |
• |
determining whether the loan portfolio is pooled by similar risk characteristics by comparing to the Company’s business environment and relevant industry practices; |
• |
evaluating judgments made by the Company relative to the development and performance testing of the PD and LGD models and credit rating models for wholesale loans by comparing them to relevant Company-specific metrics, industry and regulatory practices; |
• |
assessing the conceptual soundness and performance testing of the PD and LGD models and credit rating models for wholesale loans by inspecting the model documentation to determine whether the models are suitable for their intended use; |
• |
evaluating the remaining expected life structure and length of the historical look-back period by comparing them to specific portfolio risk characteristics and trends; |
• |
evaluating the methodology used for the macroeconomic conditions assumption by comparing it to the Company’s business environment and relevant industry practices; |
• |
assessing the appropriateness of the source for macroeconomic conditions through comparison to publicly available forecasts; and |
• |
evaluating the appropriateness and accuracy of code scripts for gathering pools of data used in the estimation process of the collective ACL and determining whether such code scripts are consistent with the methodology. |
• |
cumulative results of the audit procedures |
• |
qualitative aspects of the Company’s accounting practices |
• |
potential bias in the accounting estimates |
• |
evaluating the appropriateness of royalty rates applied, by assessing the intra group royalty rates of comparable companies in the financial services sector; |
• |
evaluating the appropriateness of the projected revenue for future period and future earnings for Brand and Investment Management Contract respectively by comparing them to the historical performance of the Company; |
• |
independently developed and recalculated the risk adjusted discount rate used by the Company’s third-party valuation advisor to present value the projected revenue for future period and future earnings for Brand and Investment Management Contract respectively to evaluate its appropriateness; and |
• |
independently developed and recalculated the contributory asset charge calculated by the Company’s third-party valuation advisor in the fair valuation of the Investment Management Contract to evaluate its appropriateness. |
• |
assessing the methodology for calculating the fair value of insurance contract liabilities by reference to the requirements of the industry standard actuarial practices; |
• |
evaluating judgments applied by management in setting assumptions, including evaluating the results of experience studies used as the basis for setting those assumptions; |
• |
independently re-calculating the liabilities for a selection of individual policies for selected products. These cash flows are directly used to determine the fair value of liabilities for those policies as at the acquisition date and for the liabilities for future policy benefits as at acquisition date. Separately, a selection of cohort level liabilities was also recalculated as at the acquisition date; and |
• |
evaluating life insurance subsidiary’s cash flow assumptions such as mortality and persistency by assessing them in comparison to the life insurance subsidiary’s relevant historical experience data. |
• |
evaluating the assumptions involved for calculating the liabilities by reference to the requirements of the industry standard actuarial practices; |
• |
evaluating judgments applied by management in setting assumptions, including evaluating the results of experience studies used as the basis for setting those assumptions and reviewing the same in comparison to actual experience; |
• |
evaluating the Company’s cash flow assumptions such as mortality and persistency assumptions by assessing them in comparison to the Company’s relevant historical experience data and anticipated trends; and |
• |
evaluating the Company’s LFPB estimate by independently recalculating the projected cash flows for a selection of policies and comparing the results to the Company’s estimates. |
As of |
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March 31, 2023 |
March 31, 2024 |
March 31, 2024 |
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(In millions, except number of shares) |
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ASSETS: |
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Cash and due from banks, and restricted cash |
Rs. | |
Rs. | |
US$ | |||||||
Investments held for trading, at fair value |
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Investments available for sale debt securities, at fair value [includes restricted investments of Rs. |
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Securities purchased under agreements to resell |
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Loans [net of allowance of Rs. |
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Accrued interest receivable |
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Property and equipment, net |
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Intangible assets, net |
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Goodwill |
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Other assets |
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Separate account assets |
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Total assets |
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US$ | |||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY: |
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Liabilities: |
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Interest-bearing deposits |
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Rs. | |
US$ | |||||||
Non-interest-bearing deposits |
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Total deposits |
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Securities sold under repurchase agreements |
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Short-term borrowings |
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Accrued interest payable |
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Long-term debt |
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Accrued expenses and other liabilities |
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Separate account liabilities |
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Liabilities on policies in force |
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Undistributed policy holders earnings account |
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Total liabilities |
Rs. | |
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US$ | |||||||
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Commitments and contingencies (see note: 28) |
||||||||||||
Shareholders’ equity: |
||||||||||||
Equity shares: par value Rs. arch 31, 2023 and March 31, 2024, respectivel y |
Rs. | |
Rs. | |
US$ | |||||||
Additional paid-in capital |
||||||||||||
Retained earnings |
||||||||||||
Statutory reserve |
||||||||||||
Accumulated other comprehensive income/ (loss) |
( |
) | ( |
) | ( |
) | ||||||
Treasury stock, at cost |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total HDFC Bank Limited shareholders’ equity |
||||||||||||
Noncontrolling interest in subsidiaries |
||||||||||||
Total shareholders’ equity |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities and shareholders’ equity |
Rs. | |
Rs. | |
US$ | |
||||||
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions, except share and per share amounts) |
||||||||||||||||
Interest and dividend revenue: |
||||||||||||||||
Loans |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
Trading securities |
||||||||||||||||
Available for sale debt securities |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest and dividend revenue |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest expense: |
||||||||||||||||
Deposits |
||||||||||||||||
Short-term borrowings |
||||||||||||||||
Long-term debt |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest revenue |
||||||||||||||||
Provision for credit losses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest revenue after provision for credit losses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-interest revenue, net: |
||||||||||||||||
Fees and commissions |
||||||||||||||||
Trading securities gain/(loss), net |
||||||||||||||||
Realized gain/(loss) on sales of available for sale debt securities, net |
( |
) | ||||||||||||||
Allowance on available for sale debt securities |
( |
) | ||||||||||||||
Foreign exchange transactions |
||||||||||||||||
Derivatives gain/(loss), net |
||||||||||||||||
Premium and other operating income from the insurance business |
||||||||||||||||
Other, net |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest revenue, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-interest expense: |
||||||||||||||||
Salaries and staff benefits |
||||||||||||||||
Premises and equipment |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Administrative and other |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Claims and benefits paid pertaining to insurance business |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Surplus) / Deficit in P&L transferred to undistributed policyholders earnings account |
( |
) |
( |
) | ||||||||||||
Income before income tax expense |
||||||||||||||||
Income tax expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income before noncontrolling interest |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Less: Net income attributable to shareholders of noncontrolling interest |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to HDFC Bank Limited |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Per share information: (see note: 30 ) |
||||||||||||||||
Earnings per equity share—basic |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Earnings per equity share—diluted |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Per ADS information (where 1 ADS represents 3 shares): (see note: 30 ) |
||||||||||||||||
Earnings per ADS—basic |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Earnings per ADS—diluted |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Dividends declared per equity share |
Rs. | Rs | Rs | US$ |
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Net income before noncontrolling interest |
Rs. | |
Rs. |
Rs. |
US$ | |
||||||||||
Other comprehensive income, net of tax: |
||||||||||||||||
Long- duration insurance contract discount rate change |
( |
) |
( |
) | ||||||||||||
Foreign currency translation adjustment: |
||||||||||||||||
Net unrealized gain (loss) arising during the period [net of tax Rs. ( Rs. ( March 31, 2022, March 31, 2023 and March 31, 2024, respectively] |
||||||||||||||||
Available for sale debt securities: |
||||||||||||||||
Net unrealized gain (loss) arising during the period [net of tax Rs. Rs. March 31, 2022, March 31, 2023 and March 31, 2024, respectively] |
( |
) | ( |
) | ||||||||||||
Reclassification adjustment for net (gain) loss included in net income [net of tax Rs. of March 31, 2022, March 31, 2023 and March 31, 2024, respectively] |
( |
) | ( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income, net of tax |
( |
) | ( |
) | ||||||||||||
(Surplus)/ Deficit in OCI transferred to undistributed policyholders earnings account |
||||||||||||||||
Total comprehensive income |
||||||||||||||||
Less: Comprehensive income attributable to shareholders of noncontrolling interest |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income attributable to HDFC Bank Limited |
Rs. | |
Rs. | |
Rs. | |
US$ | |||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net income before noncontrolling interest |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
Adjustment to reconcile net income to net cash provided by operating activities: |
||||||||||||||||
Provision for credit losses |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Amortization of deferred customer acquisition costs and fees |
||||||||||||||||
Amortization of premium/(discount) on investments |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Allowance on available for sale debt securities |
( |
) | ( |
) | ( |
) | ||||||||||
Deferred tax expense/ (benefit) |
( |
) | ( |
) | ( |
) | ||||||||||
Other gains, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Share-based compensation expense |
||||||||||||||||
Net realized (gain)/ loss on sale of available for sale debt securities |
( |
) | ( |
) | ( |
) | ||||||||||
(Gain)/ loss on disposal of property and equipment, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Unrealized exchange (gain)/ loss |
( |
) | ||||||||||||||
Net change in: |
||||||||||||||||
Investments held for trading |
( |
) | ( |
) | ( |
) | ||||||||||
Accrued interest receivable |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other assets |
( |
) | ( |
) | ||||||||||||
Accrued interest payable |
||||||||||||||||
Accrued expense and other liabilities |
( |
) | ( |
) | ||||||||||||
Policyholder’s Fund |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by operating activities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows from investing activities: |
||||||||||||||||
Term placements, net |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||
Activity in available for sale debt securities: |
||||||||||||||||
Purchases |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sales |
||||||||||||||||
Maturities, prepayments and calls |
||||||||||||||||
Net change in repurchase agreements and reverse repurchase agreements |
( |
) | ( |
) | ||||||||||||
Loans purchased |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Repayments on loans purchased |
||||||||||||||||
Increase in loans originated, net of principal collections |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Additions to property and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sale or disposal of property and equipment |
||||||||||||||||
Proceeds from disposals of business |
||||||||||||||||
Net cash received on acquisition of HDFC Limited |
||||||||||||||||
Activity in equity securities, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Net increase in deposits |
||||||||||||||||
Net increase/(decrease) in short-term borrowings |
||||||||||||||||
Proceeds from issue of shares by a subsidiary to noncontrolling interests |
||||||||||||||||
Proceeds from issuance of long-term debt |
||||||||||||||||
Repayment of long-term debt |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from issuance of equity shares for options and warrants exercised |
||||||||||||||||
Payment of dividends |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by financing activities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Effect of exchange rate changes on cash and due from banks, and restricted cash |
||||||||||||||||
Net change in cash and due from banks, and restricted cash |
||||||||||||||||
Cash and due from banks, and restricted cash, beginning of year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and due from banks, and restricted cash, end of year |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplementary cash flow information: |
||||||||||||||||
Interest paid |
Rs. | |
Rs. | |
Rs. | |
US$ | |||||||||
Income taxes paid, net of refunds |
Rs. | |
Rs. | |
Rs. | |
US$ | |||||||||
Non-cash investment activities |
||||||||||||||||
i) Payable for purchase of property and equipment |
Rs. | |
Rs. | |
Rs. | |
US$ | |||||||||
ii) Trade date sale receivable of available for sale debt securities |
Rs. |
Rs. |
Rs. |
US $ |
||||||||||||
iii) Operating lease right-of-use assets |
|
commitments” for more information and balances as at March 31, 2024. |
|
Number of Equity Shares |
Equity Share Capital |
Additional Paid in Capital |
Retained Earnings |
Statutory Reserve ( *) |
Accumulated Other Comprehensive Income/ (Loss) |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling Interest |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
( |
) | ||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at March 31, 2022 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
( |
) |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Equity Shares |
Equity Share Capital |
Additional Paid in Capital |
Retained Earnings |
Statutory Reserve ( *) |
Accumulated Other Comprehensive Income/ (Loss) |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling Interest |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
( |
Rs. |
Rs. |
Rs. |
|||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
( |
) | ||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at March 31, 2023 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
( |
) |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to a non-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval. |
Number of Equity Shares |
Equity Share Capital |
Additional Paid in Capital |
Retained Earnings |
Statutory Reserve ( *) |
Accumulated Other Comprehensive Income/ (Loss) |
Treasury stock at cost |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling Interest |
Total Shareholders’ Equity |
|||||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. ( |
Rs. |
Rs. |
Rs. |
Rs. |
|||||||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||||||
Shares issued on account of Business Combination (net) (**) |
||||||||||||||||||||||||||||||||||||||||
Purchase consideration towards warrants & options eHDFC |
||||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of equity warrant |
||||||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||||||
Treasury stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
|
( |
) |
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
( |
) |
Rs. |
( |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
Balance at March 31, 2024 |
US$ |
US$ |
US$ |
US$ |
US$ |
( |
) |
US$ |
( |
) |
US$ |
US$ |
US$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to a non-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval. Of the total transfers to the statutory reserve, Rs. |
(**) |
Net of |
• | the allowance for credit losses, which covers the Bank’s loan portfolios and is presented separately on the balance sheet in Loans, |
• | the allowance for lending-related commitments, which is recognized on the balance sheet in Accrued expenses and other liabilities, |
• | the allowance for credit losses on investment securities, which covers the Bank’s AFS debt securities and is recognized on the balance sheet in Investments AFS debt securities; and |
• | the allowance for credit losses on other financial assets measured at amortized cost, and other off-balance sheet credit exposures, which is recognized on the balance sheet in Accrued expenses and other liabilities. |
• |
Actuarial remeasurement of insurance liabilities; |
• |
Effective interest method on Investments; |
• |
Fair value of investments available for sale debt securities and Investments held for trading; |
• |
Fair valuation of employees stock option scheme; |
• |
Adjustment on account of leases; |
• |
Actuarial remeasurement of employee benefits; and |
• |
Reversal of hedge reserve from previous framework |
• |
Traditional life insurance contracts and traditional life insurance limited payment contracts – Sum assured in force. |
• |
Annuity products – Number of policies in force. |
• |
Universal life type contracts – Number of policies in force. |
Type of Asset |
Rate of depreciation | |
Premises |
||
Software and systems |
||
Equipment and furniture |
Intangible Assets |
Useful lives (years) |
Amortization method | ||
Brand |
||||
Investment Management Contract |
||||
Value of Business Acquired (VOBA) |
||||
Distribution Network |
||||
Customer Relationship |
||||
Transferable Development Rights |
( *) |
VOBA is amortized on a constant-level basis that approximates straight-line amortization (Refer note 20) |
Particulars |
As of July 1, 2023, |
|||||||
(In millions) |
||||||||
Consideration |
||||||||
Common equity share issued ( the Bank) |
R s. |
US$ |
||||||
Share-based compensation |
||||||||
Share w arrants |
||||||||
Fair value of total consideration transferred |
||||||||
Settlement of p re-existing relationship (refer note below) |
( |
) |
( |
) | ||||
Investment in the Bank by eHDFC (refer note below) |
( |
) |
( |
) | ||||
Fair value of net purchase consideration transferred |
||||||||
Acquisition-related costs |
||||||||
Less: |
||||||||
A. |
||||||||
Cash and due from banks |
||||||||
Investment securities |
||||||||
Loans - Net |
||||||||
Accrued interest receivable |
||||||||
Property and equipment |
||||||||
Identified intangibles assets |
||||||||
Other assets |
||||||||
Separate account assets |
||||||||
Total estimated assets acquired |
|
|
||||||
Add: |
||||||||
B. |
||||||||
Deposits |
||||||||
Accrued expenses and other liabilities |
||||||||
Borrowings |
||||||||
Separate account liabilities |
||||||||
Liabilities on policies in force |
||||||||
Noncontrolling Interest in eHDFC subsidiaries |
||||||||
Total estimated liabilities assumed |
||||||||
Goodwill |
|
|||||||
Particulars |
As of July 1, 2023, |
|||||||
(In millions) |
||||||||
Retail Banking |
Rs. | |
US$ | |
||||
Wholesale Banking |
||||||||
Insurance Services |
||||||||
Others |
||||||||
|
|
|
|
|||||
Total |
|
|
||||||
|
|
|
|
As of July 1, 2023 |
||||||||||||||||
Estimated Fair Value (In millions) |
Useful lives (in years) |
Valuation Methodology |
||||||||||||||
Intangible asset |
||||||||||||||||
Brand |
Rs. | |
US$ | |
Indefinite life | (a) |
||||||||||
Investment management contract |
Indefinite life | |
(b) |
| ||||||||||||
Value of business acquired |
Life of the underlying contracts | (c) |
||||||||||||||
Distribution network |
|
(b) |
||||||||||||||
Customer relationship |
|
(b) |
||||||||||||||
Transferable development rights |
||||||||||||||||
|
|
|
|
|||||||||||||
Total |
||||||||||||||||
|
|
|
|
As of |
||||||||||||||||
Particulars |
March 31, 2023 |
March 31, 2024 |
||||||||||||||
(In million) |
||||||||||||||||
Revenue (a) |
Rs. | US$ | Rs. | US$ | ||||||||||||
Net Income |
As of July 1, 2023 |
||||||||||||||||
Particulars |
Wholesale |
Retail |
Total |
Total |
||||||||||||
(In millions) |
||||||||||||||||
Par value of PCD l oans at acquisition |
Rs | . |
Rs | . |
Rs | . |
US | $ |
||||||||
Allowance for credit losses on PCD l oans at acquisition |
||||||||||||||||
Fair value of receivables at acquisition |
||||||||||||||||
Non-credit discount/(premium) on PCD loans at acquisition |
As of July 1, 2023 |
||||||||
(In millions) |
||||||||
Financial statement line items |
||||||||
Cash and due from Banks | Rs | . |
US$ | |
||||
Investments, available for sale, at market | ||||||||
Accrued expenses and other liabilities | ( |
) |
( |
) | ||||
Other assets | ||||||||
Net Assets |
R s . |
US$ | ||||||
As of March 31, 2023 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||
Other corporate/financial institution securities |
||||||||||||||||
Total debt securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
As of March 31, 2024 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other corporate/financial institution securities |
||||||||||||||||
Total debt securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Total |
US$ | |
US$ | US$ | US$ | |||||||||||
As of March 31, 2023 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
State government securities |
||||||||||||||||
Government securities outside India |
||||||||||||||||
Credit substitutes (see note 8 ) |
||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
Debt securities, other than asset and mortgage-backed securities |
||||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||
Securities with gross unrealized losses |
Rs. | |||||||||||||||
Securities with gross unrealized gains |
||||||||||||||||
Rs. | ||||||||||||||||
As of March 31, 2024 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
State government securities |
||||||||||||||||
Government securities outside India |
||||||||||||||||
Credit substitutes (see note 8 ) |
||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
Debt securities, other than asset and mortgage-backed securities |
||||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Total |
US$ | US$ | US$ | US$ | ||||||||||||
Securities with gross unrealized losses |
Rs. | |||||||||||||||
Securities with gross unrealized gains |
||||||||||||||||
Rs. | ||||||||||||||||
US$ | ||||||||||||||||
As of March 31, 2023 |
||||||||||||||||||||||||
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. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |||||||||||||
State government securities |
||||||||||||||||||||||||
Government securities outside India |
||||||||||||||||||||||||
Credit substitutes (see note 8 ) |
||||||||||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||||||||||
Debt securities, other than asset- and mortgage-backed securities |
||||||||||||||||||||||||
Mortgage-backed securities |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
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. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
State government securities |
||||||||||||||||||||||||
Government securities outside India |
||||||||||||||||||||||||
Credit substitutes (see note 8 ) |
||||||||||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||||||||||
Debt securities, other than asset- and mortgage-backed securities |
||||||||||||||||||||||||
Mortgage-backed securities |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||
As of March 31, 2023 |
||||||||||||||||
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. | ||||||||||||
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. | Rs. | Rs. | ( |
) | Rs. | ||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | ( |
) |
Rs. | ||||||||||
Total |
US$ | |
US$ | |
US$ | ( |
) | US$ | |
|||||||
As of March 31, 2024 |
||||||||||||
Amortized Cost |
Fair Value |
Fair Value |
||||||||||
(In millions) |
||||||||||||
Within one year |
Rs. | |
Rs. | |
US$ | |||||||
Over one year through five years |
||||||||||||
Over five years through ten years |
||||||||||||
Over ten years |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
As of March 31, 2024 |
||||||||||||
Amortized Cost |
Fair Value |
Fair Value |
||||||||||
(In millions) |
||||||||||||
Within one year |
Rs. | |
Rs. | |
US$ | |||||||
Over one year through five years |
||||||||||||
Over five years through ten years |
||||||||||||
Over ten years |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Gross realized gains on sale |
Rs. | |
Rs. | Rs. | US$ | |||||||||||
Gross realized losses on sale |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||
Realized gains/ (losses), net |
( |
) | ||||||||||||||
Dividends and interest |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | US$ | |
|||||||||||
As of March 31, |
||||||||||||||||
2023 |
2024 |
|||||||||||||||
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Available for sale credit substitute debt securities: |
||||||||||||||||
Debentures |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Preference shares |
||||||||||||||||
Commercial paper |
||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||
US$ | US$ | |||||||||||||||
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Pass |
Rs. | |
Rs. | |
US$ | |||||||
Non-performing—gross balance |
||||||||||||
Less: Non-performing losses |
||||||||||||
Non-performing credit substitutes, net |
||||||||||||
Total credit substitutes, net |
Rs. | Rs. | US$ | |
||||||||
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(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, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Retail loans: |
||||||||||||
Auto loans |
Rs. | |
Rs. | |
US$ | |||||||
Personal loans/Credit cards |
||||||||||||
Retail business banking |
||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||
Housing loans |
||||||||||||
Other retail loans |
||||||||||||
|
|
|
|
|
|
|||||||
Subtotal |
Rs. | |
Rs. | |
US$ | |||||||
Wholesale loans |
Rs. | |
Rs. | |
US$ | |||||||
|
|
|
|
|
|
|||||||
Gross loans |
||||||||||||
Less: Allowance for credit losses |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
|
|
|
|
|
|
As of March 31, 2024 |
||||||||||||
Wholesale loans |
Retail loans |
Total |
||||||||||
(In millions) |
||||||||||||
Maturity profile of loans: |
||||||||||||
Within one year |
Rs. | |
Rs. | |
Rs. | |
||||||
Over one year through five years |
||||||||||||
Over five years |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | |
Rs. | |
Rs. | |
||||||
|
|
|
|
|
|
|||||||
Total |
US$ | US$ | US$ | |||||||||
|
|
|
|
|
|
As of March 31, 2023 |
||||||||||||||||||||
31-90 days past due |
Non-accrual/ 91 days or more past due |
Current (1), (2) |
Total |
Finance receivable on non-accrual status |
||||||||||||||||
(In millions) |
||||||||||||||||||||
Retail Loans |
||||||||||||||||||||
Auto loans |
Rs. | |
Rs. | |
Rs. | Rs. | |
Rs. | |
|||||||||||
Personal loans/Credit card |
||||||||||||||||||||
Retail business banking |
||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||
Housing loans |
||||||||||||||||||||
Other retail |
||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Loans up to |
(2) | Includes crop-related agricultural loans with days past due less than 366 as they are not considered as non-performing of Rs. |
As of March 31, 2024 |
||||||||||||||||||||
31-90 days past due |
Non-accrual/ 91 days or more past due |
Current (1),(2) |
Total |
Finance receivable on non-accrual status |
||||||||||||||||
(In millions) |
||||||||||||||||||||
Retail Loans |
||||||||||||||||||||
Auto loans |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||
Personal loans/Credit card |
||||||||||||||||||||
Retail business banking |
||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||
Housing loans |
||||||||||||||||||||
Other retail |
||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Loans up to |
(2) | Includes crop-related agricultural loans with days past due less than 366 as they are not considered as non-performing of Rs. |
Term loans by origination |
||||||||||||||||||||||||||||||||||||
Credit quality indicators-Internally assigned grade |
Prior |
2019 |
2020 |
2021 |
2022 |
2023 |
Revolving loans |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Auto loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Retail business banking |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Housing loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Other retail loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term loans by origination |
||||||||||||||||||||||||||||||||||||
Credit quality indicators- Internally assigned grade |
Prior |
2020 |
2021 |
2022 |
2023 |
2024 |
Revolving loans |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Auto loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | |
Rs. | Rs. | Rs. | Rs. | |
|||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Retail business banking |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Rs. | Rs. | ||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Housing loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Other retail loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Write off |
||||||||||||||||||||||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | Rs. | |
Rs. | Rs. | |
Rs. | Rs. | |
Rs. | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||
Total (Write Off) |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total (Write Off) |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term loans by origination |
||||||||||||||||||||||||||||||||
Credit quality indicators-Internally assigned grade |
Prior |
2019 |
2020 |
2021 |
2022 |
2023 |
Revolving Loans |
Total |
||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||||||||||||||
Pass |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||||||||
Labeled |
||||||||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term loans by origination |
||||||||||||||||||||||||||||||||
Credit quality indicators- Internally assigned grade |
Prior |
2020 |
2021 |
2022 |
2023 |
2024 |
Revolving Loans |
Total |
||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||||||||||||||
Pass |
Rs. | |
Rs. | |
Rs. | Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
|||||||||||||||||
Labeled |
||||||||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
Rs. | |
Rs. | Rs. | |
Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Write off |
Rs. | Rs. | Rs. | Rs. | Rs. |
|
Rs. |
|
Rs. | Rs. | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total (Write Off) |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2023 |
||||
(In millions) |
||||
Gross non-performing loans by industry: |
||||
— Consumer Loans |
Rs. | |||
— Agri Production—Food |
||||
— Retail Trade |
||||
— Agri Allied |
||||
— Road Transportation |
||||
— Consumer services |
||||
— Others (none greater than 5% of non-performing loans) |
||||
|
|
|||
Total |
Rs. | |||
|
|
As of March 31, 2024 |
||||||||
(In millions) |
||||||||
Gross non-performing loans by industry: |
||||||||
— Consumer Loans |
Rs. | |
US$ | |||||
— Real Estate & Property services |
||||||||
—Agri Production—Food |
||||||||
— Others (none greater than 5% of non-performing loans) |
||||||||
|
|
|
|
|||||
Total |
Rs. | |
US$ | |
||||
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Interest income recognized on non-performing loans |
Rs. |
Rs. |
Rs. |
US$ | |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Total |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | |
Rs. | |
Rs. | |
Rs. | Rs. | |
Rs. | |
Rs. | Rs. | |
||||||||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net allowance for credit losses (*) |
( |
) | ||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | |
Rs. | Rs. | Rs. | |
Rs. | Rs. | Rs. | |
Rs. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||
Individually evaluated allowance |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Collectively evaluated allowance |
||||||||||||||||||||||||||||||||
Loans: |
||||||||||||||||||||||||||||||||
Individually evaluated loans |
||||||||||||||||||||||||||||||||
Collectively evaluated loans |
( *) |
Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Total |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net allowance for credit losses (*) |
( |
) | ||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||
Individually evaluated allowance |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Collectively evaluated allowance |
||||||||||||||||||||||||||||||||
Loans: |
||||||||||||||||||||||||||||||||
Individually evaluated loans |
||||||||||||||||||||||||||||||||
Collectively evaluated loans |
( *) |
Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. n . Recoveries from retail loans is Rs. |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Total |
Total |
||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||||||||
Allowance for credit losses on PCD Loans at acquisition |
||||||||||||||||||||||||||||||||||||
Write-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
|||||||||||||||||||
Net allowance for credit losses (*) |
( |
) | ||||||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ |
|||||||||||||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||||||
Individually evaluated allowance |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||||||||
Collectively evaluated allowance |
||||||||||||||||||||||||||||||||||||
Loans: |
||||||||||||||||||||||||||||||||||||
Individually evaluated loans |
||||||||||||||||||||||||||||||||||||
Collectively evaluated loans |
(*) | Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. |
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Wholesale loans |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Retail loans |
||||||||||||||||
Other loans |
— | — | ||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
As of March 31, 2023 |
||||||||||||||||||||
Category |
Gross loans |
Fair value of credit substitutes |
Non-funded exposure |
Total |
% |
|||||||||||||||
Consumer Loans |
Rs. | Rs. | Rs. | Rs. | ||||||||||||||||
Retail Trade |
||||||||||||||||||||
Power |
||||||||||||||||||||
NBFC |
||||||||||||||||||||
Financial Institutions |
||||||||||||||||||||
Consumer Services |
||||||||||||||||||||
Food and Beverage |
||||||||||||||||||||
Road Transportation |
||||||||||||||||||||
Coal & Petroleum Products |
||||||||||||||||||||
Wholesale Trade—Non Industrial |
||||||||||||||||||||
Automobile & Auto Ancillary |
||||||||||||||||||||
Real Estate & Property Services |
||||||||||||||||||||
Wholesale Trade—Industrial |
||||||||||||||||||||
Infrastructure Development |
||||||||||||||||||||
Engineering |
||||||||||||||||||||
Agri—Allied |
||||||||||||||||||||
Iron and Steel |
||||||||||||||||||||
Textiles & Garments |
||||||||||||||||||||
Telecom |
||||||||||||||||||||
Agri Production—Food |
||||||||||||||||||||
Others (none greater than 2%) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
||||||||||||||||||||||||
Category |
Gross loans |
Fair value of credit substitutes |
Non-funded exposure |
Total |
Total |
% |
||||||||||||||||||
(In millions, except percentages) |
||||||||||||||||||||||||
Consumer Loans |
Rs. | Rs. | Rs. | Rs. | US$ | % | ||||||||||||||||||
NBFC |
% | |||||||||||||||||||||||
Retail Trade |
% | |||||||||||||||||||||||
Real Estate & Property Services |
% | |||||||||||||||||||||||
Consumer Services |
% | |||||||||||||||||||||||
Power |
% | |||||||||||||||||||||||
Infrastructure Development |
% | |||||||||||||||||||||||
Food and Beverage |
% | |||||||||||||||||||||||
Road Transportation |
% | |||||||||||||||||||||||
Others (none greater than 2%) |
% | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
Rs. |
Rs. |
Rs. |
Rs. |
US$ |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2023 |
||||||||||||
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
||||||||||
(In millions) |
||||||||||||
Borrower 1 |
Rs. | |
Rs. | Rs. | |
|||||||
Borrower 2 |
||||||||||||
Borrower 3 |
||||||||||||
Borrower 4 |
||||||||||||
Borrower 5 |
||||||||||||
Borrower 6 |
||||||||||||
Borrower 7 |
||||||||||||
Borrower 8 |
||||||||||||
Borrower 9 |
||||||||||||
Borrower 10 |
As of March 31, 2024 |
||||||||||||||||
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
Total Exposure |
|||||||||||||
(In millions) |
||||||||||||||||
Borrower 1 |
Rs. | |
Rs. | Rs. | |
US$ | |
|||||||||
Borrower 2 |
||||||||||||||||
Borrower 3 |
||||||||||||||||
Borrower 4 |
||||||||||||||||
Borrower 5 |
||||||||||||||||
Borrower 6 |
||||||||||||||||
Borrower 7 |
||||||||||||||||
Borrower 8 |
||||||||||||||||
Borrower 9 |
||||||||||||||||
Borrower 10 |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Land and premises |
Rs. | Rs. | |
US$ | |
|||||||
Software and systems |
||||||||||||
Equipment and furniture |
||||||||||||
Property and equipment, at cost |
||||||||||||
Less: Accumulated depreciation |
||||||||||||
Property and equipment, net |
Rs. | Rs. | |
US$ | |
|||||||
As of March 31, 2024 |
||||||||||||||||||||||||||||
Retail Banking |
Wholesale Banking |
Treasury Services |
Insurance Services |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Balance as at March 31, 2022 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
US$ |
|||||||||||||||||||||
Balance as at March 31, 2 |
||||||||||||||||||||||||||||
Goodwill on acquisition during the year |
||||||||||||||||||||||||||||
Less: Goodwill Derecognised on disposal during the year |
. |
|||||||||||||||||||||||||||
Balance at March 31, 2024 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
US$ |
|||||||||||||||||||||
As of, |
||||||||||||
July 1, 2023 |
March 31, 2024 |
March 31, 2024 |
||||||||||
(Rs. in millions) |
||||||||||||
Brand |
Rs. |
Rs. |
US$ | |
||||||||
Investment management contract |
||||||||||||
Value of business acquired |
||||||||||||
Distribution network |
||||||||||||
Customer Relationship |
||||||||||||
Transferable Development Rights |
||||||||||||
Intangible Assets |
Rs. |
Rs. |
US$ | |
||||||||
Less: Accumulated amortization |
||||||||||||
Total intangible assets, net |
Rs. |
Rs. |
US$ | |
||||||||
(*) |
All the above intangible assets excluding Brand and Investment Management Contract are subject to amortization. Further, intangible assets include Brand amounting to Rs. million ) and Distribution network amounting to Rs. million) pertaining to HDFC Credila Financial Services Limited which is classified as held for sale as on date of acquisition. These have been derecognized following the divestment of stake on March 19, 2024. |
As of March 31, 2024 |
||||||||
(in millions) |
||||||||
Fiscal year ending March 31: |
||||||||
2025 |
Rs. |
US$ | |
|||||
2026 |
||||||||
2027 |
||||||||
2028 |
||||||||
2029 |
||||||||
Thereafter |
|
|
||||||
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Security deposits for leased property |
Rs. | Rs. | US$ | |||||||||
Sundry accounts receivable |
||||||||||||
Advance tax (net of provision for taxes) |
||||||||||||
Advances |
||||||||||||
Prepaid expenses |
||||||||||||
Deposits/Margins paid |
||||||||||||
Derivatives (refer to note 2 5 ) |
||||||||||||
Placements with financial institutions |
||||||||||||
Receivable on account of trade date |
||||||||||||
Others (*) |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
( *) |
Others include equity securities and affiliates with carrying value amounting to Rs. n and deferred acquisition assets amounting to Rs. |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Interest-bearing: |
||||||||||||
Savings deposits |
Rs. | Rs. | US$ | |||||||||
Time deposits |
||||||||||||
Total interest-bearing deposits |
||||||||||||
Non-interest-bearing deposits |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
As of March 31, 2024 |
||||||||
(In millions) |
||||||||
Due to mature in the fiscal year ending March 31: |
||||||||
2025 |
Rs. | |
US$ | |||||
2026 |
||||||||
2027 |
||||||||
2028 |
||||||||
2029 |
||||||||
Thereafter |
||||||||
Total |
Rs. | |
US$ | |
||||
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Borrowed in the call market |
Rs. | Rs. | US$ | |||||||||
Term borrowings from institutions/banks |
||||||||||||
Foreign currency borrowings |
||||||||||||
Bills rediscounted |
||||||||||||
Total |
Rs. | |
Rs. |
US$ | |
|||||||
Total borrowings outstanding: |
||||||||||||
Maximum amount outstanding |
Rs. | Rs. | US$ | |||||||||
Average amount outstanding |
Rs. | Rs. | US$ | |||||||||
Weighted average interest rate |
% | |
% | |
% |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Subordinated debt |
Rs. | Rs. | US$ | |||||||||
Others ( *) |
||||||||||||
Debt issuance cost |
( |
) | ( |
) |
( |
) | ||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
( *) |
Includes securities sold under repurchase agreements amounting to Rs. Increase in outstanding balance of Long-term debt – other as of March 31, 2024 is essentially on account of the Transaction (Refer note 3). |
As of |
||||||||||||||||||||||||
March 31, 2023 |
March 31, 2024 |
|||||||||||||||||||||||
Maturity / Call dates |
Stated interest rates |
Total |
Maturity / Call dates |
Stated interest rates |
Total |
Total |
||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Subordinated debt |
||||||||||||||||||||||||
Subordinated debt (other than perpetual debt) |
Rs. | |
Rs. | US$ | ||||||||||||||||||||
Perpetual debt — (1) |
||||||||||||||||||||||||
Perpetual debt — (2) |
||||||||||||||||||||||||
Others ( *) |
||||||||||||||||||||||||
Variable rate — (1) |
||||||||||||||||||||||||
Variable rate — (2) |
||||||||||||||||||||||||
Fixed rate — (1) |
||||||||||||||||||||||||
Fixed rate — (2) |
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||||||||||||||
|
|
|
|
|
|
( *) |
Variable rate — (1), Perpetual debt — (2) and Fixed rate — (2) represent foreign currency debt. Variable rate debt is typically indexed to LIBOR, SOFR, T-bill rates, Marginal cost of funds based lending rates (“MCLR”), among others. |
As of March 31, 2024 |
||||||||
(In millions) |
||||||||
Due in the fiscal year ending March 31: |
||||||||
2025 |
Rs. | US$ | ||||||
2026 |
||||||||
2027 |
||||||||
2028 |
||||||||
2029 |
||||||||
Thereafter |
||||||||
|
|
|
|
|||||
Total (1) |
Rs. | |
US$ | |
||||
|
|
|
|
(1) | The scheduled maturities of long-term debt do not include perpetual bonds of Rs. |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Bills payable |
Rs. | |
Rs. | |
US$ | |
||||||
Remittances in transit |
||||||||||||
Accrued expenses |
||||||||||||
Accounts payable |
||||||||||||
Derivatives (-refer to note 2 5 ) |
||||||||||||
Deferred tax |
||||||||||||
|
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
|
|
|
|
|
|
AFS debt securities |
Foreign currency translation reserve |
Total |
||||||||||
(In millions) |
||||||||||||
Balance, March 31, 2022 |
Rs. | ( |
) | Rs. | |
Rs. | ( |
) | ||||
Net unrealized gain/(loss) arising during the period |
( |
) | ( |
) | ||||||||
Amounts reclassified to income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance, March 31, 2023 |
Rs. | ( |
) | Rs. | |
Rs. | ( |
) | ||||
|
|
|
|
|
|
AFS debt securities |
Foreign currency translation reserve |
Long-Duration Insurance Contract |
Total |
|||||||||||||
(In millions) |
||||||||||||||||
Balance, March 31, 2023 |
Rs. | ( |
) | Rs. | |
Rs. | |
Rs. | ( |
) | ||||||
Net unrealized gain/ (loss) arising during the period |
||||||||||||||||
Amounts reclassified to income |
||||||||||||||||
Long-duration insurance contract discount rate change |
( |
) | ( |
) | ||||||||||||
Transferred to undistributed policyholders earnings account |
||||||||||||||||
Net change |
|
|
( |
) | ( |
) | ||||||||||
Less: Other comprehensive income attributable to shareholders of noncontrolling interest |
|
|
( |
) | |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance, March 31, 2024 |
Rs . |
( |
) |
Rs. |
Rs. |
( |
) |
Rs. |
( |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2024 |
US$ | ( |
) | US$ | |
US$ | ( |
) | US$ | ( |
) | |||||
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
AFS debt securities: |
||||||||||||
Realized (gain)/loss on sales of AFS debt securities, net |
Rs. | ( |
) | Rs. | US$ | |||||||
Allowance on AFS debt securities |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total before income tax |
Rs. | ( |
) | Rs. | US$ | |||||||
Income tax |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net of income tax |
Rs. |
( |
) | Rs. | US$ | |||||||
|
|
|
|
|
|
As of March 31, 2024 |
||||||||||||||||||||
Particulars |
Unit-Linked Life |
Unit-Linked Pension |
Group Linked |
Total |
Total |
|||||||||||||||
(In millions) |
||||||||||||||||||||
Balance, July 1, 2023 |
Rs. |
Rs. |
Rs. |
Rs. |
US$ |
|||||||||||||||
Premiums and deposits |
||||||||||||||||||||
Policy Charges |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Surrenders and withdrawals |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Benefit Payments |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Investment Performance |
||||||||||||||||||||
Other Charges |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, March 31, 2024 |
Rs. |
Rs. |
Rs. |
Rs. |
US$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
||||||||||||||||||||
Particulars |
Unit-Linked Life |
Unit-Linked Pension |
Group Linked |
Total |
Total |
|||||||||||||||
(In millions) |
||||||||||||||||||||
Government of India securities |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||||
Other corporate/financial institution securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total debt securities |
||||||||||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||||||
Other net current assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. |
Rs. |
Rs. |
Rs. |
US$ | |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Description |
As of March 31, 2024 |
|||||||
(in millions) |
||||||||
Liability for Future Policy Benefits |
Rs. | |
US$ | |
||||
Policyholder Account Balances |
||||||||
Other Policy Liabilities |
||||||||
Total |
||||||||
Description |
As of March 31, 2024 |
|||||||
(in millions) |
||||||||
Non Par Protection |
Rs. | |
US$ | |||||
Non Par Riders |
||||||||
Non Par Savings |
||||||||
Non Par Pension |
||||||||
Individual Annuity |
||||||||
Individual health |
||||||||
Par life |
||||||||
Par Pension |
||||||||
Group Non Par Life |
||||||||
Total |
Rs. |
US$ | |
|||||
Year Ended March 31, 2024 |
||||||||||||||||||||||||||||||||||||||||||||
Non Par Protection |
Non Par Riders |
Non Par Savings |
Non Par Pension |
Individual Annuity |
Individual Health |
Par Life |
Par Pension |
Group Non Par Life |
Total |
Total |
||||||||||||||||||||||||||||||||||
(Rs. In million, other than weighted average) |
(US$ in million) |
|||||||||||||||||||||||||||||||||||||||||||
Present value of Expected Net Premium |
||||||||||||||||||||||||||||||||||||||||||||
Balance at July 01, at current discount rate at balance sheet date |
||||||||||||||||||||||||||||||||||||||||||||
Balance at July 01, at original discount rate |
||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions |
( |
) | ||||||||||||||||||||||||||||||||||||||||||
Effect of actuarial variances from expected experience |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Adjusted Balance |
( |
) | ||||||||||||||||||||||||||||||||||||||||||
Issuances |
||||||||||||||||||||||||||||||||||||||||||||
Interest accrual |
||||||||||||||||||||||||||||||||||||||||||||
Net premium collected |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Balance at March 31, at original discount rate |
||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance at March 31, at current discount rate at balance sheet date |
||||||||||||||||||||||||||||||||||||||||||||
Present value of Expected Future Policy Benefits |
||||||||||||||||||||||||||||||||||||||||||||
Balance at July 01, at current discount rate at balance sheet date |
||||||||||||||||||||||||||||||||||||||||||||
Balance at July 01, at original discount rate |
||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in cash flow assumptions |
( |
) | ||||||||||||||||||||||||||||||||||||||||||
Effect of actuarial variances from expected experience |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||
Adjusted Balance |
||||||||||||||||||||||||||||||||||||||||||||
Issuances |
||||||||||||||||||||||||||||||||||||||||||||
Interest accrual |
||||||||||||||||||||||||||||||||||||||||||||
Benefits Payments |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Balance at March 31, at original discount rate |
||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, at current discount rate at balance sheet date |
||||||||||||||||||||||||||||||||||||||||||||
Present value of expected claims expenses |
||||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits |
||||||||||||||||||||||||||||||||||||||||||||
Deferred Profit Liability |
||||||||||||||||||||||||||||||||||||||||||||
Other global reserves |
||||||||||||||||||||||||||||||||||||||||||||
Total liability for future policy benefits and DPL for March 31 |
||||||||||||||||||||||||||||||||||||||||||||
Less: Reinsurance recoverables |
( |
) | ||||||||||||||||||||||||||||||||||||||||||
Net liability for future policy benefits, net of reinsurance |
||||||||||||||||||||||||||||||||||||||||||||
Undiscounted- Expected future benefit payments |
||||||||||||||||||||||||||||||||||||||||||||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) |
||||||||||||||||||||||||||||||||||||||||||||
Undiscounted-Expected future gross premiums |
||||||||||||||||||||||||||||||||||||||||||||
Discounted-Expected future gross premiums |
||||||||||||||||||||||||||||||||||||||||||||
Weighted-average duration of the liability (in years) |
||||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest accretion (original locked-in) rate |
% | % | % | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
Weighted-average current discount rate at balance sheet date |
% | % | % | % | % | % | % | % | % |
Traditional and Limited-Payment Contracts: |
As of March 31, 2024 |
|||||||
(In millions) |
||||||||
Gross premiums |
Interest accretion |
|||||||
Non Par Protection |
Rs. | |
Rs. | |||||
Non Par Riders |
||||||||
Non Par Savings |
||||||||
Non Par Pension |
||||||||
Individual Annuity |
||||||||
Individual health |
||||||||
Par life |
||||||||
Par Pension |
||||||||
Group Non Par Life |
||||||||
Total |
Rs. | Rs. | ||||||
Total |
US$ | US$ | |
|||||
Description |
As of March 31, 2024 |
|||||||
(in millions) |
||||||||
Group traditional life |
Rs. |
US$ |
||||||
Group traditional pension |
||||||||
Group variable life |
||||||||
Group variable pension |
||||||||
Individual VIP pension |
||||||||
Statutory reserves |
||||||||
Total |
||||||||
As of March 31, 2024 |
||||||||
Liabilities on policies in force: |
(In millions) |
|||||||
Direct |
Rs |
US$ | ||||||
Assumed |
||||||||
Total liabilities on policies in force |
||||||||
Ceded (*) |
||||||||
Net liabilities on policies in force |
||||||||
(*) |
Reinsurance asset reported within other asset |
As of March 31, 2024 |
||||||||
Premium and other operating income from insurance business: |
(In millions) |
|||||||
Direct |
Rs. |
US$ |
||||||
Assumed |
||||||||
Ceded |
( |
) |
( |
) | ||||
Total |
||||||||
As of March 31, 2024 |
||||||||
Claims and benefits paid pertaining to insurance business: |
(In millions) |
|||||||
Direct |
Rs. |
US$ |
||||||
Assumed |
||||||||
Ceded |
( |
) |
( |
) | ||||
Total |
||||||||
As of March 31, 2024 |
||||||||
(In millions) |
||||||||
Opening balance July 1, 2024 |
Rs. |
US$ |
||||||
Capitalizations |
||||||||
Amortization |
( |
) |
( |
) | ||||
Experience Adjustment |
( |
) |
( |
) | ||||
Balance at March 31, 2024 |
Rs. |
US$ |
||||||
As of March 31, 2024 |
||||||||
(In millions) |
||||||||
Balance at July 1 2023 |
Rs. | |
US$ | |||||
Amortization |
( |
) |
( |
) | ||||
Experience Adjustment |
( |
) | ( |
) | ||||
Balance at March 31 2024 |
Rs. | |
US$ | |||||
i) |
Traditional life insurance contracts and traditional life insurance limited payment contracts (other than annuity products)—Sum assured in force, as it would provide a reasonable, stable, approximation to a straight-line amortization and is reflection of insurance in force. |
ii) |
Annuity products—Number of policies in force, as it would ensure straight line amortization. |
iii) |
Universal life type contracts—Number of policies in force, as it would ensure straight line amortization. |
As of March 31, 2024 |
||||||||
Year |
(In millions) |
|||||||
2025 |
Rs. |
US$ | |
|||||
2026 |
||||||||
2027 |
||||||||
2028 |
||||||||
2029 |
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Deposit related fees |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
Lending related fees |
||||||||||||||||
Third-party products related fees |
||||||||||||||||
Payments and cards business fees |
||||||||||||||||
Investment Management Fee |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees and commissions |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Retail Banking |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
Wholesale Banking |
||||||||||||||||
Treasury Services |
||||||||||||||||
Insurance services |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees and commissions |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Current tax expense |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||
Deferred tax expense/ (benefit) |
( |
) | ( |
) | ( |
) | ||||||||||
Interest on income tax refund |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Income before income tax expense |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Statutory income tax rate |
% | % | % | % | ||||||||||||
Expected income tax expense |
||||||||||||||||
Adjustments to reconcile expected income tax to actual tax expense |
||||||||||||||||
Interest on income tax refund |
( |
) | ( |
) | ( |
) | ||||||||||
Stock-based compensation |
( |
) | ( |
) | ||||||||||||
Income subject to rates other than the statutory income tax rate |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Special reserve |
— | — | ( |
) | ( |
) | ||||||||||
Unrecognised tax benefit of earlier years including consequential tax credit pursuant to favourable orders received recognised |
( |
) | ( |
) | ||||||||||||
Other, net |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
Rs. | Rs. | Rs. | |
US$ | |
||||||||||
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Tax effect of: |
||||||||||||
Deductible temporary differences: |
||||||||||||
Allowance for credit losses |
Rs. | Rs. | US$ | |||||||||
Investments AFS debt securities |
||||||||||||
Lease liabilities |
||||||||||||
Employee benefits |
||||||||||||
Borrowings |
||||||||||||
Stock based compensation |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax asset |
||||||||||||
|
|
|
|
|
|
|||||||
Taxable temporary differences: |
||||||||||||
ROU Asset |
||||||||||||
Loan origination cost |
||||||||||||
Intangible assets |
||||||||||||
Investments, others |
||||||||||||
Deferred tax liability |
||||||||||||
|
|
|
|
|
|
|||||||
Net deferred tax asset/ (liability) |
Rs. | Rs. | ( |
) |
US$ | ( |
) | |||||
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Opening balance |
Rs. |
Rs. | Rs. | US$ | ||||||||||||
Increase related to acquisition of eHDFC |
||||||||||||||||
Decrease related to prior year tax positions |
( |
) | ( |
) | ( |
) | ||||||||||
Increase related to current year tax positions |
||||||||||||||||
Closing balance |
Rs. |
Rs. | |
Rs. | |
US$ | |
|||||||||
Fiscal years ended March 31, | ||||||
2022 |
2023 |
2024 | ||||
Dividend yield |
||||||
Expected volatility |
||||||
Risk-free interest rate |
||||||
Expected term (in years) |
Fiscal years ended March 31, | ||||
2023 |
2024 | |||
Dividend yield |
||||
Expected volatility |
||||
Risk-free interest rate |
||||
Expected term (in years) |
Number of options available to be granted fiscal year ending March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
Options available to be granted, beginning of period |
||||||||||||
Equity shares allocated for grant under the plan |
||||||||||||
Options granted |
( |
) | ( |
) | ( |
) | ||||||
Forfeited/lapsed |
||||||||||||
Options available to be granted, end of period |
||||||||||||
Number of RSUs available to be granted fiscal year ending March 31, |
||||||||
2023 |
2024 |
|||||||
RSUs available to be granted, beginning of period |
||||||||
Equity shares allocated for grant under the scheme |
||||||||
RSUs granted |
( |
) | ( |
) | ||||
Forfeited/lapsed |
||||||||
RSUs available to be granted, end of the period |
||||||||
Fiscal years ended March 31, |
||||||||||||||||||||||||
2022 |
2023 |
2024 |
||||||||||||||||||||||
Options |
Weighted average exercise price |
Options |
Weighted average exercise price |
Options |
Weighted average exercise price |
|||||||||||||||||||
Options outstanding, beginning of period |
Rs. | Rs. | Rs. | |||||||||||||||||||||
Addition on account of eHDFC merger |
||||||||||||||||||||||||
Granted |
||||||||||||||||||||||||
Exercised |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Lapsed |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Options outstanding, end of period |
Rs. | |
Rs. | |
Rs. | |
||||||||||||||||||
Options exercisable, end of period |
Rs. | Rs. | Rs. | |||||||||||||||||||||
Weighted average fair value of options granted during the year |
Rs. | Rs. | Rs. |
Fiscal years ended March 31, |
||||||||||||||||
2023 |
2024 |
|||||||||||||||
Units |
Weighted average exercise price |
Units |
Weighted average exercise price |
|||||||||||||
RSUs outstanding, beginning of period |
Rs. | Rs. | ||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Forfeited |
( |
) | ||||||||||||||
Lapsed |
( |
) | ||||||||||||||
RSUs outstanding, end of period |
||||||||||||||||
RSUs exercisable, end of period |
|
|||||||||||||||
Weighted average fair value of RSUs granted during the year |
Rs. | |
Rs. | |
As of March 31, 2024 |
||||||||||||||
Plan |
Range of exercise price |
Number of shares arising out of options |
Weighted average remaining life (years) |
Weighted average exercise price |
||||||||||
Plan E |
Rs. |
Rs. | ||||||||||||
Plan F |
Rs. |
Rs. | ||||||||||||
Plan G |
Rs. |
Rs. | ||||||||||||
eHDFC |
Rs. |
Rs. | |
As of March 31, 2024 |
||||||||||||||
Plan |
Range of exercise price |
Number of shares arising out of units |
Weighted average remaining life (years) |
Weighted average exercise price |
||||||||||
ESIS 2022 |
Rs. |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Change in benefit obligations: |
||||||||||||
Projected benefit obligation (“PBO”), beginning of the period |
Rs. | |
Rs. | |
US$ | |
||||||
On merger of eHDFC |
||||||||||||
Service cost |
||||||||||||
Interest cost |
||||||||||||
Actuarial(gains)/ losses |
( |
) | ( |
) | ( |
) | ||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
Projected benefit obligation, end of the period |
||||||||||||
Change in plan assets: |
||||||||||||
Fair value of plan assets, beginning of the period |
||||||||||||
Fair value of plan assets - Addition on account of acquisition of HDFC Ltd |
||||||||||||
Expected return on plan assets |
||||||||||||
Actuarial gains/(losses) |
( |
) | ||||||||||
Actual return on plan assets |
||||||||||||
Employer contributions |
||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
Fair value of plan assets, end of the period |
||||||||||||
Funded Status |
Rs. | ( |
) | Rs. | US$ | |||||||
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Service cost |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Actuarial (gains)/losses |
( |
) | ( |
) | ( |
) | ||||||||||
Net gratuity cost |
Rs. | Rs. | Rs. | ( |
) | US$ | ( |
) | ||||||||
Fiscal years ended March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
(% per annum) |
||||||||||||
Discount rate ( *) |
||||||||||||
Rate of increase in compensation levels of covered employees |
||||||||||||
Rate of return on plan assets |
||||||||||||
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. |
Fiscal years ending March 31, |
Benefit payments |
|||
In millions) |
||||
202 5 |
Rs. | |||
202 6 |
||||
202 7 |
||||
202 8 |
||||
202 9 |
||||
20 30 - 2034 |
As of March 31, 2024 |
||||||||||||
Funds managed by insurance company (1) ( *) |
Funds managed by insurance company (2) ( *) |
Funds managed by trust |
||||||||||
Government securities |
% | % | % | |||||||||
Debenture and bonds |
% | % | % | |||||||||
Equity securities |
% | % | % | |||||||||
Other |
% | % | % | |||||||||
Total |
% | % | % | |||||||||
( *) |
The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2024 are provided separately. |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Change in benefit obligations: |
||||||||||||
Projected benefit obligation (“PBO”), beginning of the period |
Rs. | Rs. | US$ | |||||||||
Plan amendment (prior service cost) |
||||||||||||
Service cost |
||||||||||||
Interest cost |
||||||||||||
Actuarial (gains)/losses |
( |
) | ( |
) | ||||||||
Benefits paid |
( |
) | ( |
) |
( |
) | ||||||
Projected benefit obligation, end of the period |
||||||||||||
Change in plan assets: |
||||||||||||
Fair value of plan assets, beginning of the period |
||||||||||||
Expected return on plan assets |
||||||||||||
Actuarial gains/(losses) |
||||||||||||
Actual return on plan assets |
||||||||||||
Employer contributions |
||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
Fair value of plan assets, end of the period |
||||||||||||
Funded Status |
Rs. | ( |
) | Rs. | ( |
) |
US$ | ( |
) | |||
As of March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Service cost |
Rs. | Rs. | Rs. | US$ | |
|||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||
Actuarial (gains)/losses |
( |
) |
( |
) | ||||||||||||
Net pension cost |
Rs. | |
Rs. | |
Rs. | |
US$ | |||||||||
Fiscal years ended March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
(% per annum) |
||||||||||||
Discount rate ( *) |
||||||||||||
Rate of increase in compensation levels of covered employees |
||||||||||||
Rate of return on plan assets |
||||||||||||
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. |
Fiscal years ending March 31, |
Benefit payments |
|||
(In millions) |
||||
202 5 |
Rs. |
|||
202 6 |
||||
202 7 |
||||
202 8 |
||||
202 9 |
||||
20 30 -2034 |
Asset category |
Funds managed by trust |
|||
Government securities |
% | |||
Debenture and bonds |
% | |||
Other |
||||
Total |
% | |||
As of March 31, 2023 |
As of March 31, 2024 |
|||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Funds managed by insurance company (1) |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
Funds managed by insurance company (2) |
||||||||||||||||||||||||
Funds managed by trust |
||||||||||||||||||||||||
— Government securities |
||||||||||||||||||||||||
— Debenture and bonds |
||||||||||||||||||||||||
— Others |
||||||||||||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | Rs. | Rs. | |||||||||||||||
US$ | US$ | US$ | ||||||||||||||||||||||
Funds managed by Insurance companies as of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Particulars |
||||||||||||
Opening balance |
Rs. | Rs. | US$ | |||||||||
On merger of eHDFC |
||||||||||||
Realized interest credited to fund |
||||||||||||
Contribution during the period |
||||||||||||
Amount paid towards claim |
( |
) | ( |
) |
( |
) | ||||||
Closing balance |
Rs. | Rs. | |
US$ | |
|||||||
As of March 31, 2023 |
||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Interest rate derivatives |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Forward rate agreements |
||||||||||||||||
Currency options |
( |
) | ||||||||||||||
Currency swaps |
||||||||||||||||
Forward exchange contracts |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
As of March 31, 2024 |
||||||||||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
Notional |
Net Fair Value |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Interest rate derivatives |
Rs. | Rs. | Rs. | Rs. | ( |
) | US$ | US$ | ( |
) | ||||||||||||||
Forward rate agreements |
||||||||||||||||||||||||
Currency options |
( |
) | ( |
) | ||||||||||||||||||||
Currency swaps |
||||||||||||||||||||||||
Forward exchange contracts |
( |
) | ( |
) | ||||||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ( |
US$ | US$ | ( |
) | |||||||||||||||
Non-interest revenue, net– Derivatives for the fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
Interest rate derivatives |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Forward rate agreements |
( |
) | ||||||||||||||
Currency options |
||||||||||||||||
Currency swaps |
( |
) | ||||||||||||||
Forward exchange contracts |
( |
) | ||||||||||||||
Total gains/(losses) |
Rs. | Rs. | Rs. | US$ | ||||||||||||
As of March 31, 2023 |
||||||||||||||||||||||||
Amounts subject to enforceable netting arrangements |
||||||||||||||||||||||||
Effects of offsetting on balance sheet |
Related amounts not offset |
|||||||||||||||||||||||
Gross Amounts |
Amounts offset |
Net amounts reported in the balance sheet |
Financial instruments |
Financial collateral (1) |
Net amount |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||
Rs. | |
Rs. | |
Rs. | Rs. | Rs. | Rs. | |||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||
Securities sold under repurchase agreements |
||||||||||||||||||||||||
Long-term debt |
(1) | Comprised of securities and cash collaterals. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged. |
As of March 31, 2024 |
||||||||||||||||||||||||||||
Amounts subject to enforceable netting arrangements |
||||||||||||||||||||||||||||
Effects of offsetting on balance sheet |
Related amounts not offset |
|||||||||||||||||||||||||||
Gross Amounts |
Amounts offset |
Net amounts reported in the balance sheet |
Financial instruments |
Financial collateral (1) |
Net amount |
Net amount |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||
Securities sold under repurchase agreements |
(1) | Comprised of securities and cash collaterals. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged. |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Nominal values: |
||||||||||||
Bank guarantees: |
||||||||||||
Financial guarantees |
Rs. | Rs. | US$ | |||||||||
Performance guarantees |
||||||||||||
Documentary credits |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | Rs. | US$ | |
||||||||
|
|
|
|
|
|
|||||||
Estimated fair value: |
||||||||||||
Guarantees |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
Documentary credits |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
|
|
|
|
|
|
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | US$ | ||||||||||
Net provision for credit exposures |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Allowance for credit losses, end of the period |
Rs. | US$ | |
|||||||||
|
|
|
|
|
|
As of |
||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 |
March 31, 2024 |
|||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value |
Estimated fair value |
|||||||||||||||||||||||||||||||||||||||||||||||
Carrying value |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying value |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying value |
Estimated fair value |
|||||||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Rs. | |
US$ | US$ | |||||||||||||||||||||||||||||||||||||
Investments held for trading |
||||||||||||||||||||||||||||||||||||||||||||||||
Investments available for sale debt securities |
||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable |
||||||||||||||||||||||||||||||||||||||||||||||||
Separate a ccount a ssets |
||||||||||||||||||||||||||||||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities |
||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits |
||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements |
||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable |
||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities |
||||||||||||||||||||||||||||||||||||||||||||||||
Separate a ccount l iabilities |
||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities on policies in force (*) |
(*) |
The liabilities on policies in force includes only the fair value of contracts that are classified as insurance contract |
Fiscal year ended March 31, |
||||||||||||||||||||||||||||||||
2022 |
2023 |
|||||||||||||||||||||||||||||||
Retail Banking |
Wholesale Banking |
Treasury Services |
Total |
Retail Banking |
Wholesale Banking |
Treasury Services |
Total |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Net interest income/ (expense) (external) |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Net interest income/ (expense) (internal) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net interest revenue |
||||||||||||||||||||||||||||||||
Less: Provision for credit losses |
( |
) | ||||||||||||||||||||||||||||||
Net interest revenue, after provision for credit losses |
||||||||||||||||||||||||||||||||
Non-interest revenue |
( |
) | ||||||||||||||||||||||||||||||
Non-interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Income before income tax |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Rs. | |
||||||||||||||||||||||
Income tax expense |
Rs. | Rs. | ||||||||||||||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||||||||||
Segment total assets |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. |
Fiscal year ended March 31, |
||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||
Retail Banking |
Wholesale Banking |
Treasury Services |
Insurance Services |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Net interest income/(expense) (external) |
Rs. | Rs. | |
Rs. | |
Rs. | Rs. | Rs. | US$ | |
||||||||||||||||||
Net interest income/(expense) (internal) |
( |
) | ||||||||||||||||||||||||||
Net interest revenue |
||||||||||||||||||||||||||||
Less: Provision for credit losses |
||||||||||||||||||||||||||||
Net interest revenue, after provision for credit losses |
||||||||||||||||||||||||||||
Non-interest revenue |
||||||||||||||||||||||||||||
Non-interest expense |
( |
) | ( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Income before income tax |
Rs. | Rs. | Rs. | |
Rs. | Rs. | |
Rs. | |
US$ | ||||||||||||||||||
Income tax expense |
Rs. | |
US$ | |||||||||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||||||
Segment total assets |
Rs. | Rs. | Rs. | Rs. | |
Rs. | |
Rs. | US$ | |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Right-of-use assets |
Rs. | Rs. | US$ | |
||||||||
Lease liabilities |
As of March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
(In millions) |
||||||||||||||||
The total minimum lease expense during the year recognized in the consolidated statement of income |
Rs. | Rs. | Rs. | US$ | |
Due in fiscal year ending March 31: |
Operating leases |
|||||||
(In millions, except for weighted averages) |
||||||||
2025 |
Rs. | US$ | ||||||
2026 |
||||||||
2027 |
||||||||
2028 |
||||||||
2029 |
||||||||
Thereafter |
||||||||
Total lease payments |
Rs. | US$ | ||||||
Less: imputed interest |
||||||||
Total operating lease liabilities |
Rs. |
US$ |
||||||
Weighted average remaining lease term (in years) |
.2 |
.2 |
||||||
Weighted average discount rate |
% | % |
As of March 31, |
||||||||||||
2023 |
2024 |
2024 |
||||||||||
(In millions) |
||||||||||||
Opening provision of reward points |
Rs. | |
Rs. | |
US$ | |
||||||
Provision made during the year |
||||||||||||
Utilization/write back of provision |
( |
) | ( |
) | ( |
) | ||||||
Effect of change in rate of accrual of reward points |
( |
) | ||||||||||
Closing provision of reward points |
Rs. | |
Rs. | |
US$ | |||||||
As of March 31, |
||||||||||||||||||||||||||||
2023 |
2024 |
|||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Balances in non-interest-bearing deposits |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||
Balances in interest-bearing deposits |
||||||||||||||||||||||||||||
Accrued expenses and other liabilities |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||||||||||||||||||
2023 |
2024 |
|||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Loans |
Rs. | Rs. | Rs. | Rs. | |
Rs. | Rs. | US$ | ||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||
Investments available for sale securities |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||||||||||||||||||||||||||
2022 |
2023 |
2024 |
||||||||||||||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
|||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||
Non-interest revenue-Fees and commissions |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | ||||||||||||||||||||||||||||||
Interest and Dividend revenue |
||||||||||||||||||||||||||||||||||||||||
Interest expense-Deposits |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Non-interest expense-Administrative and other |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Non-interest expense-Premises and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Interest Expenses-Others |
||||||||||||||||||||||||||||||||||||||||
Non-interest revenue-Others |
As of March 31, |
||||||||||||
2022 |
2023 |
2024 |
||||||||||
Weighted average number of equity shares used in computing basic earnings per equity share |
||||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||
|
|
|
|
|
|
|||||||
Weighted average number of equity shares used in computing diluted earnings per equity share |
||||||||||||
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2022 |
2023 |
2024 |
2024 |
|||||||||||||
Basic earnings per share |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||||||
Diluted earnings per share |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Basic earnings per ADS |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||||||
Diluted earnings per ADS |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Name of Entity |
Background |
Holding % as at March 31, 2024 | ||
HDB Financial Services Limited (“HDBFSL”) | ||||
HDFC Securities Limited |
||||
HDFC Life Insurance Company Limited (“HLIC”) |
||||
HDFC Asset Management Company Limited (“HAMC”) |
||||
HDFC Sales Private Limited |
||||
HDFC Capital Advisors Limited |
||||
HDFC Trustee Company Limited |
||||
Griha Investments | ||||
Griha Pte Limited |
||||
HDFC Education and Development Services Private Limited (“HEADS”) |
Name of Entity |
Background |
Holding % as at March 31, 2024 | ||
HDFC ERGO General Insurance Company Limited (“ERGO”) |
Level of input |
||
Level 1 | Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. | |
Level 2 | Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 | Inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Trading account securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Securities available-for-sale |
||||||||||||||||
Equity securities ( *) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
(*) | Equity securities classified within other assets. |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Assets |
||||||||||||||||
Trading account securities |
Rs. | Rs. | Rs. | Rs. | | |||||||||||
Securities available-for-sale |
||||||||||||||||
Equity securities ( *) |
||||||||||||||||
Separate Account Assets |
||||||||||||||||
Total |
Rs. |
Rs. |
Rs. |
Rs. |
| |||||||||||
Total |
US$ |
US$ |
US$ |
US$ |
| |||||||||||
Liabilities |
||||||||||||||||
Liabilities on policies in force |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
US$ | US$ | US$ | US$ | ||||||||||||
|
|
|
|
|
|
|
|
(*) | Equity securities classified within other assets. |
Particulars |
As of March 31, 2023 |
|||
(In millions) |
||||
Beginning balance at April 1, 2022 |
Rs. | |||
Total gains or losses (realized/ unrealized) |
||||
— Included in net income |
||||
— Included in other comprehensive income |
( |
) | ||
Purchases/additions |
||||
Sales |
||||
Issuances |
||||
Settlements |
( |
) | ||
Transfers into Level 3 |
||||
Transfers out of Level 3 |
||||
Foreign currency translation adjustment |
||||
|
|
|||
Ending balance at March 31, 2023 |
Rs. | |||
|
|
|||
Total amount of gains/ (losses) included in net income attributable to change in unrealized gains/ (losses) relating to assets still held at reporting date |
Rs | |||
|
|
|||
Change in unrealized gains/ losses for the period included in other comprehensive income for assets held at the end of the reporting period |
Rs | ( |
) | |
|
|
Particulars |
As of March 31, 2024 |
|||
(In millions) |
||||
Beginning balance at April 1, 2023 |
Rs. | |||
Total gains or losses (realized/unrealized) |
||||
— Included in net income |
||||
— Included in other comprehensive income |
||||
Purchases/additions |
||||
Sales |
( |
) | ||
Issuances |
||||
Settlements |
( |
) | ||
Transfers into Level 3 |
||||
Transfers out of Level 3 |
( |
) | ||
Foreign currency translation adjustment |
||||
|
|
|||
Ending balance at March 31, 2024 |
Rs. | |||
|
|
|||
Total amount of gains/ (losses) included in net income attributable to change in unrealized gains/ (losses) relating to assets still held at reporting date |
Rs | |||
|
|
|||
Change in unrealized gains/ (losses) for the period included in other comprehensive income for assets held at the end of the reporting period |
Rs | |||
|
|
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | Rs. |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | Rs. |
* | Paper filing |
HDFC Bank Limited |
/s/ Srinivasan Vaidyanathan |
Name: Srinivasan Vaidyanathan |
Title: Chief Financial Officer |
Date: July 29, 2024 |
Exhibit 1.1
MEMORANDUM OF ASSOCIATION
OF
HDFC BANK LIMITED
(Incorporated under the Companies Act, 1956)
(Company limited by shares)
I. | The name of the Company is HDFC BANK LIMITED. |
II. | The Registered Office of the Company will be situated in the State of Maharashtra. |
III. | The objects for which the Company is established are : |
A. | MAIN OBJECTS OF THE COMPANY TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION. |
1) | To carry on the business of banking that is to say to accept, for the purpose of lending or investment of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. |
2) | In addition to the business of banking to carry on the business of - |
(a) | borrowing, raising or taking up of money; |
(b) | lending or advancing of money by way of a loan, overdraft or on cash credit or other accounts or in any other manner whether without or on the security of movable or immovable properties, bills of exchange, hundies, promissory notes, bills of lading, railway receipts, debentures, share warrants and other instruments whether transferable or not; |
(c) | drawing, making, accepting, discounting, buying, selling, collecting and dealing in bills of exchange, hundies, promissory notes, coupons, drafts, bills of lading, railway receipts, warrants, debentures, certificates, scrips and other instruments and securities whether transferable or negotiable or not; |
(d) | granting and issuing of letters of credits, travellers cheques and ciruclars notes; |
(e) | buying, selling and dealing in bullion and specie; |
(f) | buying and selling of and dealing in foreign exchange including foreign bank notes; |
(g) | acquiring, holding, issuing on commission, underwriting and dealing in stock, funds, shares, debentures, debenture stock, bonds, obligations, securities and investments of all kinds; |
(h) | purchasing and selling of bonds, scrips or other forms of securities on behalf of itself, its constituents or others; |
(i) | negotiating of loans and advances; |
(j) | receiving of all kinds of bonds, scrips or valuables on deposit or for safe custody or otherwise; |
(k) | providing of safe deposit vaults; |
(l) | collecting and transmitting of money and all kinds of securities; |
(m) | issuing credit cards, meal vouchers and extending any other credits; |
(n) | carrying on any other business specified in clause (b) to clause (n) of sub-section (1) of section 6 the Banking Regulation Act, 1949 (10 of 1949), and such other forms of business which the Central Government has pursuant to clause (o) of sub-section (1) of Section 6 of that Act, specified or may from time to time specify by notification in the Official Gazette as a form of business in which it would be lawful for a banking company to engage; |
3) | To carry on the business of merchant banking, investment banking, portfolio investment management, and corporate consultants and advisors. |
1
4) | To carry on the business of mutual fund management, equipment leasing and hire purchase, manage investment pools, syndicate in shares and other securities and act as Share and Stock brokers. |
5) | To carry on the business of factoring by purchasing and selling debts receivables and claims including invoice discounting and rendering bill collection, debt collection and other factoring services. |
6) | To carry on and transact the business of giving guarantees and counter guarantees and indemnities whether by personal convenant or by mortgaging or charging all or any part of the undertaking, property or assets of the Company, both present and future wherever situate or in any other manner and in particular to guarantee the payment of any principal moneys, interest or other moneys secured by or payable under debentures, bonds, debenture-stock, mortgages, charges, contracts, obligations and securities, and the repayment of the capital moneys and the payment of dividends in respect of stocks and shares or the performance of any such other obligations. |
B) | OBJECTS INCIDENTAL OR ANCILLARY TO THE ATTAINMENT OF THE MAIN OBJECTS |
1) | To borrow or raise money or secure loans or credits for the purpose of the Company under contracts or under promissory notes, bills of exchange, hundies and other negotiable or transferable instruments, or issue convertible or non-convertible, secured or unsecured debentures, debenturestock, bonds and alternative to secured obligations and securities of all kinds and to frame, constitute and secure the same, as may seem expedient, with full power to make the same transferable by delivery or by instrument of transfer or otherwise and either perpetual or terminable and either redeemable or otherwise, and to charge or secure the same by trust deed or otherwise on the whole or any part of the undertaking of the company or upon any specific property, movable and immovable, and rights, both present and future, of the Company including, uncalled capital as may be authorized by law or otherwise howsoever. |
2) | To carry on the activities of bill discounting, re-discounting dealing in commercial paper, treasury bills, certificate of deposits and other financial instruments. |
3) | To promote effect, insure, guarantee, underwrite, participate in, manage, and carry out any issue whether, public or private, of company, corporation, association or Central or State Government, municipality or of the other loans or of shares, stocks, debentures or debenture stock and to lend monies for the purpose of any such issue and to act as an Issue House, Share Registrars, Share Transfer Agent, Investment and Share Consultant, Share Depository Agent and as Manager or any such issue. |
4) | To acquire by purchase, lease, exchange, hire, concession, grant or otherwise, either absolutely or conditionally and either alone or jointly with others, any movable or immovable property of any description, any patents, trade marks, concessions, privileges and any other rights for the objects and business of the Company or which the Company may think necessary or convenient to acquire or the acquisition of which in the opinion of the Company is likely to facilitate the realisation of any securities held by the Company or to prevent or diminish any apprehended loss or liability or which may come into the possession of the Company in satisfaction or part satisfiation of any of its claims and to pay for all such property and rights purchased or acquired by the Company in any manner including by shares, debentures, debenture stock or bonds or other securities held by or of the Company or otherwise and to manage, sell, develop, improve, exchanges let on lease, or otherwise dispose of or turn to account all such property and rights purchased or acquired by the Company and to acquire and hold and generally deal with in any manner whatsoever all or any property and rights, movable and immovable and any right, title or interest therein which may form part of the security for any loans or advances made by the Company or which may be connected with any such security and all at such time or times and in such manner and for such consideration as may be deemed proper or expedient. |
5) | To acquire and undertake the whole or any part of the business of any person or any Company with all or some of the assets and liabilities and to hold and purchase shares, stocks, debentures or other rights of any Company carrying on business which this Company is authorised to carry on or which is incidential or ancillary to it or which may conveniently be carried on by the Company or to manage the same on special contract or as mortgagee or in any manner whatsoever. |
6) | To deposit money with other banks by way of current deposits, fixed deposits and otherwise with or without interest, to accept bills of exchange, hundies and other negotiable instruments and to endorse the same to bankers and to do all such banking business as are generally done by bankers with bankers and others. |
2
7) | To undertake the agency of other Indian banks and of foreign banks and other financial institutions and to mange the issue of a loan for a corporation or company, firm or association whether incorporated or not, or of foreign Government. |
8) | To acquire, receive, hold, hold in trust as trustee, agent or nominee of any person, corporation, Company, any real or personal property, rights or interest acquired by or belonging to the Company or on behalf of or for the benefit of the Company, and with or without any declared trust in favour of the Company. |
9) | To sell, improve, manage, develop, exchange, lease, mortgage, dispose of, acquire, turn to account, purchase or otherwise deal with all and hold, use, deal or trade in, whether with a view to profit or otherwise and by any means whatsoever property and rights of all kinds whether movable or immovable, legal or equitable and wheresoever situate, including but without prejudice to the generality of the foregoing, lands, buildings, easements, mortgages, product, plant , machinery, stock-in-trade tools, vehicles, aircraft, vessels, chattels, materials, concessions, options, contracts, book debts, business concerns and undertakings, claims, privileges and choses in action of all kinds to carry on and promote such business or activity and either to retain the property acquired or to turn to account for the Companys business as it may seem expedient, subject to the provisions of any applicable law. |
10) | To act as foreign exchange dealer and to buy, sell or otherwise deal in all kinds of foreign currencies, foregin currency options, forward covers, swaps of all kinds and to transact for itself or on behalf of any persons, body corporate, company, corporation, society, firm or association of persons whether incorporated or not, all kinds of transactions in foreign currencies. |
11) | To establish or support or aid in the establishment and support of associations, institutions, funds, trusts, and conveniences for the benefit of past or present employees or Directors of the Company or the dependents of such persons; and to grant pensions, gratuities and allowances and superannuation and other benefits or ensure payment of any of them by taking insurance or any other promises and assurances as the Company may undertake, and to subscribe or guarantee money for charitable or benevolent object or useful objects for general public. |
12) | To form, establish or promote any other company, body corporate or any other entity either as subsidiary of this Company or otherwise for the purpose of carrying on any of the business or activities of the Company or for the purpose of acquiring or taking over all or any of the property, rights and liabilities of such company, body corporate, or any other entity or for any other purpose which may directly or indirectly benefit the Company. |
13) | To purchase or import, take on lease or in exchange, hire or otherwise acquire any movable or immovable property and any rights or privilege which the Company may think necessary or convenient for the purposes of its business and in particular any land, building, easement, machinery, plant or any other property or assets; |
14) | To invest and deal with money in such manner as may, from time to time, be thought fit subject to the provisions of the Companies Act, 1956. |
15) | To remunerate any person for services rendered, or to be rendered in placing or assisting to place or guaranteeing the placing of any of the shares, debenture or bonds in the Companys capital or any debentures or other securities issued by the Company. |
16) | To draw, make, accept , endorse, discount, execute and issue certificates of deposits, promissory notes, bills of exchange, and other negotiable or transferable instruments. |
17) | To adopt such means of making known and advertising the business and productions and services of the Company as may be expedient. |
18) | To apply for, promote and obtain any order, regulation, or other authorisation or enactment which may directly or indirectly benefit the Company. |
19) | To procure recognition of the Company in any country or place outside India. |
20) | To issue or allot fully or partly paid shares in the capital of the Company in payment or part payment of any movable or immovable property purchased or otherwise acquired by the Company or any services rendered to the Company. |
3
21) | To take or hold mortgages, liens, and charges to secure payment of the purchase price or any unpaid balance of the purchase price, or any part of the Companys property of any kind sold by the Company, or any money due to the Company from buyer or any other person. |
22) | To pay out of the funds of the Company all or any expenses which the Company may lawfully pay for the services rendered for the formation and registration of this company and for the promotion of any other company by it subject to the provisions of the Companies Act, 1956 and the Banking Regulation Act, 1949. |
23) | To insure any of the properties, undertakings contracts, risks or obligations of the Company in any manner whatsoever. |
24) | To make donations either in cash or in kind for such objects or causes as may be directly or indirectly conducive to any of the Companys objects or otherwise expedient. |
25) | To aid and support, any person, association, body or movement, whose object is solution, settlement or surmounting an industrial or labour problems or the promotion of trade or business of the Company or for the promotion of science and technology, cultural activities, sports, environment, rural development and other social and welfare activities. |
26) | To establish or support associations, institutions, schools, hospitals, guesthouses clubs, funds and trusts which may be considered beneficial to any employees or ex-employees and to officers and ex-officers of the Company or the dependents of any such person. |
27) | To refer any questions, disputes or differences arising between the Company and any other person (other than a Director of the Company) in connection with or in respect of any matter relating to the business or affairs of the Company to arbitration in such manner and upon such terms as the Company and such other person may mutually agree upon each case and to institute legal proceedings or defend any proceedings and to appoint advocates, consultants or advisors in this behalf. |
28) | To enter into negotiations or collaborations, technical, financial or otherwise with any person or government for obtaining any grant, license or on other terms, formulae and other rights and benefits, and to obtain technical information, know-how and expert advice for providing or rendering services which the Company is authorised to provide or render. |
29) | To arrange for in India and abroad for providing services of the Company and purchase or otherwise acquire services as are necessary for carrying on the business of the Company and, for that purpose, either to establish its own branches, offices, agencies, or to appoint representatives or employees or both (whether individuals, firms or bodies corporate) in any place in or outside areas of operation and fix the terms and conditions of their appointment and pay fees or remuneration to such representatives and employees by way of commission or in such other manner as the Company may deem fit. |
30) | To create any depreciation fund, reserve fund, sinking fund, redemption fund, insurance fund, or any special or other reserve or fund, whether for redemption of debentures or debentures-stock , for dividends, for equalizing dividends or for repairing, improving, extending and maintaining any part of the property of the Company. |
31) | To open and operate any type of bank accounts with any bank or financial institution in India or abroad and obtain credit facilities with or without securities for its business. |
32) | To train or pay for training in India or abroad of any of the Companys employees or officers or any candidate in the interest of or furtherance of the Companys objects. |
33) | To establish research and development centers for the business of the Company. |
34) | To engage in acquiring and undertaking whole or any part of the business of any person or Company carrying business which this Company is authorized to carry on. |
35) | To take or otherwise acquire and hold shares in any other Company as may be authorized. |
36) | To promote or finance or assist in promoting or financing any business, undertaking or industry either existing or new and associate with them either through the instrumentality of syndicates or otherwise in conformity with the relevant laws governing banks. |
37) | To undertake the administration of estates as executors, trustees or otherwise. |
4
38) | To open, establish, maintain and operate currency chests and small coin depots on such terms and conditions as may be required by the Reserve Bank of India established under the Reserve Bank of India Act, 1934 and subject to the Companies Act, 1956 to enter into all administrative or other arrangements for undertaking such functions with the Reserve Bank of India. |
39) | To carry on the business of giving services to industrial enterprises for transfer of shares, debentures, bonds, stocks and various financial instruments and any other kind of securities issued by such enterprises in general by acting as registrars to the Issue and Registrars for issue of shares, debentures, bonds, stock and all kinds of securities and instruments and for fixed deposits and encouraging and promoting the participation of private capital, both internal and external, in such enterprises and private ownership of industrial investments and the expansion of investment markets and to render custodial and depository services in respect of any type of securities and to do all such things as may be advised, remitted and required for related activities. |
40) | To amalgamate with any company or companies having objects altogether or in part similar to those of this Company, or to sell, exchange, lease, underlease, surrender, abandon, amalgamate, sub-divide, mortgage or otherwise deal with either absolutely, conditionally, or for any limited interest, all or any part of the undertaking, property rights or privileges of the Company, as a going concern or otherwise, with any public body, corporation, company, society, or association, or to any person or persons, for such consideration as the Company may think fit, and in particular for any stock, shares (whether wholly or partly paid), debentures, debenturestock, securities or property of any other Company. |
41) (a) | To apply for, provide information and guidance on governmental policies, directives, instructions, regulations, ordinances or other authorisations or enactments of the Central or any State Government or any other similar semi-Government authorities or agencies which may be required for enabling the Company to establish an undertaking or to bring into effect any modification / diversification in any of the Companys business or constitution and to challenge any of the governmental bills, statutes, rules, regulations, guidelines, proceedings or applications which are likely to prejudice the Companys business or interests; |
(b) | To study such Governmental policies, regulations, ordinances and advise the governmental authorities in formulating incentives schemes to attract industries and investments; |
42) | To establish and maintain agencies at any place or places in India or other parts of the world for the conduct of the business of the Company or for the purpose of enabling the Company to carry on its business more efficiently; and to discontinue and reconstitute any such branches or agencies. |
43) | To exercise all or any of its corporate powers, rights and privileges and to conduct its business in all or any of its branches in the Union of India and in any or all states, territories, possessions, colonies and dependencies thereby and in any or all foreign countries, and for this purpose to have and maintain and to discontinue such number of offices and agencies therein as may be convenient. |
44) | To assist in undertaking activities pertaining to leasing or hire-purchase asset credit, installment sale or / and deferred sale. |
45) | To open, maintain, operate and close account or accounts with any bank or banks or other financial Institutions in India or abroad and to pay or earn interest and to withdraw money from such account or accounts and to make, draw, co-accept, endorse, execute, discount or negotiable and issue cheques, promissory notes, hundies, bills of exchange, bills of lading, railway receipts, warrants, debentures and other negotiable or transferable instruments. |
46) | To indemnify officers, Directors, promoters and servants of the Company against, proceedings, costs, damages, claims and demands in respect of anything done, or ordered to be done, for and in the interests of the Company or for any loss or damages or misfortune whatever which happens in execution of the duties of their office or in relation thereto. |
C) | OTHER OBJECTS |
1) | to carry on the business of finance broking and other financial services. |
5
2) | to carry on the business of providing and managing venture capital, seed capital and risk capital. And it is hereby declared that :- |
(i) | The word Company save when used in reference to this Company in this Clause shall be deemed to refer and include any partnership or other body of persons whether incorporated or not incorporated whether domiciled in India or elsewhere; |
(ii) | The several sub-clauses of this clause and all the powers thereof are to be cumulative and in no case is the generality of any one sub-clause to be narrowed or restricted by any particularity of any sub- clause nor is any general expression in sub-clause to be narrowed or restricted by any particularity of expression in the same sub-clause or by the application of any rule of construction ejusdem generis or otherwise; |
(iii) | The term India when used (in this Clause) unless repugnant to the context shall include all territories from time to time comprised in the Union of India; |
IV. | The Liability of the Members is Limited; |
V. | The Capital of the Company is Rs. 1190,61,00,000/- (Rupees One Thousand One Hundred Ninety Crores and Sixty One Lacs Only) divided into 1190,61,00,000 (One Thousand One Hundred Ninety Crores and Sixty One Lacs) Equity Shares of Re.1/- (Rupee One Only) each with a power to increase or reduce the the share capital. |
(Amended on account of the Composite Scheme of Amalgamation sanctioned by Honble National Company Law Tribunal vide its order dated March 17, 2023.)
6
We, the several persons, whose names and addresses and description are hereunder subscribed are desirous of being formed into a Company in pursuance of these Articles of Association, and we respectively agree to take the numbers of shares in the capital of the Company set opposite our respective names.
Sr No
|
Name , addresses,
descriptions & occupations of the subscribers
|
Number of Equity Shares taken by each subscriber
|
Name, addresses and description of witness
| |||
1. | S/d. | 10 | ||||
Mr Deepak Shantilal Parekh | (Ten) | |||||
S/O Late Mr Shantilal T Parekh | ||||||
3 Bhaveshwat Sagar | ||||||
20 Nepean Sea Road | ||||||
Bombay 400 036 | ||||||
- Services -
|
||||||
2. | S/d. | 10 | ||||
Mr Deepak Madhav Satwalekar | (Ten) | |||||
S/O Mr Madhav S. Satwalekar | ||||||
9 Nutan Alka Coop Hsg. Society | ||||||
Relief Road, Santacruz-(West) | ||||||
Bombay 400 025 | ||||||
- Services -
|
||||||
3. | S/d. | 10 | ||||
Mr. Shobha Singh Thakur | (Ten) | |||||
S/O Late Mr Rajaran S. Thakur | ||||||
A/62, Ocean Gold | ||||||
Twin Towers Lane, Prabhadevi | ||||||
Bombay 400 025 | ||||||
- Services -
|
||||||
4. | S/d. | 10 | S/d. | |||
Mr. Suryakant Nanalal Shroff | (Ten) | Susir Kumar M | ||||
S/O Lte Mr Nanalal K Shroff | S/o Late Mr. K.S.Rao | |||||
Victor Villa, 1st Floor | B-2/10 Runwal Nagar | |||||
5, Babulnath Road | Thane (W) 400 602 | |||||
Bombay 400 007 | - Service - | |||||
- Service - | ||||||
5. | S/d. | 10 | ||||
Mr. Satish Gordnandas Mehta | (Ten) | |||||
S/O Late Mr. Gordnandas Mehta | ||||||
39/4 Walchand Terraces | ||||||
Opp Airconditioned Market | ||||||
Tardeo, Bombay 400 025 | ||||||
- Service - | ||||||
6. | S/d. | 10 | ||||
Mr. Milind Gajanan Barve | (Ten) | |||||
S/O Mr Gajanan D Barve | ||||||
604 Udyan Warshan | ||||||
Prabhadevi | ||||||
Bombay 400 025 | ||||||
- Service - | ||||||
7. | S/d. | 10 | ||||
Mr Joseph Conrad DSouza | (Ten) | |||||
S/O Mr Diago Cajetan DSouza | ||||||
17/23 MHB Colony | ||||||
Bandra Reclamation | ||||||
Bombay 400 050 | ||||||
- Service - | ||||||
(70) (Seventy) |
Bombay, Dated 9th August, 1994.
7
Exhibit 1.2
ARTICLES OF ASSOCIATION
OF
HDFC BANK LIMITED
COMPANY LIMITED BY SHARES
TABLE A NOT TO APPLY
1) | The regulations contained in Table A, in the First Schedule to the Companies Act, 1956, shall not apply to the Company, but the regulations for the management of the Company and for the observance of the Members thereof and their representatives, shall, subject to any exercise of the statutory powers of the Company with reference to the repeal or alterations of, or addition to its regulations by Special Resolution, as prescribed by the said Companies Act, 1956, be such as are contained in these Articles. | Table A not to apply | ||||||
DEFINITIONS | ||||||||
2) | In these Articles unless there be something in the subject or context inconsistent therewith :- | Interpretation | ||||||
(i) | The marginal notes hereto shall not affect the construction hereof. | |||||||
(ii) | The Act means The Companies Act, 1956 and includes any statutory modification or re-enactment thereof for the time being in force. | |||||||
(iii) | The Banking Regulation Act, 1949 would include statutory modifications or reenactment thereof for the time being in force. | |||||||
(iv) | Board, Board of Directors or The Director means a meeting of the Directors duly called and constituted or as the case may be, the Directors assembled at a Board or the Directors of the Company collectively or the requisite number of Directors entitled to pass a resolution by circulation. | |||||||
(v) | The Company or This Company means HDFC BANK LIMITED. | |||||||
(vi) | HDFC means HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, a public Company incorporated under the Act. | |||||||
(vii) | Member means the duly registered holder, from time to time, of the shares of the Company and includes the subscribers to the Memorandum of Association but does not include a bearer of a share warrant. | |||||||
(viii) | Office means the Registered Office for the time being of the Company. | |||||||
(ix) | These presents means these Articles of Association as originally framed or as altered from time to time by Special Resolution. | |||||||
(x) | Proxy means an instrument whereby any person is authorised to vote for a member at a general meeting on a poll. | |||||||
(xi) | The Register means the Register of Members to be kept pursuant to the Act. | |||||||
(xii) | Seal means the Common Seal for the time being of the Company. | |||||||
(xiii) | Special Resolution and Ordinary Resolution shall have the meanings assigned thereto respectively by Section 189 of the Act. | |||||||
(xiv) | In writing or written include words printed, lithographed, typewritten, represented or reproduction in any mode in visible form. | |||||||
(xv) | Words importing the masculine gender also include the feminine gender and words importing the singular number include where the context admits or requires the plural number and vice versa. Words importing persons shall include the Central or State Government, Corporations, Corporate Bodies, Firms, individuals, societies and other bodies whether incorporated or not. Subject as aforesaid, any words or expressions defined in the Act except where it is repugnant to the subject or context shall bear the same meaning in these Articles. |
Copies of Memorandum and Articles of Assn. to be given to members. | 3) | Copies of the Memorandum and Articles of Association of the Company shall be furnished by the Company to every Member at his request, within the period and on payment of such sum as may be prescribed by the Act. | ||||||
CAPITAL | ||||||||
Capital | 4) | The Authorised Capital of the Company will be as stated in Clause V of the Memorandum of Association from time to time with power to increase or reduce the said Capital and to issue any part of its Capital original or increased with or without any priority or special privilege subject to the restrictions, if any, under the Banking Regulation Act, 1949 or subject to any postponement of rights or to any conditions or restrictions so that unless the conditions of issue otherwise prescribe such issue shall be subject to the provisions herein contained. (This article has been inserted vide special resolution passed at the Extra-ordinary General Meeting held on 27th March, 2008) | ||||||
Power to increase capital | 5) | The Company in General Meeting may, from time to time, increase the capital by the creation of new shares of such amount as may be deemed expedient. | ||||||
Conditions regarding issue of new shares | 6) | Subject to the provisions of Section 86 of the Act, the new shares shall be issued upon such terms and conditions and with such rights and privileges as the Company in General Meeting shall prescribe, and in particular, such shares may be issued, subject to the Banking Regulation Act, 1949, with a special or qualified right to dividend and in the distribution of assets of the Company. | ||||||
New shares to rank pari passu with shares in existing capital | 7) | Except in so far as otherwise provided by the conditions of issue or by these Articles, any capital raised by the creation of new shares shall be considered as part of the existing capital, and shall be subject to the provisions herein contained with reference to the payment of calls and instalments, forfeiture, lien, surrender, transfer and transmission, voting and otherwise. | ||||||
Reduction of capital | 8) | Subject to the provisions of Sections 100 to 105 of the Act and to confirmation by the Court the Company may by Special Resolution, reduce its Share Capital and / or any Capital Redemption Reserve Account and / or the Share Premium Account in any manner and with, and subject to, any incident authorized and consent required by law. | ||||||
Subdivision and consolidation of capital | 9) | The Company in General Meeting may by Ordinary Resolution :- | ||||||
(i) | consolidate and divide all or any of its Share Capital into shares of larger amount than its existing shares; | |||||||
(ii) | convert all or any of its fully paid-up shares into stock and reconvert that stock into fully paid-up shares of any denomination. | |||||||
(iii) | sub-divide its shares or any of them into shares of smaller amount than is fixed by the Memorandum, so however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; | |||||||
(iv) | cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its Share Capital by the amount of the shares so cancelled. |
Class Rights | MODIFICATION OF CLASS RIGHTS | |||||||||
10) | If at any time the Share Capital by any reason is divided into different classes of shares, all or any of the rights and privileges attached to each class will be effective and binding after approvals, if any, under the Banking Regulation Act, 1949 and may, subject to the provisions of Sections 106 and 107 of the Act, and whether or not the Company it being wound up, be varied, modified, abrogated or dealt with, with the consent in writing of the holders of not less than three-fourths of the issued shares of that class, or with the sanction of a special resolution passed at a separate meeting of the holder of the issue shares of that class and all the provisions contained in the Articles as to General Meetings (including the provisions relating to quorum at such meetings) shall mutates mutandis apply to every such meeting. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly prohibited by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith. | |||||||||
SHARES | ||||||||||
11) | The shares in the capital shall be numbered progressively accordingly to their several denominations, and except in the manner hereinbefore mentioned, no share shall be subdivided. | Shares to be numbered progressively and no shares to be subdivided | ||||||||
12) | (1) | When at any time subsequent to the first allotment of shares in the Company it is proposed to increase the subscribed capital of the Company by the issue of new shares, then subject to any directions to the contrary which may be given by the Company in General Meeting and subject only to those directions, such new shares shall be offered to the persons who at the date of the offer are holders of the equity shares in the Company, in proportion, as nearly as circumstances admit, to the capital paid-up on those shares at that date; and such offer shall be made by a notice specifying the number of shares offered and limiting a time, not being less than 15 days from the date of the offer, within which the offer, if not accepted, will be deemed to have been declined. The offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce the shares offered to him or any of them in favour of any other person and the notice referred to hereinabove shall contained a statement of this right. After the expiry of the time specified in the notice aforesaid or on receipt of earlier intimation from the person to whom such notice is given that he declines to accept the shares offered, the Board of Directors may dispose of them in such manner as they think most beneficial to the Company. | ||||||||
(2) | Notwithstanding anything herein contained, the new shares aforesaid may be offered to any persons, whether or not those persons include the persons who, at the date of the offer, are holders of the equity shares of the Company, in any manner whatsoever :- | |||||||||
(a) | if a special Resolution to that effect is passed by the Company in General Meeting; or | |||||||||
(b) | where no such Special Resolution is passed, if the votes cast (whether on a show of hands or on a poll, as the case may be) in favour of the proposal contained in the Resolution moved at the General Meeting sanctioning the issue of such shares (including the casting vote, if any of the Chairman) by members who being entitled so to do, vote in person, or where proxies are allowed, by proxy, exceed the votes, if any, cast against the proposal by members so entitled and voting and the Central Government is satisfied on an application made by the Board of Directors in that behalf that the proposal is most beneficial to the Company. | |||||||||
(3) | Nothing in this Article shall apply to the increase of the subscribed capital of the Company caused by the exercise of an option attached to the debentures issued or loans raised by the Company. | New shares to be offered to existing members |
(i) | to convert such debentures or loans into shares of the Company, or | |||||||||||
(ii) | to subscribe for shares in the Company; PROVIDED that the terms of issue of such debentures or the terms of such loans include a term providing for such option and such term : | |||||||||||
(a) | either has been approved by the Central Government before the issue of the debentures or the raising of the loans, or is in conformity with the rules, if any, made by that Government in this behalf ; and | |||||||||||
Power to issue shares at a premium or discount | (b) | in the case of debentures or loans other than debentures issued to, or loans obtained from the Government or any institution specified by the Central Government in this behalf, has also been approved by a Special Resolution passed by the Company in General Meeting before the issue of the debentures or the raising of the loans. | ||||||||||
Shares under the control of the Director | 13) | The Company in General Meeting may determine that any shares (whether forming part of the original capital or of any increased capital of the Company) shall be offered to such persons (whether members or not) in such proporation and on such terms and conditions and (subject to compliance with the provisions of Section 78 and 79 of the Act) either at a premium or at par or at discount, as such General Meeting shall determine and with full power to give any person (whether a member or not) the option to call for or be allotted shares of any class of the Company either at a premium or at par or at discount (subject to compliance with the provisions of Section 78 and 79 of the Act), such option being exercisable at such times and for such consideration as may be directed by such General Meeting; or the Company in General Meeting; may make any other provision whatsoever for the issue, allotment or disposal of any shares. | ||||||||||
Acceptance of Shares | 14) | Subject to the provisions of the Act and these Articles, the shares in the capital of the Company for the time being (including any shares forming a part of any increased capital of the Company) shall be under the control of the Directors who may issue, allot or otherwise dispose of the same or any of them to such persons, in such proportion and on such terms and conditions and either at a premium or at par or (subject to compliance with the provisions of Section 79 of the Act) at a discount and at such times as they may from time to time think fit and proper, and with full power with the sanction of the Company in General Meeting, to give to any person the option to call for or be allotted shares of any class of the Company either at par or at premium or subject to as aforesaid, at discount, such option being exercisable at such time and for such consideration as the Directors think fit. | ||||||||||
15) | Any application signed by the applicant for shares in the Company, followed by an allotment of any share therein, shall an acceptance of the shares by him within the meaning of these Articles; and every person who thus or otherwise accepts any shares and whose name is on the Register shall, for the purposes of the Act and these Articles, be a Member of the Company. | |||||||||||
Deposit and call etc to be a debt payable immediately | 16) | The money (if any) which the Board of Directors shall, on the allotment of any shares being made by them, require or direct to be paidby way of deposit, call or otherwise in respect of any shares allotted by them shall immediately on the inscription of the name of the allottee in the Register at the holder of such shares, become a debt due to and recoverable by the Company from the allottee thereof, and shall be paid by them accordingly. | ||||||||||
Liability of Members | 17) | Every member or his heirs, executors or administrators shall pay to the Company the portion of the capital represented by his share or shares which may, for the time being remain unpaid thereof, in such amounts, at such time or times and in such manner as the Board of Directors shall from time to time, in accordance with these Articles, require or fix for the payment thereof. | ||||||||||
18) | The Company shall cause to be kept a Register of Members, an Index of Members, a Register of Debentureholders and an Index of Debentureholders in accordance with Sections 150, 151, 152 and 158 of the Act. The Company may exercise the powers conferred on it by Sections 157 and 158 with regard to the keeping of a Foreign Register; and the Board may (subject to the provisions of those sections) make and vary such regulations as it may think fit in respect of keeping of any such Register. |
19) | The Register of Members, the Index of Members, the Register and Index of Debentureholders and copies of all Annual Returns prepared under Section 159 of the Act together with the copies of certificates and documents required to be annexed thereto under Section 161 of the Act shall, except when the Register of Members or Debentureholders is closed under the provisions of the Act or these presents, be open to inspection, on any working day between 11.00 am to 1.00 p.m. or such other time as the Board may determine, form time to time, for any Member or Debentureholder without any charges and to inspection of any other person on payment of such sum as may be prescribed by the Act. Any such Member, Debentureholder or other person may take extracts thereform without fee or additional fee as the case may be or require a copy of such register, index or copy or of any part thereof on payment of such sum as may be prescribed by the Act. The Directors may at their discretion reduce or waive the sums payable for each inspection or extract. | |||||||
20) | Save as herein otherwise provided, the Company shall be entitled to treat the person whose name appears on the Register of Members as the holder of any share as the absolute owner thereof and accordingly shall not (except as ordered by a Court of competent jurisdiction or as by law required) be bound to recognize any benami trust or equity or equitable, contingent or other claim to or interest in such share on the part of any other person whether or not it shall have express or implied notice thereof. | Certificates of shares | ||||||
SHARE CERTIFICATES | ||||||||
21) | The certificates of title to shares shall be issued under the Common Seal of the Company which shall be affixed in the presence of and shall be signed by : | |||||||
(i) | two Directors or persons acting on behalf of the Directors under a duly registered Power of Attorney, and | |||||||
(ii) | the Secretary or some other person appointed by the Board for the purpose; provided that atleast one of the aforesaid two Directors shall be a person other than a Managing or Wholetime Director. A Director may sign a share certificate by affixing his signature thereon by means of any machine, equipment or other mechanical means such as engraving in metal or lithography. PROVIDED ALWAYS that notwithstanding anything contained in this article the certificates of title to shares may be executed and issued in accordance with such other provisions of the Act or the Rules made thereunder as may be in force for the time being and from time to time. | Members right to certificates | ||||||
22) | Every member or allottee of shares shall be entitled, without payment, to receive one Certificate for all the shares of each class or denomination registered in his name or, if the Directors may from to time determine, to several such Certificates each for one or more such shares. | |||||||
23) | Share certificates shall be generally issued in marketable lots and where share certificates are issued in lots other than marketable lots, subdivision consolidation of share certificates into marketable lots shall be done by the Company free of charge. | Fractional Certificates | ||||||
24) | The company may issue such fractional certificates as the Board of Directors may approve in respect of any of the shares of the Company on such terms as the Board of Directors think fit including the tern relating to the period within which the fractional certificates are to be converted into share certificates. | Contents of Share |
25) | Every certificate shall specify the name of the person in whose favour it is issued, and shares to which it relates and the amount paid up thereon. Every share shall be distinguished by its appropriate number. | Certificate Time for Delivery of | ||||||
Share Certificates | 26) | Unless the conditions of issue of the shares otherwise provide, such certificates shall be delivered to the shareholders, within three months after the allotment of any shares, and within one month after the application for the registration of the transfer of any such shares has been lodged with the Company. This Article has been amended vide special resolution passed at 2nd Annual General Meeting held on 14th August, 1996. | ||||||
Replacement of Certificate | 27) | (a) | No certificate of any share or shares shall be issued either in exchange for those which are sub-divide or consolidated or in replacement of those which are defaced, torn, old decrepit , worn out or where the pages on the reverse for recording transfers have been duly utilized, unless the certificate in lieu of which it is issued is surrendered to the Company. | |||||
(b) | Duplicate share certificates shall be issued in lieu of those that are lost or destroyed with the prior consent of the Board or such authority as the Board may direct and on such reasonable terms, if any, as to evidence and indemnity the payment of out-of pocket expenses incurred by the Company in investigating evidence, as the Board may think fit. | |||||||
The first named of joint holders deemed sole holder | The Company shall in all respects comply with the provisions of the Companies (Issue of Share Certificates) Rules, 1960 or any modifications thereof for the time being in force and from time to time. | |||||||
Certificate to be delivered to first named of joint holder | 28) | If any share stands in the names of two or more persons, the person first named in the Register shall, as regards receipt of dividends, or cash bonus, or service of notice, or any other matter connected with the Company except voting at meetings and transfer of the shares, be deemed the sole holder thereof, but the joint holders of a share shall be severally as well as jointly liable for the repayment of all instalments or calls and other payments due in respect of such shares. | ||||||
Trust not recognised | 29) | The certificates of shares registered in the names of two or more persons shall be delivered to the person first named in the Register. | ||||||
Notice of change of name or of marriage of member | 30) | Save as herein or in the Act otherwise provided, the Company shall be entitled to treat the registered holder of any share as the absolute owner thereof, and accordingly, shall not except as ordered by a Court of competent jurisdiction, or by statue, or the Act, be bound to recognize any equitable, beneficial or other claim to or interest in such share on the part of any other person. | ||||||
Funds of Company may not be applied for purchase of shares in the Company | 31) | No member, who shall change his name, or who being a female shall marry, shall be entitled to receive any dividend or to vote in the name other than the one registered with the Company, until notice of the change of name or of marriage as the case may be is given to the Company in order that the same be registered after production of satisfactory evidence. | ||||||
32) | Save as otherwise provided by Section 77 of the Act, none of the funds of the Company shall be applied for the purchase of any share in the Company. | |||||||
Commission may be paid | UNDERWRITING AND BROKERAGE | |||||||
Calls | 33) | The Company may at any time pay a commission to any person for subscribing or agreeing to subscribe (whether absolutely or conditionally) for any shares, debentures or other securities of the Company or procuring or agreeing to procure subscriptions (whether absolute or conditional) for any shares, debentures or other securities of the Company but so that if the commission in respect of the shares, debentures or other securities shall be paid or payable out of capital, the statutory conditions and requirements shall be observed and complied with and the amount or rate of commission shall not exceed the rates prescribed by the Act and the Banking Regulation Act, 1949. The commission may be paid or satisfied in cash or in shares, debentures or other securities of the Company or partly in one way and partly in the other. The Company may also, on any issue of Shares, Debentures or other securities pay such brokerage as may be lawful. |
CALLS | ||||||||
34) | The Board of Directors may from time to time by a Resolution passed at a meeting of the Board make such calls as they think fit upon the members in respect of all moneys unpaid on the shares held by them respectively and not by the conditions of all allotment thereof made payable at fixed times and each member shall pay the amount of every call so made on him to the persons and at the time and place appointed by the Board of Directors. A call may be made payable by instalments. A call may be revoked or postponed at the discretion of the Board. | Calls to date from resolution | ||||||
35) | A call shall be deemed to have been made at the time when the Resolution of the Directors authorised such call was passed and may payable by Members on such date or at the discretion of the Directors on such subsequent date as shall be fixed by the Directors. | |||||||
36) | (a) | Not less than 14 days notice of every call shall be given specifying the time and place of payment provide that before the time for payment of such call the Directors may by notice in writing to the Members revoke or postpone the same. | ||||||
(b) | The Directors may from time to time, at their discretion extend the time fixed for the payment of any call by such Member(s) for such cause as the Directors may deem fit, but no Member shall be entitled to such extension save as a matter of grace and favour. | |||||||
(c) | If by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by instalments at fixed times, whether on account of the amount of the share or by way of premium every such amount or instalment shall be payable as if it were a call duly made by the Directors and of which due notice has been given and all the provisions herein contained in respect of calls shall relate to such amount or instalment accordingly. | |||||||
(d) | If the sum payable in respect of any call or instalment be not paid on or before the day appointed for payment thereof the holder for the time being or allottee of the share in respect of which a call shall have been made or the instalment shall be due shall pay interest on the same at such rate as the Directors shall fix from time to time from the last day appointed for the payment thereof to the date of actual payment, but the Directors may in their absolute discretion waive payment of such interest wholly or in part. | Payment in anticipation of calls may carry interest | ||||||
(e) | No member shall be entitled to receive any dividend or to exercise any privilege as a Member until he shall have paid all calls for the time being due and payable on every share held by him whether alone or jointly with any person, together with interest and expenses, if any. | If money payable on share not paid, notice to be given to member | ||||||
37) | Subject to the provisions of Section 58A of the Act and Rules made thereunder, the Board of Directors may, if it thinks fit, agree to and receive from any member willing to advance the same, all or any part of the amounts of their respective shares beyond the sum actually called up; and upon the moneys so paid in advance or upon so much thereof from time to time and at any time thereafter, as exceeds the amount of the calls then made and due in respect of the shares on account of which such advances are made, the Board of Directors may pay or allow interest, at such rate as the member paying the sum in advance and the Board of Directors agree upon. The Board of Directors may at their absolute discretion repay at any time any amount so advanced. Provided that moneys paid in advance of calls shall not in respect thereof confer a right to dividend or to participate in the profits of the Company. |
FORFEITURE AND LIEN | ||||||||
38) | If any member fails to pay any call or instalment of a call on or before the day appointed for the payment of the same or any such extension thereof as aforesaid, the Board of Directors may, at any time thereafter while the call or instalment remains unpaid, give notice to him requiring him to pay the same together with any interest that may have accrued and all expenses that may have been incurred by the Company by reason of such non-payment. | Terms of Notice | ||||||
In default of payment shares to be forfeited | 39) | The notice shall name a day (not being less than fourteen days from the date of the notice) and a place or places, on and at which such call or instalment and such interest and expenses as aforesaid are to be paid. The notice shall also state that in the event of non-payment on or before the time and at the place appointed, the shares in respect of which the call was made or instalment is payable, will be liable to be forfeiture. | ||||||
Notice of forfeiture to a member | 40) | If the requirements of any such shares notice as aforesaid are not complied with, any shares in respect of which such notice has been given may, at any time thereafter and before payment of all calls or instalments, interest and expenses due in respect thereof be forfeited by a resolution of the Board of Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forefeited shares and not actually paid before the forfeiture. | ||||||
41) | When any share shall have been so forefeited notice of the forfeiture shall be given to the member in whose name it stood immediately prior to the forfeiture and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register. | |||||||
Power to annul forfeiture | 42) | Any share so forefeited, shall be deemed to be the property of the Company, and may be sold, re-allotted or otherwise disposed of, either to the original holder thereof or to any other person, upon such terms and in such manner as the Board of Directors may think fit. | ||||||
Member liable to pay money owing at time of forfeiture and interest | 43) | The Board of Directors may, at any time before any share so forfeited shall have been sold, realloted or otherwise disposed of, annul the forfeiture thereof upon such conditions as it thinks fit. | ||||||
Effect of forfeiture | 44) | Any Member whose shares have been forfeited shall, notwithstanding the forefeiture, be liable to pay and shall forthwith pay to the Company, on demand, all calls, instalments, interest, expenses and other moneys owing upon or in respect of such shares at the time of the forfeiture together with further interest thereon from the time of the forfeiture until payment at such rate as the Directors may determine and the Directors may enforce the payment of the whole or a portion thereof if they think fit but shall not be under any obligation to do so. | ||||||
Companys lien on shares | 45) | The forfeiture of a share shall involve extinction, at the time of the forfeiture, of all interest in and all claims and demands against the Company, in respect of the share and all other rights incidental to the share, except only such of those rights as by these presents are expressly saved. | ||||||
Enforcement of lien by sale | 46) | The Company shall have no lien on its fully paid-up shares. In the case of partly paid-up shares, the Company shall have a lien only to the extent of all moneys called or payable at a fixed time in respect of such shares. Otherwise such partly paid-up shares shall be free from any lien of the Company. Any lien on shares shall extend to all dividends from time to time declared in respect of such shares, Unless otherwise agreed, the registration of a transfer of shares shall operate as a waiver of the Companys lien, if any, on such shares. The Board of Directors may at any time declare any shares to be wholly or in part exempt from the provisions of this clause. | ||||||
Application of proceeds of sale | 47) | For the purpose of enforcing such lien, the Board of Directors may sell the shares subject thereto in such manner as they shall think fit, but no sale shall be made unless a sum in respect of which the lien exists is presently payable and until notice in writing of the intention to sell, shall have been served on such member, or the person (if any) entitled by transmission to the shares and default shall have been made by him in payment of the sum payable as aforesaid for fourteen days after such notice. | and 47 |
Validity of sale under Articles 42 | 48. | The net proceeds of any such sale after payment of the costs of such sale shall be applied in or towards satisfaction of all moneys called and payable in respect of such shares and the residue (if any) paid to such member or the person (if any) entitled by transmission to the shares so sold. Provided that the amount so paid to such member or person shall not exceed the amount received by the Company form such Member or person towards such shares. | ||||||
49. | Upon any sale after forfeiture or enforcing a lien in purported exercise of the powers hereinbefore given the Board of Directors may appoint some person to execute an instrument of transfer of the shares so sold and cause the purchasers name to be entered in the Register in respect of the shares sold, and the purchaser shall not be bound to see to the regularity of the proceedings or to the application of the purchase money and after his name has been entered in the Register in respect of such shares, the validity of the sale shall not be impeached by any person and the remedy (if any of any person aggrieved by the sale shall be in damages only and against the Company exclusively. | |||||||
50) | Neither a judgement nor a decree in favour of the Company for calls or other moneys due in respect of any shares nor any part payment or satisfaction thereunder nor the receipt by the Company of a portion of any money which shall from time to time be due from any Member in respect of any shares either by way of principal or interest nor any indulgence granted by the Company in respect of payment of any money shall preclude the forfeiture of such shares as herein provided. | Application of forfeiture | ||||||
51) | A certificate in writing under the hand of any Director or the Secretary or such other person as may be authorised, from time to time that the call in respect of a share was made and that the forfeiture of the share was made by a Resolution of the Directors to that effect, shall be conclusive evidence of the fact stated therein as against all persons entitled to such share. | Execution and Registration of transfer etc | ||||||
52) | The provisions of the Articles as to forfeiture shall apply in the case of non-payment of any sum which by the terms of the issue of a share becomes payable at a fixed time, whether on account of the amount of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified. | Form of transfer | ||||||
TRANSFER AND TRANSMISSION OF SHARES | ||||||||
53) | No transfer shall be registered unless a proper instrument of transfer has been delivered to the Company. Every such instrument of transfer shall be duly stamped and executed both by the transferor and transferee and duly attested. The transferor shall be deemed to remain as the holder of such share until the name of the transferee shall have been entered in the Register in respect thereof. | |||||||
54) | The instrument of transfer of any share shall be in the prescribed form and in accordance with the requirements of Section 108 of the Act. Provided that where on an application in writing made to the Company by the transferee and bearing the stamp required for an instrument of transfer, it is proved to the satisfaction of the Board of Directors that the instrument of transfer signed by or on behalf of the transferor and by or on behalf of the transferee has been lost, the Company may register the trsnsfer on such terms as to imdemnity as the Board may think fit. | Directors right to decline to register transfer | ||||||
55) | Notwithstanding anything contained herein, but subject to the provisions os Section 111 of the Act and subject to the provisions of the Securities Contracts (Regulation) Act, 1956 and the Rules and Regulations made thereunder and other applicable laws, the Directors may at their absolute and uncontrolled discretion decline to register or acknowledge any transfer of shares and shall not be bound to give any reason for such refusal and in particular may so decline in respect of the shares upon which the Company has a lien or whilst any monies in respect of the shares desired to be transferred or any of them remain unpaid and such refusal shall not be affected by the fact that the proposed transferee is already a Member. Provided that registration of any transfer shall not be refused on the ground of the transferor being either alone or jointly with any other person or persons indebted to the Company on any account whatsoever. (Article 55(b) and Article 55(c) deleted and Article 55(a) renumbered as Articles 55 vide special resolution passed at the Extraordinary General Meeting held on October 24, 1994). 55 (A) No person / group of persons shall acquire any shares of the Company which would take his/her/its holding to a level of 5% or more (or any such percentage imposed by Reserve Bank of India from time to time) of the total issued capital of the Company unless prior approval of the Reserve Bank of India has been obtained by such person / group of persons. (This article has been inserted vide special resolution passed at the Annual General Meeting held 1st June, 2001) |
Transfer to be presented with evidence of title | 56) | If the Board of Directors refuse to register a transfer of any shares, they shall, within one month from the data on which the transfer was lodged with the Company, send to the transferee and the transferor notice of the refusal. This Article has been amended vide special resolution passed at 2nd Annual General Meeting held on 14th August, 1996. | ||||||
57) | Subject to the provisions of the Act and other applicable laws, the Directors may at their absolute discretion approve a minor, an insolvent or a person of unsound mind becoming a Member of the Company on such terms as the Directors may stipulate. | |||||||
No fee on transfer transmission etc
Transfer Books when closed
|
58) | Every instrument of transfer shall be presented to the Company duly stamped for registration accompanied by the certificate or certificates of the shares to be transferred and such other evidence as the Board of Directors may require to prove the title of the transferor, his right to transfer the shares and generally under and subject to such condition and regulation as the Board of Directors shall from time to time prescribe; and every registered instrument of transfer shall remain in the custody of the Company until destroyed by order of the Board of Directors. But may instrument of transfer which the Board of Directors may decline to register shall be returned to the person lodging the same. | ||||||
59) | No fee shall be charged for registration of transfer or for effecting transmission or for registering any probates, letters of administration and other similar documents. | |||||||
Share of deceased member | 60) | The Board of Directors shall have power on giving not less than twenty one days previous notice by advertisement in some newspaper circulating in the district in which the Companys Registered Office is situated, to close the transfer books, the Register of Members and/or the Register of Debenture holders at such time or times and for such period or periods, not exceeding thirty days at a time and not exceeding in the aggregate forty-five days in each year, as the Board may deem expedient. | ||||||
Registration of person entitled to shares otherwise than by transfer (transmission clause) | 61) | The executors or administrators of a deceased member shall be the only persons recognised by the Company as having any title to his share except in cases of joint holders, in which case the surviving holder or holders or the executors or administrators of the last surviving holders shall be the only persons entitled to be so recognised; but nothing herein contained shall release the estate of a deceased joint holder from any liability in respect of any share jointly held by him. The Company shall not be bound to recognise such executor or administrator, unless he shall have obtained probate or letters of administration or other legal representation, as the case may be, from a competent court in India. Provided nevertheless that in case, which the Board in its discretion considers to be special cases and in such cases only, it shall be lawful for the Board to dispense with the production of probates or letters of administration or such other legal representations upon such terms as to indemnity, publication of notice or otherwise as the Board may deem fit. | ||||||
Board may require evidence of transmission | 62) | Any person becoming entitled to shares in consequence of the death, lunacy bankruptcy or insolvency of any member or by any lawful means other than by a transfer in accordance with these presents, may , with the consent of the Board (which the Board shall not be under any obligation to give), upon producing such evidence that he sustains the character in respect of which he proposes to act under the Article, or of his title, as the Board of Directors think sufficient, be registered as a member in respect of such shares, or may, subject to the regulations as to transfer hereinabove contained, transfer such shares. This clause is hereinafter referred to as the transmission clause. | Company not liable for disreged of notice prohibiting registration of a transfer |
63) | Every transmission of a share shall be verified in such manner as the Directors may require and the Company may refuse to register any such transmission until the same be so verified or until or unless an indemnity be given to the Company with regard to such registration which the Directors at their discretion shall consider sufficient, provided nevertheless that there shall not be any obligation of the Company or the Directors to accept any indemnity. | |||||||
64) | The Company shall incur no liability or responsibility whatever in consequence of its registering or giving any effect to any transfer of shares, made or purporting to be made by any apparent legal owner thereof (as shown or appearing in the Register) to the prejudice of a person having or claiming any equitable right, title or interest to or in the said shares not withstanding that the Company may have had notice of such equitable right, title or interest, or notice prohibiting registration of such transfer and may have entered such notice referred hereto in any book or record of the Company, and the Company shall not be bound or required to regard or to attend or give effect to any notice which may be given to it of any equitable right, title or interest, or be under any liability whatsoever for refusing or neglecting so to do, notwithstanding that the notice may have been entered in or referred to in some book or record of the Company, but the Company shall nevertheless, be at liberty to regard and attend to any such notice, and give effect thereto if the Board of Directors shall so think fit. | Transfer of Debentures | ||||||
65) | The Board may in its absolute discretion refuse applications for the sub-division of share certificates, debenture or bond certificates into denominations of less than the marketable lot except when such sub-divisions is required to be made to comply with a statutory provision or an order of a competent court of law. | |||||||
66) | The provisions of these articles shall mutatis mutandis apply to the transfer of debentures and other securities of the Company or transmission thereof by operation of law. | |||||||
CONVERSION OF SHARES INTO STOCK | ||||||||
67) | The Company may, be ordinary resolution :- | |||||||
(a) | convert any paid-up shares into stock; and | |||||||
(ii) | reconvert any stock into paid-up shares of any denomination. |
b) | The holders of stock may transfer the same or any part thereof in the same manner as, and subject to the same regulations under which, the shares from which the stock arose might before the conversion have been transferred, or as near thereto as circumstances admit; Provided that the Board may, from time to time, fix the minimum amount of stock transferable, so however, that such minimum shall not exceed the nominal amount of the shares for which the stock arose. | |||||||
c) | The holders of stock shall, according to the amount of stock held by them, have the same rights, privileges and advantages as regards dividends, voting at meetings of the Company, and other matters, as if they held the shares form which the stock arose; but no such privilege or advantage (except participation in the dividends and profits of the Company and in the assets on winding-up) shall be conferred by an amount of stock which would not, if existing in shares, have conferred that privilege or advantage. | |||||||
d) | Such of the Regulations of the Company (other than those relating to share warrants), as are applicable to paid-up shares shall apply to stock and the words, share and shareholder in those regulations shall include stock and stockholder respectively. | |||||||
JOINT HOLDERS | ||||||||
68) | (a) | Where two or more persons are registered as the holders of any shares they shall be deemed to hold the same as joint tenants with benefits of survivorship. | ||||||
(b) | The Company shall be entitled to decline to register more than 3 persons as the joint holders of any share. | |||||||
(c) | The joint holders of any share shall be liable severally as well as jointly for and in respect of all calls and other payments which ought to be made in respect of such share. | |||||||
Power to Borrow | (d) | On the death of any such joint holders the survivor or survivors shall be the only person or persons recognised by the Company as having any title to the share but the Directors may require such evidence of death as they may deem fit and nothing therein contained shall be taken to release the estate of a deceased joint holder from any liability on shares held by him jointly with any other person. | ||||||
(e) | Any one of such joint holders may give effectual receipts for any dividends or other moneys payable in respect of such shares. | |||||||
(f) | Only the person whose name stands first in the Register of Members as one of the joint holders of any share shall be entitled to delivery of the certificate relating to such share or to receive notice (which expression shall be deemed to include all documents | |||||||
BORROWING POWERS | ||||||||
69. | The Directors may, from time to time, by a resolution passed at a meeting of the Board and not by circulation, borrow moneys for the purpose of the Company. Provided that the Directors shall not borrow moneys except with the approval of the Company in General Meeting, where moneys to be borrowed together with the money already borrowed by the Company, apart from temporary loans obtained in its ordinary course of business and except as otherwise provided hereafter, shall exceed the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose. Provided that:- | |||||||
(i) | nothing contained hereinabove shall apply to any sums of moneys borrowed by the Company from any other banking companies or from the Reserve Bank, State Bank of India or any other banks established by or under any law for the time being in force; and | |||||||
(ii) | acceptance by the Company in the ordinary course of business of deposits of money shall not be deemed to be borrowing of moneys by the Company for the purpose aforesaid. | |||||||
Terms of issue of debentures | (iii) | the expression temporary loans means loans repayable within six months from the date of the loan. | ||||||
70. | Subject to the provisions of the Act and the Banking Regulation Act, 1949, and these Articles the Directors may raise and secure the payment of such sum or sums in such manner and upon such items and conditions in all respects as they think fit and in particular by the issue of bonds or redeemable debentures of debenture-stock, or any mortgage or charge or other security on the undertaking of the whole or any part of the property of the Company (both present and future). Provided however that the Company shall not create: | |||||||
(a) | Charge upon any unpaid capital of the Company; |
71. | Any debenture stock or other securities may be issued at a discount, premium or otherwise and may be issued on condition that they shall be convertible into shares of any denomination, and with any privileges and conditions as to redemption, surrender, drawing, allotment of shares and attending general meeting of the Company and the right to appoint Directors and others. Debentures carrying the right of conversion into or allotment of shares may be issued to the Public Financial Institution, specified by the Central Government in the Rules framed pursuant to clause (a) of the proviso to sub-clause (3) of section 81 of the Act provided that the terms of issue of such debentures is in the said rules. Provided however that Debentures carrying the right of conversion into or allotment of shares shall not be issued to anyone except with the consent accorded by the Bank in General Meeting. This Article has been amended vide special resolution passed at 2nd Annual General Meeting held on 14th August, 1996. | Indemnity may be given | ||||||
72. | Any bonds, debenture stock or other securities issued or to be issued by the Company shall be under the control of the Directors who may issue them upon such terms and conditions and in such manner and for such consideration as they shall consider to be for the benefit of the Company | |||||||
73. | Debentures, debenture stock, bond or other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued . | Annual General Meetings | ||||||
74. | If the Directors or any of them or any other person shall become personally liable for the payment of any sum primarily do from the Company, the Directors may execute or cause to be executed any mortgage, charge or security to secure the Directors or person so becoming liable a aforesaid from and loss incase of such liability. (Article 74 deleted vide special resolution passed at the Extraordinary General Meeting held on October 24, 1994) | |||||||
75. | The Directors shall cause a proper register to be kept in accordance with the provisions of Section 143 of the Act of all mortgages and charges specifically affecting the property of the Company, and shall duly comply with requirements of the said Act in regard to registration of mortgages and charges and of copies of instruments creating charges. Such sum as may be prescribed by the Act shall be payable by any person other than a creditor or Member of the Company for each inspection of the Register of Charges. | Right to attend General Meetings | ||||||
GENERAL MEETING |
Reports, Statements and Registers to be laid on the table | |||||||
76. | The Annual General Meeting shall be held in accordance with section 166 of the Act and shall be called for a time during business hours, on a day this is not a public holiday and shall be held either at the registered Office of the Company or at some other place within the city or town in which the Registered Office of the Company is situated as the Board of Directors may determine and the notice calling the meeting shall specify it as the Annual General Meeting. | |||||||
77. | Every member of the Company shall be entitled to attend every General Meeting either in person or by proxy; and the Auditor of the Company shall have the right to attend and to be heard at any General Meeting on any part of the business which concerns him as Auditor. | Distinction between Ordinary & Extraordinary General Meeting | ||||||
78. | At every Annual General Meeting of the Company there shall be laid on the table the Directors Reports and Audited Statement of Accounts, Auditors Report (if not already incorporated in the audited statement of accounts), the proxies lodged and the Register of Directors holdings maintained under Section 307 of the Act. The Auditors Report shall be read before the Company in General Meeting and shall be open to inspection by any member of the Company. | Who may call an Extraordinary General Meeting | ||||||
79. | All General Meeting other than Annual General Meeting shall be called Extraordinary General meetings. | Calling of extraordinary General Meeting on requisition | ||||||
80. | The Board may, whenever it thinks fit, call an Extraordinary General Meeting. If at any time there are not within India Directors capable of acting who are sufficient in number to form a quorum, any Director or any two members of the Company may call an Extraordinary General Meeting in the same manner as nearly as possible, as that in which such a meeting may be called by the Board at such time and place as it or they may determine. | Notice of Meeting |
81. | The Board of Directors of the Company shall on the requisition of such number of members of the Company as is specified in sub-section (4) of Section 169 of the Act, forthwith proceed duly to call an Extraordinary General Meeting of the Company, and in respect of any such requisition and of any meeting to be called pursuant thereto, all the other provisions of section 169 of the Act and of any statutory modification or reenactment thereof for the time being shall apply. | |||||||||
Contents of Notice | 82. | A General Meeting of the Company may be called by giving not less than 21 days notice in writing. However, a General Meetings may be called after giving a shorter notice than 21 days, if consent is accorded thereto :- | ||||||||
(i) | in the case of any Annual General Meeting, by all the members entitled to vote thereat; and | |||||||||
Special Business | (ii) | in the case of any other meeting, by members of the Company holding not less than 95 percent of such part of the paid-up share capital of the Company as gives them a right to vote at that meeting. | ||||||||
Provided that where any members of the Company are entitled to vote only on some resolution or resolutions to be passed at the meeting and not on the others, those members shall be taken into account for the purpose of this Article in respect of the former resolution or resolution but not in respect of the latter. | ||||||||||
83. | Every notice of a meeting of the Company shall specify the place, the date and hour of the meeting, and shall contain a statement of the business to be transacted thereat. No General Meeting, Annual or Extraordinary, shall be competent to enter upon, discuss or transact any business which has not been specifically mentioned in the notice or notice convening the same. | |||||||||
84. | (a) | In the case of Annual General Meeting all business to be transacted at the meeting shall be deemed special, with the exception of business relating to:- | ||||||||
Service of Notice | (i) | the consideration of the Account, balance Sheet and Profit and Loss Account and the Report of the Board of Directors and of the Auditors; | ||||||||
(ii) | the declaration of a dividend; | |||||||||
(iii) | the appointment of Directors in the place of those retiring; and | |||||||||
(iv) | the appointment of and fixing of the remuneration of the Auditors; | |||||||||
In the case of any other general meeting all business shall be deemed special. | ||||||||||
(b) | Where any items of business to be transacted at the meeting are consist of the according of approval to any document, the time and place where the document can be inspected shall be specified in the statement aforesaid. | |||||||||
Notice to be given to the Auditors
Omission to give notice not to invalidate meeting
Resolutions requiring Special Notice |
85. | A document may be served by the Company on any member thereof either personally, or by sending it by post to him to his registered address, or if he has registered address in India, to the address, if any, within India supplied by him to the company for the giving of notice to and serving of documents on him. Notice shall be given to the persons entitled to the share in a pre-paid letter, addressed to them by name or by the title of the representative of the deceased or assignees of the insolvent or by any like description, at the address in India, if any, supplied for the purpose by the persons claiming to be so entitled or until such an address has been so supplied, by giving the notice in any manner in which it might have been given if the death or insolvency had not occurred. Provided that where the notice of a meeting is given by advertising the same in a newspaper circulating in the neighborhoods of the Registered Office of the Company under subsection(3) of section 53 of the Act, the explanatory Statement need not be annexed to the Notice as required by Section 173 of the Act, but it shall be mentioned in the advertisement that the statement has been forwarded to the members of the Company. |
86. | Notice of every meeting of the Company shall be given to the Auditor or Auditors for the time being of the Company in the manner set out in Article 82 for giving notice to any members of the Company. | Quorum | ||||||||
87. | The accidental omission to give notice of any meeting to or the non-receipt of any notice by any member or other persons to whom it should be given shall not invalidate the proceedings at the meeting. | Chairman of General Meeting | ||||||||
88. | Where by any provision contained in the Act or in these Articles, special notice is required of any resolution, notice in respect of the same shall be given to the Company and by the Company as provided in Section 190 of the Act. | |||||||||
PROCEEDING OF GENERAL MEETINGS | ||||||||||
89. | Five members personally present shall be a quorum for a General Meeting. No business shall be transacted at any General Meeting unless the requisite quorum shall be present at the commencement of the meeting. | |||||||||
90. | The Chairman of the Board of Directors shall be entitled to take the chair at every General Meeting. If there be no such Chairman or if at any meeting he shall not be present within fifteen minutes after the time appointed for holding such meeting or is unwilling to act, the Directors present may choose one of themselves to be chairman and in default of their doing so, the members present shall choose a Director as Chairman and if no Director is present or if all the Directors present decline to take the chain the members present shall choose one of themselves to be chairman. If a poll is demanded on the election of the Chairman, it shall be taken forthwith in accordance with the provisions of these Articles, the Chairman elected on a show of hands exercising all the powers of the Chairman for the purpose of conducting the poll, under the said provisions. If some other person is elected Chairman as a result of the poll, he shall be Chairman for the rest of the meeting. | If Quorum not present meeting when to be dissolved and when to be adjourned. Demand for poll
How questions to be decided at meeting | ||||||||
91. | If within half an hour from the time appointed for holding the meeting of the Company a quorum is not present, the meeting if convened upon the requisition of members as aforesaid shall stand dissolved, but in any other case it shall stand adjourned to the same day in the next week, at the same time and place or to such other day, time and place as the Board may determine, If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, those members who are personally present shall form the quorum. | Chairmans declaration of result of Voting by show of hands to be conclusive
Demand for poll | ||||||||
92. | Every question submitted to a General Meeting and every resolution put to the vote of a General Meeting shall, unless a poll is demanded as hereafter provided, be in the first instance decided by a show of hands. | |||||||||
93. | A Declaration by the Chairman that on a show of hands a resolution has or has not been carried either unanimously or by a particular majority, and an entry to that effect in the books containing the Minutes of the proceedings of the meeting, shall be conclusive evidence of the fact, without proof of the number of proportion of the votes cast in favour of or against such resolution. | |||||||||
94. | (a) | Before or on the declaration of the result of the voting on any resolution on a show of hands, a poll may be ordered to be taken by the Chairman of the meeting of his own motion, and shall be ordered to be taken by him on demand made in that behalf by the person or persons specified below, that is to say, by any member or member present in person or by proxy and holding shares in the Company- | Time of taking poll | |||||||
(i) | which confers a power to vote on the resolution not being less than one-tenth of the total voting power in respect of the resolution or. |
(ii) | On which an average aggregate sum of not less than fifty thousand rupees has been paid-up. | |||||||||
(b) | The demand for a poll may be withdrawn at any time by the persons or persons who made the demand. | Power to adjourn General Meeting | ||||||||
95. | (a) | A poll demanded on any other question of adjournment shall be taken forthwith. | ||||||||
Other business may proceed notwithstanding demand of poll
Right of member to use his votes differently |
(b) | A poll demanded on any other question ( not being a question relating to the election of Chairman) shall be taken at such time not being later than forty eight hours from the time when the demand was made as the Chairman may direct. | ||||||||
Scrutineers at poll | 96. | The Chairman of a General Meeting may, with the consent of the meeting, adjourn the same from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than business left unfinished at the meeting at which the adjournment took place. When a meeting is adjourned for more than thirty days, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid, it shall not be necessary to give any notice of the adjournment or of the business to be transacted at an adjourned meeting. | ||||||||
97. | The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which a poll has been demanded. | |||||||||
Chairmans decision conclusive on vote on poll | 98. | On a poll taken at a meeting of the Company, a member entitled to more than one vote, or his proxy or other person entitled to vote for him, as the case may be, need not if he votes, use all his votes or cast in the same way all the votes he uses. | ||||||||
99. | (a) | Where a poll is to be taken, the Chairman of the meeting shall appoint two scrutineers to scrutinise the votes given on the poll and to report thereon to him. | ||||||||
(b) | The chairman shall have powers, at any time before the result of the poll is declared, to remove a scrutineer from office and to fill vacancies in the office of scrutineers arising form such removal or from any other cause. | |||||||||
(c) | Of the two scrutineers, one shall always be a member (not being an officer or employee of the Company) present at the meeting, provided such a member is available and willing to be appointed. | |||||||||
100. | (a) | The Chairman of any meeting shall be the sole judge of the validity of every vote tendered at such meeting by show of hands. The chairman present at the time of taking of a poll shall be the sole judge of the validity of every vote tendered at such poll. | ||||||||
Resolution passed at adjourned meeting | (b) | (i) | Subject to the provisions of the Act, the Chairman of the meeting shall have power to regulate the manner in which the poll shall be taken. | |||||||
(ii) | The result of the poll shall be deemed to the decision of the meeting on the resolution on which the poll was taken. |
|||||||||
Registration of certain Resolutions and Agreements | (iii) | in the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the Meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a casting vote in addition to his own vote or votes to which he may be entitled as a Member. | ||||||||
101. | The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded. |
102. | Where a resolution is passed at an adjourned meeting of: | |||||||
(a) | the Company; or | |||||||
(b) | the holders of any class of shares in the Company, the resolution shall , for all purposes, be treated as having been passed on the date on which it was in fact passed and shall not be deemed to have been passed at any earlier date. | |||||||
103. | A copy of each of the following resolutions together with a copy of the statement of material facts annexed under Section 173 to the notice of the meeting in which such resolution has been passed or agreements shall, within thirty days after the passing or making thereof, be printed or typewritten and duly certified under the signature of an officer of the Company and filed with the Registrar | |||||||
(a) | Special Resolutions: | |||||||
(b) | Resolutions which have been agreed to by all the members of the Company but which, if not so agreed to could not have been effective for their purpose unless they had been passed as Special Resolutions: | |||||||
(c) | Resolutions of the Board or agreements relating to the appointment, re-appointment or the renewal of the appointment or variations of the terms of appointment of a Managing Director; | |||||||
(d) | Resolutions or agreements which have been agreed to by all the members of any class of shareholders but which, if not so agreed to, would not have been effective for their purpose unless they had been passed by some particular majority and all resolutions or agreements which effectively bind all the members of any class of shareholders though not agreed to by all those members; | |||||||
(e) | Resolutions requiring the Company to be wound up voluntarily passed in pursuance of sub-section (1) of Section 484 of the Act; | |||||||
(f) | resolutions passed by the Company according consent to the exercise by its Board of Directors of any of the powers under clause (a), clause (d) and clause (e) of subsection (1) of Section 293 of the Act; | |||||||
(g) | resolutions passed by the Company approving the appointment of sole selling agents under Section 294 and 294 AA of the Act; and | |||||||
(h) | copies of the terms and conditions of appointment of sole selling agent appointed under Section 294 or of a sole selling agent or other person appointed under Section 294 AA. | Minutes of General Meeting | ||||||
A copy of every Resolution which has the effect of altering the Articles of Association of the Company and a copy of every Agreement referred to in the above sub-clauses (c), (d) and (e) shall be embodied in or annexed to every copy of the Articles issued after the passing of the Resolution or the making of the agreement. | ||||||||
104 | (a) | The Company shall cause minutes of all the proceedings of every General Meeting to be kept by making within thirty days of the conclusion of every such meeting concerned, entries thereof in books kept for that purpose with their pages consecutively numbered. | ||||||
(b) | Each page of every such book shall be initiated or signed and the last page of the record of proceedings of each meeting in such books shall be dated and signed by the Chairman of the same meeting within the aforesaid period of thirty days, or in the event of the death or inability of that Chairman, within that period by a Director duly authorized by the Board for the purpose. | |||||||
(c) | In no case the minutes or proceedings of a meeting shall be attached to any such book or aforesaid by pasting or otherwise. |
(d) | The minutes of each meeting shall contain a fair and correct summary of the proceedings thereat. | |||||||
(e) | All appointments of officers made at any meeting aforesaid shall be included in the minutes of the meeting. | |||||||
Inspection of Minutes Books of General Meetings | (f) | Nothing herein contained shall require or be deemed to require the inclusion in any such minutes of any matter whatsoever and in particular a matter which in the opinion of the Chairman of the meeting(s) (a) is or could reasonably be regarded as, defamatory of any person, or (b) is irrelevant or immaterial to the interests of the Company. The Chairman of the meeting shall exercise an absolute discretion in regard to the inclusion or non-inclusion of any matter in the minutes on the aforesaid grounds or otherwise. | ||||||
(g) | Any such minutes shall be evidence of the proceedings recorded therein. | |||||||
Votes may be given by proxy or attorney | (h) | The book containing the minutes of proceedings of General Meetings shall be kept at the office of the Company and shall be open during business hours, for such periods not being less in the aggregate than two hours in each day as the Directors determine, to the inspection of any member without charge. | ||||||
Number of Votes to which members entitled | 105. | The books containing the aforesaid minute shall be kept at the Registered Office of the Company and be open to the inspection of any member without charge during the hours 11.00 a.m. to 1.00 p. m. on any working day and any member shall be furnished with a copy of any minutes referred to above in accordance with the terms of Section 196 of the Act. | ||||||
No voting by proxy on show of hands |
VOTES OF MEMBERS | |||||||
106. | Subject to the provisions of the Act and these Articles, votes may be given either personally or by an attorney or by proxy or, in the case of a body corporate, by a representative duly authorised under Section 187 of the Act. | |||||||
107. | Subject to any rights or restrictions for the time being attached to any class or classes of shares :- | |||||||
(a) on a show of hands, every member present in person shall have one vote; and (b) on a poll, the voting rights of members shall be as laid down in Section 87 of the Act. Provided however that the voting rights shall be subject to the restrictions imposed under Section 12 (2) of the Banking Regulation Act, 1949 as amended. | ||||||||
108. | No member not personally present shall be entitled to vote on a show of hands unless such member is represented by an Attorney or unless such member is a body corporate present by a representative duly authorised under Section 187 of the Act in which case such Attorney or representative may vote on a show of hands as if he were a member of the Company. | |||||||
Votes in respect of Shares of deceased and bankrupt membes | 109. | A member of unsound mind, or in respect of whom an order has been made by any Court having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee or other legal guardian and any such committee or guardian may, on a poll, vote by proxy. | ||||||
Joint holder | 110. | A body corporate (whether a company within the meaning of the Act or not) may if it is Member duly authorised by a resolution of its Directors or other governing body, appoint a person to act as its representative at any meeting in accordance with the provisions of section 187 of the Act. the Production at the meeting in accordance with the provisions of Section 187 of the Act. The production at the meeting of a copy of such resolution duly signed by one Director of such body corporate or by a member of its governing body and certified by him as being a true copy of the resolution shall on production at the meeting be accepted by the Company as sufficient evidence of the validity of his appointment. |
111. | Any person entitled under the transmission clause (Article 62 hereof) to transfer any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that at least forty-eight hours before the time of holding the meeting or adjourned meeting , as the case may be, at which he proposes to vote, he shall satisfy the Board of Directors or any persons authorised by the Board of Directors in that behalf of his right to transfer such shares, or the Directors shall have previously admitted his right to transfer such shares or his right to vote at such meeting in respect thereof. | Instrument appointing proxy | ||||||
112. | Where there are any joint registered holders of any share any one of the joint holders may vote at any meeting either personally or by an Attorney duly authorised under a power of attorney or by proxy in respect of such share as if he were solely entitled thereto; and if more than one of such joint holders be personally present at any meeting then one of the said persons so present whose name stands first or higher in the Register in respect of such share shall be entitled to vote in respect thereof. | |||||||
113. | (a) Any member of the Company entitled to attend and vote at a meeting of the Company shall be entitled to appoint any other person (whether a member or not) as his proxy to attend and vote instead of himself, but a proxy so appointed shall not have any right to speak at the meeting. | Members right to appoint proxy to be stated in notice | ||||||
(b) the instrument appointing the proxy shall be in writing under the hand of the appointees or of his Attorney duly authorised in writing or if such appointer is a corporation, under its common seal or be signed by an officer or an attorney duly authorised by it. A person may be appointed a proxy though he is not a member of the Company, but such proxy shall not have any right to speak at any meeting. | Instrument appointing proxy to be stated in notice | |||||||
114. | Every notice convening a General Meeting of the Company shall state that a member entitled to attend and vote at the meeting is entitled to appoint proxy to attend and vote instead of himself and that a proxy need not be a member of the Company. | When vote by proxy valid though authority revoked | ||||||
115. | The instrument appointing a proxy and the power of Attorney or other Authority (if any) under which it is signed or a materially certified copy of that power of authority shall be deposited at the Registered Office of the Company not less than forty-eight hours before the time for holding the meeting at which the person named in the instrument proposes to vote, and in default the instrument of proxy shall not be treated as valid. | Form of proxy | ||||||
116. | A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death of the principal revocation of the proxy or transfer of the share in respect of which the vote is given provided no intimation in writing of the death, revocation or transfer shall have been revived at the Registered Office of the Company or by the Company or by the Chairman of the meeting at which the vote is given. | Time and place to inspect the proxies lodged | ||||||
117. | Every instrument of proxy whether for a specified meeting or otherwise shall, as nearly as circumstances shall admit, be in any of the forms set out in Schedule IX of the Act. | No member entitled to vote when any call due to Company | ||||||
118. | Every member entitled to vote at a meeting of the Company according to the provisions of these Articles on any resolution to be moved thereat shall be entitled during the period beginning twenty-four hours before the time fixed for the commencement of the meeting and ending with conclusion of the meeting, to inspect the proxies lodged, at any time during the business hours of the Company, provided not less than three days notice in writing of the intention so to inspect is given to the Company. | Directors | ||||||
119. | No member shall be entitled to vote at any General Meeting either personally or by proxy or as proxy for another member or be reckoned in a quorum while any call or other sum shall be due and payable to the Company in respect of any of the shares of such member or in respect of any shares on which the Company has or had exercised any right of lien. | First Directors |
DIRECTORS | ||||||
No share qualification
Non-retiring Directors |
120. | Until otherwise determined by the General Meeting the number of Directors shall not be less than 3 (three) or more than 15 (fifteen) excluding the Debenture Directors (if any). The Board of Directors shall include persons with professional and other experience as required under the Banking Regulation Act, 1949. | ||||
121. | The persons hereinafter named are the First Directors of the Company:- | |||||
a) Mr. Deepak Shantilal Parekh | ||||||
b) Mrs. Shobha Singh Thakur | ||||||
c) Mr. Deepak Madhav Satwalekar | ||||||
Debenture Director | 122. | A Director shall not be required to hold any shares to qualify him to act as a Director of the Company. | ||||
123. | Subject to the provisions of the Banking Regulation Act, 1949, one third of the total number of Directors of the Company may be non-retiring Directors. | |||||
124. | The Board shall with the approval of the Company in General Meeting appoint the nonretiring Directors from persons nominated by HDFC, so long as HDFC , its subsidiary or any other Company promoted by HDFC, either singly or in aggregate holds not less than 20% of the paid-up Equity share Capital in the Company. | |||||
Appointment of Alternate Director | 125. | If it is provided by any Trust Deed, securing or otherwise, in connection with any issue of debentures of the Company, that any person or persons shall have powers to nominate a Director of the Company, then in the case of any and every such issue of debentures, the person or persons having such power may exercise, such power from time to time and appoint a Director accordingly. Any Director so appointed is hereinreferred to as a Debenture Director. A Debenture Director may be removed from office at any time by the person or persons in whom for the time being is vested the power under which he was appointed and another Director may be appointed in his place. A Debenture Director shall not be bound to hold any qualification shares nor shall he be liable to retire by rotation. | ||||
Appointment of Additional Directors and filling of causal vacancy
Remuneration of Directors |
126. | The Board of Directors of the Company may appoint an Alternate Director to act for Director (hereinafter called the original Director) during his absence for a period of not less than three months from the State in which the meetings of Board are ordinarily held and such appointment shall have effect and such appointee, whilst he holds office as an Alternate Director shall be entitled to notice of meetings of the Directors and to attend vote thereat accordingly. An Alternate Director appointed under this Article shall not hold office as such for a period longer than that permissible to the original Director in whose place he has been appointed and shall vacate office if and when the original Director returns to the State in which the meetings of the Board are ordinarily held. If the term of office of the Original Director is determined before he returns to the State in which the meetings of Board are ordinarily held Any provisions in the Act or in these Articles for the automatic re-appointment of retiring Director in default of another appointment shall apply to the original Director and not to the Alternate Director. | ||||
127. | Subject to and in accordance with the provisions of Section 260 and 262 of the Act, the Directors shall have power at any time to appoint any person as a Director either as an addition to the Board or to fill a casual vacancy but so that the total number of Directors shall not exceed the maximum fixed by the Articles. |
128. | Subject to the provisions of Sections 198, 309, 310 and 311 of the Act, the remuneration and traveling and other expenses payable to the Directors of the Company may be hereinafter provided :- | |||||||||
(a) | Each Director shall be paid out of the funds of the Company a remuneration by way of fee, of such sum for each meeting of the Board of Directors or Committee of the Board attended by him as may be determined by the Board from time to time within the limits prescribed by the Act or Central Government from time to time. | |||||||||
(b) | In addition to the remuneration payable as above, the Director who is not a bonafide resident of the place where a meeting is held and who shall come to such place for the purpose of attending the meeting shall be reimbursed such sum as the Board may consider fair compensation for traveling, hotel, and other incidential expenses incurred by him in attending and returning from the meetings of the Board of Directors or any Committee thereof or General Meetings of the Company. | |||||||||
(c) | A Director including a part time Chairman who is neither in the whole time employment of the Company nor a Managing Director, if called upon and willing to render extra services whether of a professional or non-professional nature may be paid remuneration either by way of monthly, quarterly or annual payment or by way of commission, as may be determined by the Board, subject to the provisions of the Act, and such remuneration may be in addition to the remuneration payable under sub-clause(a) above. | Directors may act notwithstanding vacancy | ||||||||
(d) | In addition to the remuneration payable under sub-clause (c) above, any Director referred to therein shall be reimbursed such sum as the Board may consider fair compensation for traveling, hotel and other incidential expenses incurred by him in connection with the business of the Company. | When office of Director to be vacated | ||||||||
129 | The continuing Directors may act notwithstanding any vacancy in the Board, but if and so long as their number is reduced below the quorum fixed by the Act for a meeting of the Board, the continuing Director or Directors may act for the purpose of increasing the number of Directors to that fixed for the quorum, or for summoning a General Meeting of the Company, but for no other purpose. | |||||||||
130 | (1) | Subject to the provisions of Section 283(2) of the Act the office of a Director shall become vacant if :- | ||||||||
(a) | he is found to be of unsound mind by a court of competent jurisdiction; or | |||||||||
(b) | he applies to be adjudicated as an insolvent; or | |||||||||
(c) | he is adjudged an insolvent; or | |||||||||
(d) | he fails to pay any call in respect of shares of the Company held by him, whether alone or jointly with others within six months from the last date fixed for the payment of the call unless the Central Government has by notification in the Official Gazettee, removed the disqualification incurred by such failure or | |||||||||
(e) | he or any of his relatives or partners or any firm of which he or may of his relatives is a partner or any private Company of which he is a Director or Member, accepts or holds any office or place of profit under the Company, other than that of Managing Director or Manager or Banker or Trustee for the holders of Debentures of the Company, except with the consent of the Company accorded by a Special Resolution and the approval of the Central Government wherever necessary as required by Section 314 of the Act; or |
(f) | he absents himself from three consecutive meetings of the Board of Directors or from all meetings of the Board of Directors for a continuous period of three months, whichever is longer, without obtaining leave of absence from the Board of Directors; or | |||||||||
(g) | he becomes disqualified by an Order of the Court under Section 203 of the Act; or (h) he is removed in pursuance of Articles 142 or Section 284 of the Act; or (i) he (whether by himself or by any person for his benefit or on his account) or any firm in which he is a partner or any private Company of which he is a Director accepts a loan, or any guarantee or security for a loan from the Company in contravention of Section 295 of the Act; or | |||||||||
(j) | he acts in contravention of Section 299 of the Act and by virtue of such contravention shall have been deemed to have vacated office; or | |||||||||
(k) | he is convicted by a Court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months; or | |||||||||
(l) | he having been appointed a Director by virtue of his holding any office or other employment in the Company, ceases to hold such office or other employment in the Company, as the case may be; or | |||||||||
(m) | he becomes disqualified under the Banking Regulation Act, 1949 or any other law. | |||||||||
Loans to Directors | (2) | Subject to the provisions of the Act a Director may resign his office at any time by notice in writing addressed to the Company or to the Board of Directors. | ||||||||
Provisions of certain Sections of the Act to apply
Directors may contract with Company |
131 | A Director of the Company may be, or become a Director of any Company promoted by this Company, or in which it may be interested as a Vendor, member or otherwise subject to the provisions of any law in force and these presents, and no such Director shall be accountable for any benefits received as Director or member of such Company. | ||||||||
132 | The Company shall observe the restrictions imposed in the matter of grant of loans to Directors and other persons as provided in Section 295 of the Act and the Banking Regulations Act, 1949. | |||||||||
133 | The provisions contained in Sections 292, 293, 294, 295, 297, 299, 300, 370 and 372 shall be complied with in regard to the matters referred to therein. | |||||||||
134 | (a) | Subject to the provisions of Section 297 of the Act and the Banking Regulation Act, 1949, no Director shall be disqualified by reason of his office from contracting with the Company either as vendor, purchasers, agent or otherwise, not shall any such contract or arrangement entered into by or on behalf of the Company in which any Director shall be in any way interested be avoidable nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised as a result of or in pursuance of any such contract or arrangement by reason only of such Director holding that office, or of the fiduciary relation thereby established. | ||||||||
(b) | Every Director who is in any way whether directly or indirectly concerned or interested in any contract or arrangement or proposed contract or arrangement entered into or to be entered into by or on behalf of the Company shall disclose the nature of his concern or interest at a meeting of the Board of Directors or as provided by Clause (d) of this Article. | |||||||||
(c) | (i) | in the case of a proposed contract or arrangement the disclosure required to be made by a Director under clause (b) above, shall be made at a meeting of the Board at which the question of entering into the contract or arrangement is first taken into consideration, or if the Director was not at the date of the meeting, concerned or interested in the proposed contract or arrangement at the first meeting of the Board held after he becomes so concerned or interested. |
(ii) | in the case of any other contract or arrangement the required disclosure shall be made at the first meeting of the Board held after the Director becomes concerned or interested in the contract or arrangement. | |||||||||
(d) | For the purpose of this Article, a general notice given to the Board of Directors by a Director to the effect, that he is a Director or member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement that may after the date of the notice be entered into with that body corporate or firm shall be deemed to be sufficient disclosure of concern or interest in relation to any contract or arrangement to be made. Any such general notice shall expire at the end of the financial year in which it is given but may be renewed for a further period of one financial year at a time by fresh notice given in the last month of the financial year in which it would have otherwise expired. The general notice aforesaid and any renewal thereof shall be given at a meeting of the Board of Directors or the Directors concerned shall take reasonable steps to secure that it is brought up and read at the first meeting of the Board after it is given. | Interested Directors not to participate or vote in Boards Proceedings | ||||||||
(e) | Nothing in Clauses (b) (c) and (d) of this Article shall apply to any contract or arrangement entered into or to be entered into between the Company and any other Company where any one of the Directors of the Company or two or more of them together holds or hold not more than 2 percent of the paid-up share capital in the other Company. | |||||||||
135 | An interested Director defined in the proceeding Article shall not take any part in the discussions of, or vote on any contract or arrangement entered into, or to be entered into, by or on behalf of the Company, if he in any way, directly or indirectly, concerned or interested in the contract or arrangement; nor shall his presence count for the purpose of forming a quorum at the time of any such discussion or vote; and if he does vote, his vote shall be void; Provided that this prohibition shall not apply to :- | |||||||||
(i) | any contract of indemnity against any loss which the Directors or any one or more of them may suffer by reason of becoming or being sureties or surety for the Company; | |||||||||
(ii) | any contract or arrangement entered into with a body corporate in which the interest of the Director consists solely in his being a Director of such Company and the holder of its shares of such number or value as is requisite to qualify him for appointment as a Director thereof, he having been nominated as such Director of the company or in his being a member holding not more than two percent of the paid-up share capital of such Company; (Amended vide special resolution passed at the Extraordinary General Meeting held on October 24, 1994) | Retirement of Directors by rotation | ||||||||
(iii) | in case a notification is issued under sub-section (3) of Section 300 of the Act to the extent specified in the notification. | Ascertainment of Directors retiring by rotation and eligibility for re-appoiontment | ||||||||
ROTATION OF DIRECTORS | ||||||||||
136 | (a) | Two-thirds of the total number of Directors of the Company shall be persons whose period of office is liable to determination by retirement of Directors by rotation and save as otherwise expressly provided in the Act and these Articles, be appointed by the Company in General Meeting. | ||||||||
(b) | The remaining Directors shall be appointed in accordance with the provisions of these Articles. | Company to appoint successors |
137 | (a) | Atevery General Meeting of the Company one-third of such of the Directors for the time being as are liable to retire by rotation, or if their number is not three or a multiple of three, then the number nearest to one-third shall retire from office. Special Directors, Managing Director or any whole-time Directors, if any, shall not be subject to retirement under this Article and shall not be taken into account in determining the number of Directors to retire by rotation. In these Articles a Retiring Director means a Director retiring by rotation. | ||||||||
(b) | Subject to Sections 262 (2) and 284 (5) of the Act, the Directors to retire by rotation under the foregoing Article, at every Annual General Meeting shall be those who have been longest in office since their last appointment, but as between persons who become Directors on the same day, those who are to retire shall, in default of and subject to any agreement among themselves, be determined by lot. The retiring Director shall be eligible for re-appointment. | Provision in default of appointment | ||||||||
138 | Subject to Sections 257, 258, 259 and 284 of the Act, the Company at the Annual General Meeting at which a Director retires in the manner aforesaid may fill up the vacancy by appointing the retiring Director or some other person thereto. | |||||||||
139 | (a) | If the place of the retiring Director is not filled up and the meeting has not expressly resolved not to fill the vacancy, the meeting shall stand adjourned till the same day in the next week at the same time and place, or if that day is a public holiday till the next succeeding day which is not a public holiday at the same time and place. | ||||||||
(b) | If at the adjourned meeting also, the place of the retiring Director is not filled up and that meeting also has not expressly resolved not to fill the vacancy the retiring Director shall be deemed to have been re-appointed at the adjourned meeting, unless :- | |||||||||
(i) | at that meeting or at the previous meeting a resolution for the re-appointment of such Director has been put to the meeting and lost: | |||||||||
Single Resolution for the appointment of several Directors prohibited | (ii) | the retiring Director, has by a notice in writing addressed to the Company or its Board of Directors, expressed his unwillingness to be so re-appointed: | ||||||||
(iii) | he is not qualified or is disqualified for appointment. | |||||||||
Company may increase or reduce the number of Directors | (iv) | the proviso to sub-section (2) of section 263 and sub-section (3) of Section 280 of the Act is applicable to the case. | ||||||||
Removal of Directors | 140 | At a General Meeting of the Company, a motion shall not be made for the appointment of two or more persons as Directors of the Company by a single resolution, and the provisions of Section 263 of the Act in this behalf shall apply in all respects. | ||||||||
Notice of candidature for office of Directors | 141 | Subject to Sections 255 and 259 of the Act, the Company may, by Ordinary Resolution, from time to time increase or reduce the number of Directors, within the limits fixed in that behalf by these Articles. | ||||||||
142 | Subject to the provisions of Section 284 of the Act, the Company may remove any Director before the expiration of his period of office and appoint another person in his stead. The person so appointed shall hold office untill the date upto which the Director, in whose place he is appointed, would have held the same if he had not been removed. | |||||||||
143 | (a) | Subject to the provisions of the Act and these Articles any person who is not a retiring Director shall be eligible for appointment to the office of Director at any General Meeting if he or some member intending to propose him has, atleast fourteen clear days before the meeting, left at the office of the Company a notice in writing under his hand signifying his candidature for the office of Director or the intention of such member to propose him as a candidate for the office as the case may be. |
(b) | Every person (other than a person who has left at the office of the Company a notice under Section 257 signifying his candidature for the office of a Director) proposed as a candidate for the office of a Director shall sign and file with the Company, his consent in writing to act as a director if appointed. | |||||||||
(c) | A Director other than : | |||||||||
(i) | a Director re-appointed after retirement by rotation or immediately on the expiry of his term of office : or | |||||||||
Meetings of Directors | (ii) | an additional or alternative Director or a person filling a casual vacancy in the office of a Director under Section 262 of the Act, appointed as a Director or reappointed as an additional or alternative Director immediately upon the expiry of his term of office : or | When meeting to be convened | |||||||
(iii) | a person named as a Director of the Company under the Articles as first Director, shall not act as a Director of the Company unless he has within thirty days of his appointment signed and filed with the Registrar of Companies his consent in writing to act as such Director. | |||||||||
PROCEEDINGS OF THE BOARD OF DIRECTORS | ||||||||||
144 | The Directors may meet together at a Board for the despatch of business from time to time, and shall so meet atleast once in every three months and atleast four such meetings shall be held in every year. The Directors may adjourn and otherwise regulate their meetings and proceedings as they may think fit. | Quorum | ||||||||
145 | The Chairman may at any time and the Secretary or such other officer of the Company as authorised, shall, upon the request of any Director, convene a meeting of the Board of Directors. Notice of every meeting of the Directors shall be given in writing to a very Director at his usual address in India and, in the case of any Director residing abroad, such notice shall also be given by fax or telex to such Directors fax or telex number abroad. (Article 145 deleted and substituted by new Article vide special resolution passed at the Extraordinary General Meeting held on October 24, 1994). | Adjournent of Meeting for want of Quorum | ||||||||
146 | Subject to Section 287 of the Act, the quorum for a meeting of the Board of Directors shall be one-third of its total strength (excluding Directors, if any, whose place may be vacant at that time and any fraction contained in that one-third being rounded-off as one), or two Directors, whichever is higher, provided that where at any time the number of interested Directors exceeds or is equal to two-thirds of the total strength of the number of the remaining Directors, that is to say, the number of directors who are not interested and present at the meeting being not less than two, shall be the quorum during such time. | Power of Board Meeting
Directors may appoint Committees and delegate powers | ||||||||
147 | If a meeting of the Board cannot be held for want of quorum, then the meting shall stand adjourned to such day, time and place as the Director or Directors present at the meeting may fix. | Meetings of Committees | ||||||||
148 | A Meeting of the Board for the time being at which a quorum is present shall be competent to exercise all authority, powers and discretions which by or under the Act or the Articles of the Company are for the time being vested in or exercisable by the Board of Directors generally. | Resolution of Circulation | ||||||||
149 | The Directors may subject to the provisions of the Act and the Banking Regulation Act, 1949, delegate any of their powers to Committees consisting of such member or members of their body as they think fit and they may from time to time revoke such delegation. Any committee so formed shall in the exercise of the powers so delegated, conform to any regulations that may from time to time be imposed on it by the Directors. | |||||||||
150 | The meetings and proceedings of any such committee of the Board consisting of two or more members shall be governed by the provisions herein contained for regulating the meetings and proceedings of the Directors, so far as the same are applicable thereto and are not superseded by any regulations made by the directors under the last preceding Article. | Act of Board or Committee Valid notwithstanding defective appointment, etc |
151 | No resolution shall be deemed to have been passed by the Board or by a Committee thereof by circulation, unless (a) the resolution has been circulated in draft together with the necessary papers, if any, to all the Directors or to all the members of the Committee at their usual address in India, and in the case of any Director residing abroad, such papers shall also be transmitted by fax or telex to such Directors fax or telex numbers abroad, and (b) the resolution has been approved by majority of directors or members of the Committee who are entitled to vote on the resolution. (Article 151 deleted and substituted by new Article vide special resolution passed at the Extraordinary General Meeting held on October 24, 1994). | |||||||
Minutes of proceedings of Directors and Committees to be recorded | 152 | All acts done by any meeting of the Board or by a Committee of the Board, or by any person acting as a Director, shall, notwithstanding that it shall afterwards be discovered that there were some defects in the appointment of such Directors or Committee or person acting as a aforesaid, or that they or any of them were disqualified or had vacated office, or that the appointment of any of them bad been terminated by virtue of any provisions contained in the Act or in these Articles, by as valid as if every such person had been duly appointed and was qualified to be a Director and had not vacated office or his appointment had not been terminated. Provided nothing in the Article shall be deemed to give validity to acts done by a Director after his appointment has been shown to the Company to be invalid or to have been terminated. | ||||||
By whom minutes to be signed and the effect of minutes recorded | 153 | The Company shall cause minutes of the proceedings of every meeting of the Board of Directors and of every Committee of the Board to be recorded in accordance with the relevant provisions of Section 193 of the Act, within thirty days of the conclusion of every such meeting and the minutes shall contain the matters specified in the said Section. | ||||||
Registers, Books and Documents to be maintained by the Company | 154 | The minutes of all such meetings shall be signed by the Chairman by the Chairman of the respective meetings or by the Chairman of the next succeeding meeting and all minutes purported to be so signed shall for all purposes whatsoever be prima facie evidence of the actual passing of the resolutions recorded and the actual and regular transactions or occurrences of the proceedings so recorded and of the regularity of the meeting at which the same shall appear to have taken place. | ||||||
155 | The Company shall maintain the following Registers, Books and Documents, namely :- | |||||||
(a) | Register of investments not held in the Companys name according to Section 49 of the Act. | |||||||
(b) | Register of Mortgages and Charges according to Section 143 of the Act. | |||||||
(c) | Register or Members and an Index of Members according to Sections 150 and 151of the Act. | |||||||
(d) | Register of Contracts, Companies and Firms in which Directors are interested according to section 301 of the Act. | |||||||
(e) | Register and index of Debenture holders according to Section 152 of the Act. | |||||||
(f) | Register of directors according to Section 303 of the Act. | |||||||
(g) | Register of Directors Shareholdings according to Section 307 of the Act. | |||||||
(h) | Books of Account in accordance with the provisions of section 209 of the Act. | |||||||
(i) | Copy of instruments creating any charge requiring registration according to Section 136 of the Act. |
(j) | Copies of Annual Returns prepared under Section 159 of the Act together with the copies of certificates and documents required to be annexed thereof under Section 161. | |||||||
Inspection of Registers etc | (k) | Register of Renewed and Duplicate Certificates according to Rule 7 (2) of the Companies (Issue of Share Certificates) Rules, 1960. | ||||||
(l) | Foreign Register, if applicable as required by Section 157 of the Act. | |||||||
(m) | Other Registers or Books, if any as may be required to be maintained under the Banking Regulation Act, 1949. | |||||||
Power of Directors | 156 | Subject to the provisions of the Banking Regualtion Act, 1949, the said Registers, Books and Documents shall be kept open for inspection by such persons as may be entitled thereto respectively, under the Act on every working day during the hours between 11 a.m. and 1 p.m., consistent with the provisions for the Act in that behalf, and copies thereof and extracts thereform may be furnished as provided in the Act. | ||||||
POWERS OF DIRECTORS | ||||||||
157 | The management and control of the business of the Company shall be vested in the Directors who may exercise all such powers of the Company and do all such acts and things as are not by the act or any statutory modification thereof for the time being in force or by any other Act or any statutory modification thereof for the time being in force or any other Act by the Memorandum or by these Articles required to be exercised by the Company in General Meeting, subject nevertheless to any regulation of these Articles and the provisions of the Act or any statutory modification thereof for the time being in force or any other Act and to such regulations, being not inconsistent with the aforesaid regulations or provisions as may be prescribed by the Company in General Meeting but no regulation made by the Company in General Meeting shall invalidate any prior act of the Board which would have been valid if that regulation had not been made. Provided that the Board of Directors shall not, except with the consent of the Company in General Meeting : - | |||||||
(a) | Sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the Company, or where the Company owns more than one undertaking, of the whole or substantially the whole of any such undertaking : | |||||||
(b) | Remit or give time for the repayment of any debt due by a Director : | |||||||
(c) | Invest otherewise than in trust securities, the amount of compensation received by the Company in respect of compulsory acquisition of any such undertaking as is referred to in clause (a) or of any premises or properties used for any such undertaking and without which it cannot be carried on or can be carried on only with difficulty or only after a considerable time : | Contribution to Political Parties | ||||||
(d) | Borrow money in excess of the limits provided in Article 69 : | |||||||
(e) | Contribute to charitable and other funds not directly relating to the business of the Company or the welfare of its employees, any amounts the aggregate of which will, in any financial year, exceed fifty thousand rupees or five percent of its average net profits as determined in accordance with the provisions of Section 349 and 350 of the Act during the three financial years immediately preceding, whichever is greater; Provided that in respect of the matters referred to in clauses (d) or (c) every resolution passed by the Company in General Meeting shall specify the total amount upto which moneys may be borrowed by the Board under clause (d) or as the case may be, the total amount which may be contributed to charitable or other funds in any financial year under clause (e). | Certain powers to be exercised only at meetings of the Board |
158 | Notwithstanding anything contained in the Act or these Articles, neither the Company in General Meeting nor the Board shall contribute any amount to any political party or for any political purpose, to any individual or body so long as such contribution is prohibited by law. | |||||||||
159 | (1) | Without derogating from the powers vested in the Board of Directors under these Articles the board shall exercise the following powers on behalf of the Company and they shall do so only by means of resolutions passed at meetings of the Board:- | ||||||||
(a) | The power to make calls on shareholders in respect of money unpaid on their shares ; | |||||||||
(b) | The power to issue debentures ; | |||||||||
(c) | The power to borrow moneys otherwise than on debentures ; | |||||||||
(d) | The power to invest the funds of the Company ; | |||||||||
(e) | The power to make loans ; | |||||||||
Provided that the Board may by resolution passed at a meeting delegate to any Committee of Directors or to the Managing Director or/and other principal officer of the Company or to a principal officer of any of its branch offices, the powers specified in (c), (d) and (e) of this clause to the extent specified below on such conditions as the Board may prescribe. | ||||||||||
(2) | Every resolution delegating the power referred to in Clause (1) (c) shall specify the total amount outstanding at any one time upto which moneys may be borrowed by the delegates; Provided however, that where the Company has an arrangement with its Bankers for the borrowing of moneys for the day to day operations, such borrowing shall not require the sanction of the Board. | |||||||||
(3) | every resolution delegating the power referred to in Clause (1) (d) shall specify the total amount upto which the funds may be invested an the nature of the investments which may be made by the delegates. | |||||||||
Specific powers of the Board | (4) | Every resolution delegating the power referred to in clause (1) (c) shall specify the total amount upto which loans may be made by the delegatees and the purpose for which the loan may be made and the maximum amount of loans which may be made for each such purpose in individual cases. | ||||||||
(5) | Nothing contained in this Article shall be deemed to affect the right of the Company in General Meting to impose restrictions and conditions on the exercise by the Board of any of the powers referred to in (a), (b), (c), (d) and (e) of clause (1) above. | |||||||||
To pay commission and interest
To acquire property |
160 | Without prejudice to the general powers conferred by the preceding Articles and so as not in any way to limit or restrict these powers, and without prejudice to the other powers conferred by these Articles but subject to the restrictions contained in the last preceding two Articles, and the provisions of the Banking Regulation Act, 1949, the Directors shall have the following powers, that is to say, power :- | ||||||||
(a) | To pay and charge to the capital account of the Company any commission or interest lawfully payable thereat under the provisions of Sections 76 and 208 of the Act. | |||||||||
To have an official Seal abroad
To pay for property in debentures etc |
(b) | Subject to sections 292, 297 and 360 of the Act, to purchase or otherwise acquire for the Company any property, rights or privileges which the Company is authorised to acquire at or for such price or consideration and generally on such terms and conditions as they may think fit, and in any such purchase or other acquisition to accept such title as all the then previling circumstances of the case may justify in the interests of the Company. |
To insure properties | (c) | To have an official seal for use abroad. | ||||||
To open accounts | (d) | At their discretion and subject to the provisions of the Act, to pay for any property, rights or privileges acquired by or service rendered to the Company, either wholly or partly, in cash or in shares, bonds, debenture, mortgages, or other securities of the Company, and any such shares may be issued either as fully paid up and any such bonds, debentures, mortgages or securities may be either specifically charges upon all or any part of the property of the Company or not so charged. | ||||||
To secure contracts by mortgage | (e) | To insure and keep insured against loss or damage by fire or otherwise for such period and to such extent as they may think proper all or any part of the buildings, machinery, goods, stores, produce and other moveable property of the Company either separately or jointly, and to sell, assign, surrender or discontinue any policies of assurance effected in pursuance of this power. | To bring and defend actions etc | |||||
To appoint Trustees | (f) | To open accounts with any banks or financial institutions in India or abroad and to pay money into and draw money from any such account from time to time as the Directors may think fit. | ||||||
(g) | To secure the fulfilment of any contracts, agreements or engagements entered into by the Company by mortgage or charge of all or any of the property of the Company or in such manner as they may think fit. | To act in matters relating to Insolvents
To give receipts | ||||||
(h) | To appoint any person or persons (whether incorporated or not) to accept and hold in trust for the Company any property belonging to the Company, or in which it is interested, or for any other purposes and to execute and to do all such acts and things as may be required in relation to any such trust, and to provide for the remuneration of such trustee or trustees. | To invest moneys | ||||||
(i) | To institute, conduct, defend, compound or abandon, any legal proceedings by or against the Company or its officers or otherwise concerning the affairs of the Company and also to compound and allow time for payment or satisfaction of any debts due or of any claims or demands by or against the Company or any differences to arbitration and observe perform implement and enforce any awards made thereon. | To give security by way of indemnity | ||||||
(j) | To act on behalf of the Company in all matters relating to bankrupts and insolvents. | To authorise signing of receipts, cheques etc | ||||||
(k) | To make and give receipts, releases and other discharges for moneys payable to the Company and for the claim and demands of the Company. | |||||||
(l) | Subject to the provisions of Sections 292, 293 (1), 295, 369, 370, 372 and 373 of the Act, to invest and deal with any moneys of the Company upon such security (not being shares of this Company), or without security and in such manner as they may think fit, and from time to time to vary or realise such investments, save as provided in Section 49 of the Act, all investments shall be made and held in the Companys own name. | To give gratuities etc | ||||||
(m) | To execute in the name and on behalf of the Company in favour of any Director or other person who may incur or be about to incur any personal liability whether as principal or surety, for the benefit of the Company, such gurantee or indemnity as it thinks fit. (Article 160 (m) deleted and substituted by new article vide special resolution passed at the extraordinary General Meeting held on October 24, 1994). | |||||||
(n) | To determine from time to time who shall be entitled to sign, on the Companys behalf, bills, notes, receipts, acceptance, endorsements, cheques, dividend warrants, releases, contracts and documents and to give the necessary authority for such purpose. | To establish reserve funds |
(o) | To provide for the welfare of the Directors or Ex-Directors or the employees or exemployees of the Company and the wives, widows and families of the dependents of such persons, by formulating schemes including the stock option scheme, by building or contributing to the building of houses, dwelling or chawls or by grants of money pensions, gratuities, allowances, bonus(es) or other payments or by creating and from time to time subscribing or contributing to provident and other associations, institutions, funds or trusts and by providing or subscribing or contributing towards places of instruction and recreation, hospitals and dispensaries, medical and other attendance and other attendance and other assistance as the Board of Directors shall think fit; and to subscribe or contribute or otherwise to assist or to guarantee money to charitable, benevolent, religious, scientific, national or other institutions or objects or for any exhibition, or for any public, general or useful object, or purposes which in the opinion of the Board of Directors are likely to promote the interests of the business of the Company or to further its objects. | |||||||
To make appointments | (p) | Subject to the provisions of Section 205A and other applicable provisions of the Act, and rules made thereunder from time to time, before recommending any dividend, to set aside out of the profits of the Company such sums as they may think proper for depreciation or to a depreciation fund , or to an insurance fund or as a reserve fund or sinking fund or any special fund to meet contingencies or to repay debentures or debenture stock, or for special dividends or for equalising dividends or for repairing, improving, extending and maintaining any of the property of the Company and for such other purposes (including the purposes referred to in the preceding clause), as the Board of Directors may, in their absolute discretion, think conductive to the interest of the Company ; and to invest the several sums so set aside or so much thereof as required to be invested (other than in the shares of the Company) as they may think fit; and from time to time deal with and expend all or any part thereof, for the benefit of the Company, in such manner, and for such purpose as the Board of Directors, in their absolute discretion, think conducive to the interests of the Company, notwithstanding that the matters to which the Board of Directors shall apply or upon which they expend the same or any part thereof, may be matters to or upon which they expend the same or any part thereof, any be matters to or upon which they expend the same or any part thereof , may be matters to or upon which the Capital of the Company might rightly be applied or expended; and to divide the Reserve fund into such Special Fund, as the Board of Directors may think fit, and to employ the assets constituting all or any of the above funds, including the depreciation fund, in the business of the Company or in the purchase or repayment of debentures or debenture stock and that without being bound to keep the same separate from the other assets and without being to any interest on the same, with power however to the Board of Directors at their discretion to pay or allow to the credit of such funds interest at such rate as the Board of Directors may think proper. | ||||||
Local Board
Delegation of powers to Local Board etc |
(q) | To appoint and, at their discretion, remove or suspend such managers, secretaries, officers, assistants, supervisors, clerks, agents and servants for permanent, temporary or special services as they may from time to time think fit, and to determine their powers and duties, and fix their salaries, emoluments or remuneration and to require security in such instances and to such amount as they may think fit and also without prejudice as aforesaid, from time to time to provide for the management and transaction of the affairs of the Company in any specified locality in India or elsewhere in such manner as they think fit and the provisions contained in the two next following sub-clauses shall be without prejudice to the general powers conferred by this sub-clause. | ||||||
(r) | From time to time and at any time to establish any Local Board for managing any of the affairs of the affairs of the Company in any specified locality in India or elsewhere and to appoint any persons to be members of such local board or any managers or agents and to fix their remuneration. |
Power of Attorney
To enter into contracts etc |
(s) | Subject to the provisions of Section 292 of the Act and Article 157 from time to time, and at any time to delegate to any such local Board, or any member or members thereof or any managers or agents so appointed any of the powers, authorities and discretions for the time being vested in the Board of Directors and to authorise the members for the time being of any such local Board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies; and any such appointment or delegation under clase(s) of this Article may be made on such terms and subject to such conditions as the Board of Directors may think fit, and the Board of Directors may at any time remove any time remove any person so appointed, and may annul or vary any such delegation. | Delegation of power
To make laws | |||||
(t) | At any time and from time to time by Power of Attorney under the Seal of the company to appoint any person or persons to the Attorney or Atterneys of the Company for such purposes and with such powers, authorities and discretions and for such period and subject to such conditions as the Board of directors may from time to time think fir. | To pay preliminary expenses
To acquire by purchase or lease, etc | ||||||
(u) | Subject to Sections 294, 297 and 300 of the Act, for or in relation to any of the matters aforesaid or otherwise for the purposes fo the Company, to enter into all such negotiations, arrangements and contracts and rescind and vary all such arrangements or contracts, and execute and do all such acts, deeds and things in the name and on behalf of the Company as they may consider expedient for or in relation to any of the matters aforesiad or otherwise for the purposes of the Company. | To erect, pull down and rebuild buildings etc
To mortgage dispose of etc. of property | ||||||
(v) | Generally subject to the provisions of the Act and these Articles, to delegate the powers, authorities and discretions vested in the Directors to any person, firm, Company or fluctuating body or persons as aforesaid. | |||||||
(w) | From time to time, to make, vary and repeal byelaws for the regulations of the business of the Company, its officers, and servants. | To attach conditions on transfer of shares issued for consideration other than cash. | ||||||
(x) | To pay costs, charges and expenses incurred, and/or to be incurred, both preliminary and incidental to the promotion, formation, establishment and registration of the Company. | |||||||
(y) | To acquire by purchase, lease or in exchange or otherwise lands, buildings, establishments, machinery, equirpment, hereditaments, rights, privileges or properties, moveable or immoveable. | Arbitration | ||||||
(z) | To erect, construct, enlarge, improve, alter, maintain, pull down, rebuild or reconstruct any buidings, offices or other structure necessary or convenient for the purposes of the Company and to acquire the lands for the purposes of the Company. | To establish funds and subscribe to these funds or other institutions, etc | ||||||
(aa) | To let, mortgage, charge, sell or otherwise dispose of subject to the provisions of Section 293 of the Act, any property of the Company either absolutely or conditionally and in such manner and upon such terms and conditions in all respects as they think fit and to accept payment or satisfaction for the same in cash or otherwise as they think fit. | |||||||
(bb) | To attach in respect of any shares to be issued as consideration or part of the consideration for any contract with or property acquired by the Company, or in payment for services rendered to the Company, such conditions, subject to the provisions of the Act, as to the transfer thereof as they may think fit. | |||||||
(cc) | To refer any claims or demands by or against the Company to arbitration and observe and perform the awards. |
(dd) | To establish and maintain or procure the establishment and maintenance of any contributory or non-contributory pension or superannuation funds for the benefit of , and give or procure the giving of donations, gratuities, pensions, allowances to any persons who are or were at any time in the employment or service of the Company, or of any company which is subsidiary of the Company or with any such subsidiary company or who are or were at any time Directors or officers of the Company, or of any company which is subsidiary of the Company or with any such subsidiary Company or who are or were at any time Directors or officers of the Company or of any such other Company as aforesaid, and also establish and subscribe to any institutions, associations, clubs or funds calculated to be for the benefit of, or to advance the interests and well-being of the Company or of any such other Company as aforesaid, and make payments to or towards the insurance of any such person as aforesaid and do any of the matters aforesaid, either alone or in conjunction with any such other company as aforesaid. | Chairman/Managing Director | ||||||
(ee) | Subject to the provisions of the Act and these presents to delegate the powers, authorities and discretions vested in the directors to any person, firm, company or fluctuating body of persons as aforesaid. | |||||||
(ff) | Any such delegator attorney as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or them. | |||||||
CHAIRMAN, MANAGING DIRECTOR OR WHOLE TIME DIRECTOR(S) | ||||||||
161. | (a) | The Board may appoint one of its Directors as Chairman either on whole-time or part-time basis. Where a Chairman is appointed on whole-time basis. He shall be entrusted with the management of the whole of the affairs of the Company and he shall exercise his powers subject to the superintendence, control and direction of the Board. | ||||||
(b) | where Chairman appointed on part-time basis, the Board shall appoint one of its Directors as Managing Director who shall be entrusted with the management of the whole of the affairs of the Company and he shall exercise his powers subject to the superintendence, control and direction of the Board. | |||||||
(c) | The Chairman appointed on whole time basis or the Managing Director as the case may be shall have the knowledge and experience as required under section 10B(4) of the Banking Regulation Act, 1949. | |||||||
(d) | The Chairman or as the case may be, the Managing Director who is entrusted with the management of the whole of the affairs of the company shall not be subject to retirement by rotation. He shall be in whole-time employment of the company and may be appointed by the Board for such period not exceeding five years at a time as the Board may deem fit. He shall be eligible for reappointment. | |||||||
Provided that nothing in this sub-section shall be construed as prohibiting a Chairman on whole-time basis or the Managing Director from being a Director of a subsidiary of this Company or a Director of a Company registered under Section 25 of the Act. | ||||||||
(e) | Where a Chairman is appointed on part-time basis and he possesses qualification, knowledge, experience or expertise useful to the Company, he may, in addition to the duties as Chairman, be called upon, if he is willing, to render such extra services on day to day basis, or by way of special assignment or in any other manner as the Board may decide. Such Chairman shall not be subject to retirement by rotation and may be appointed for such period not exceeding five years at a time as the Board may deem fit. He shall be eligible for reappointment. | |||||||
(f) | Subject to the provisions of the Act, the Board may, from time to time, fix the remuneration payable to and other terms and conditions of service, of the Chairman whether appointed on whole-time or part-time basis or as the case may be, of the Managing Director. |
(g) | All meetings of the Directors shall be presided over by the Chairman. But if at any meeting of the Directors the Chairman is not present at the time appointed for holding the same, then and in that case, the directors shall choose one amongst them, then present to preside at the meeting. | |||||||
(h) | Questions arising at any Board Meeting shall be decided by a majority of votes, and in case of an equality of votes, the Chairman shall have second or casting vote. | |||||||
162 | So long as HDFC, its subsidiary or any other company promoted by HDFC, either singly or in the aggregate holds not less than 20% of the paid-up Share Capital of the Company, HDFC shall nominate the part time Chairman and the Managing Director or the full time Chairman as the case may be, subject to the approval of the Board and the Company in General Meeting. | |||||||
Whole time Director(s) | 163 | A chairman of the Board of Directors appointed on a whole time basis or a Managing Director, whose term of office has come to an end, either by reason of his resignation or by reason of expiry of the period of his office, shall, subject to the approval of the Reserve Bank, continue in office until his successor assumes office. | ||||||
164 | The appointment, reappointment, remuneration payable to and other terms and conditions 44 of service of the Chairman, whether appointed on whole-time or part-time or part-time basis or as the case may be, of the Managing Director shall be subject to the approval of the Reserve bank of India and also subject to such approval as may be necessary under the Act. | Powers and Duties of managing or whole-time Director(s) | ||||||
165 | In addition to the managing Director the Company may also appoint whole-time Directors. | |||||||
166 | Subject to the provisions of the Act and these Articles, a Managing Director or a wholetime Director shall not, while he continues to hold that office, be subject to retirement by rotation under the Act or these Articles but he shall, subject to the provisions of any contracts between him and the Company, be subject to the same provisions as to resignation and removal as the other Directors of the Company and he shall ipso facto immediately cease to be a Managing Director or Wholetime Director if he ceases to hold the office of Director for any cause. | Secretary | ||||||
167 | Subject to the superintendence, control and direction of the Board of Directors, the Board may from time to time entrust to and confer upon a Managing Director or Wholetime Director for the time being, save as prohibited in the Act, such of the powers exercisable under these presents by the Directors as they may think fit and may confer such powers for such time and to be exercised for such objects and purposes and upon such terms and conditions and with such restrictions as they think fit expedient and they may subject to the provisions of the Act and these Articles confer such powers, either collaterally with or to the exclusion of or in substitution for all or any of the powers of the Directors in that behalf, and may from time to time revoke, withdraw, alter or vary all or any of such powers. | Seal Custody and use | ||||||
SECRETARY | ||||||||
168 | Subject to the provisions of Section 383A of the Act the Board of Directors may from time to time appoint any individual, as the Secretary of the Company to perform duties which may be performed by a Secretary under the Act and any other purely ministerial and administration duties as the Board of Directors may form time to time asign to the secretary including the duty to keep the registers required to be kept under the Act. | Authentication of documents and proceedings |
COMMON SEAL | ||||||||
169 | (1) | The Board of Directors shall provide a Common Seal for the purpose of the Company, and shall have power from time to time to destroy the same and substitute a new seal in lieu thereof, and the Board of Directors shall provide for the safe custody of the Seal for the time being and the Seal shall never be used except by the authority of the Board of Directors or a Committee of Board of Directors previously given. | Returns | |||||
(2) | The Common Seal shall be affixed to every deed or other instrument to which it is required to be so affixed, in the presence of any one of the Directors who shall sign the instrument to which the seal has been affixed and the instrument shall be countersigned by the Secretary or such other officer or person as the directors may authorise in this behalf. | Dividends | ||||||
170 | Save as otherwise expressly provided in the Act, a document or proceeding requiring authentication by the Company may be signed by a Director or the Secretary or such other officer or person authorised in that behalf by the Board of the Company and need not be under its Seal. | |||||||
RETURNS | ||||||||
171 | The Company shall make the requisite annual returns in accordance with Sections 159 and 161 of the Act and shall file with the Registrar of Companies, three copies of the Balance Sheet and Profit and Loss Account in accordance with Section 220 of the Act, The Company shall also make other returns as required under the Banking Regulation Act, 1949. | |||||||
DIVIDENDS | ||||||||
Company in General Meeting may declare dividends | 172 | The profits of the Company subject to any special rights relating thereto created or authorised to be created by the Memorandum or the Articles and subject to the provisions of any law for the time being in force and subject to these Articles shall be divisible among the members in proportion to the amount of capital paid-up on the shares held by them respectively. Provided always that (subject as aforesaid) any capital paid up on a share during the period in respect of which a dividend is declared shall, unless the Directors otherwise determine, only entitle and shall be deemed always to have only entitled, the holder of such share to an apportioned amount of such dividend as from the date of payment. | ||||||
Dividend to be paid only out of profits
Interim Dividend |
173 | The Company in general Meeting may subject to Sections 205, 205A and other applicable provisions of the Act declare dividends, to be paid to members according to their respective right and interests in the profits but subject to any law for the time being in force and may fix the time for payment but no dividend shall exceed the amount recommended by the Board of Directors. However, the Company in General Meeting may declare a smaller dividend than recommended. | ||||||
Capital paid-up in advance and carrying interest not to earn dividend | 174 | No dividend shall be paid otherwise than out of profits of the year or any other undistributed profits or otherwise than in accordance with the provisions of Sections 205, 205A 206 and 207 of the Act or any other law for the time being in force and no dividend shall carry interest as against the Company unless required by law. The declaration of the Directors as to the amount of the net profits of the Company shall be conclusive. | ||||||
Dividends in proportion to amount paid-up | 175 | Subject to the provisions of the Act and any law for the time being in force the Board of Directors may, from time to time, pay to the Members interim dividends as, in their Judgement, the position of the Company justifies. | ||||||
Retention of dividends until completion of transfer under Articles 61 |
176 | Where Capital is paid in advance of calls upon the footing that the same shall carry interest, such capital shall not, whilst carrying interest, confer a right to participate in profits. | ||||||
No member to receive dividend whilist indebted to the Company and the Companys right to reimbursement thereof | 177 | All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares during any portion or portions of the period in respect of which the dividend is paid but if any share is issued on terms providing that it shall rank for dividends as from a particular date such shares shall rank for dividend accordingly. |
178 | The Board of Directors may, if they so think fit, retain the dividends payable upon shares in respect of which any person is under Article 61 entitled to become a member or which any person under that Article is entitled to transfer until such person shall become a member in respect of such shares or shall duly transfer the same. | |||||
Transfer of shares must be registered
Dividend to joint holders
Dividend how remitted |
179 | No member shall be entitled to receive payment of any interest or dividend in respect of his share or shares, whilst any money may be due or owing from him to the Company in respect of such share or shares or otherwise, howsoever, either alone or jointly with any other person or persons; and the Directors may without prejudice to any other right or remedy of the Company deduct from the interest or dividend payable to any member all sums or money so due from him to the Company. | Unclaimed Dividend | |||
180 | A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer. | |||||
181 | Any one of several persons who are registered as the joint holders of any share may give effctual receipt for all dividends and payments on account of dividends in respect of such share. | Transfer of Profits to Reserves | ||||
182 | Unless otherwise directed any dividend may be paid by cheque or warrant sent through the post to the registered address of the member or person entitled or in the case of joint holders to the registered address of that one of the joint holders who is first named in the Register. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. The Company shall not be liable or responsible for any cheque or warrant lost in transmission or for any dividend lost to the member or person entitled thereto by the forged endorsement of any cheque or warrant or the fraudulent or improper recovery thereof by any executors or administrators of a deceased member in whose sole name any share stands, shall for the purposes of this clause be deemed to be joint holders thereof. | Dividend to be paid in cash | ||||
183 | No unclaimed or unpaid dividend shall be forfeited by the Board. This Articles has been amended vide special resolution passed at 2nd Annual General Meeting held on 14th August, 1996. | Dividend and call together | ||||
184) | Where a dividend has been declared by the Company but has not been paid, or the warrant in respect thereof has not been posted within forty-two days from the date of the declaration, to any shareholder entitled to the payment of the dividend, the Company shall, within seven days from the date of expiry of the said period of forty-two days, transfer the total amount of dividend which remains unpaid or in relation to which no dividend warrant has been posted within the said period of forty-two days, to a special account to be opened by the Company in that behalf in any Scheduled Bank to be called Unpaid Dividend Account of HDFC BANK LIMITED. And all the other provisions of Section 205A of the Act in respect of any such unpaid dividend or any part thereof shall be applicable, observed, performed and complied with. | Capitalisation of Reserve etc | ||||
185 | No dividend shall be declared or paid by the Company for any financial year, unless requirement of sections 15, 17 and other applicable provisions, if any, of the Banking Regulation Act, 1949 are complied with. | |||||
186 | No dividend shall be payable except in cash; Provided that nothing in this Article shall be deemed to prohibit the capitalisation of profits of the Company for the purpose of issuing fully paid-up bonus shares or paying up any amount for the time being unpaid on any shares held by the Members of the Company. | |||||
187 | Any General Meeting declaring a dividend may make a call on the members of such amount as the meeting fixes but so that the call on each member shall not exceed the dividend payable to him, and so that the call be made payable at the same time as the dividend; and the dividend may, if so arranged between the Company and the members be set off against the calls. | Surplus on realization may be capitalized |
CAPITALISATION | ||||||||
188. | A General Meeting may resolve that any moneys, investments or other assets forming part of the undivided profits of the Company standing to the credit of the reserve fund, or any capital redemption reserve accounts or in the hands of the Company and available for dividend or presenting premium received on the issue of the shares and standing to the credit of the share premium account be, subject to the provision of section 78 of the Act, capitalised and distributed among such of the shareholders as would be entitled to receive the same if distributed by way of dividend and in the same proportion on the footing that they become entitled thereto as capital and that all or any part of such capitalise fund is applied on behalf of such shareholders in paying up in full either at par or at such premium as the resolution may provide, any unissued shares or debenture or debenture stock, of the Company which shall be distributed accordingly or in or towards payment of the uncalled liability on any issued shares or debentures or debenture stock and that such distribution or payment shall be accepted by such shareholders in full satisfaction of their interest in the said capitalized sum. | Fractional Certificates | ||||||
189. | A General Meeting may resolve that any surplus moneys arising from the realization of any capital assets of the Company, or any investments representing the same, or any other undistributed profits of the Company not subject to charge for Income-tax, be distributed among the members on the footing that they receive the same as capital. | |||||||
Power to sell fractional shares | 190. | For the purpose of giving effect to any resolution under Articles 188 and 189 above the Directors may settle any difficulty which may arise in regard to the distribution in such manner as they think expedient and in particular may issue fractional certificates, and may fix the value for distribution of any specific assets, any may determine that cash payments shall be made to any member(s) on the basis of the value so fixed or that fractions of less value than Re. 1/- may be disregarded in order to adjust the rights of all parties, and may vest any such cash or specific assets in trustees upon such trusts for the person entitled to the dividend or capitalised fund as may seem expedient to the Board of Directors and generally may make such arrangements for the acceptance, allotment and sale of such shares or other specific assets and fractional certificates or otherwise as they may think fit. Where required a proper contract shall be delivered to the Registrar of Companies for registration in accordance with section 75 of the Act, and the Board of Directors may appoint any person to sign such contract on behalf of the persons entitled to the dividend or capitalised fund, and such appointment shall be effective. | ||||||
Books of Accounts | 191. | If and whenever any shares are held by any member in fraction, the Board of Directors may subject to the provisions of the Act and these Articles and to the directions of the Company in General Meeting, if any, consolidate and sell these shares which members hold in fractions for the best price reasonably obtainable and shall pay and distribute to and amongst the members entitled to such shares in due proportion the net proceeds of the sale thereof. For the purpose of giving effect to any such sale the Board of directors may authorise any person to transfer the shares sold to the purchaser thereof comprised in any such transfer and he shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceeding in reference to the sale | ||||||
ACCOUNTS | ||||||||
Books where to be kept |
192. | The Company shall cause to be kept proper books of account with respect to:- | ||||||
(a) | all sums of money received and expended by the Company and the matters in respect of which receipt and expenditure take place; | |||||||
Accounts of Branch offices | (b) | all receipt and payments and deposits and other money received and loans and other facilities granted by the Company: |
(c) | the assets and liabilities of the Company | |||||||
193. | The books of account shall be kept at the Registered Office of the Company or such other places as the Board of Directors think fit subject to Section 209 of the Act and shall be open to inspection by any Director during business hours. | |||||||
Books of Accounts to be preserved
Inspection |
194. | If the company shall have a branch office, whether in or outside India, proper books of account relating to the transaction effected at that office shall be kept at that office and proper summarised returns, made up-to-date at intervals of not more than three month shall be sent by the branch office to the Company at its registered office or other place in India, as the Board thinks fit, where the main books of the Company are kept. | ||||||
195. | All the aforesaid books shall give a fair and true view of the affairs of the Company or its branch office, as the case may be, with respect to the matters aforesaid and explain its transactions. | |||||||
Statement of Accounts to be furnished to General Meeting | 196. | The books of account of the Company relating to a period of not less than eight years immediately proceeding the current year shall be preserved in good order. | ||||||
Balance Sheet Profit and Loss Account | 197. | The Company shall comply with the provisions of section 209-A of the Act and Section 35 of the Banking Regulation Act, 1949 in regard to the inspection of the books of accounts and other books and papers of the Company, by the Registrar of Companies or by such officer of the Government as may be authorised by the Central Government in this behalf, or by the officers of the Reserve Bank of India, as the case may be. | ||||||
198. | The Board of Directors shall lay before each Annual General Meeting a Profit and Loss Account for the financial year of the Company and Balance Sheet made up as at the end of the financial year which shall be date which shall not precede the day of the meeting by more than six months or where an extension of time has been granted by the Registrar of Companies under the provisions of the Act by more than six months from the date of extension so granted. | Authentication of Balance Sheet and Profit and Loss Account | ||||||
199. | (a) | Subject to the provisions of section 211 of the Act every Balance Sheet and Profit and Loss account of the Company, shall be in the form set out in Schedule III of the Banking Regulation Act 1949, or as near thereto as circumstances admit and the requirements of the Companies Act, 1956, relating to the Balance Sheet and Profit and Loss Account of the Company, shall in so far as they are not inconsistent with the provisions of the Banking Regulation Act, 1949, apply to the Balance Sheet and Account as the case may be of the Company. | Profit and Loss Account to be annexed and Auditors Report to be attached to the Balance Sheet | |||||
In case of Central Government by notification specifies some other form or forms in which the Balance Sheet and the Profit and Loss Account of the Company shall be drawn, then the Company shall adopt such form of the Balance Sheet and the Profit and Loss Account. | ||||||||
(b) | So long as the Company is a holding Company, it shall conform to section 212 and other applicable provisions of the Act. | Boards Report to be attached to the Balance Sheet | ||||||
(c) | The Balance Sheet and the Profit and Loss Account shall be approved by the Board of Directors before they are signed on behalf of the Board in accordance with the provision of this Articles and before they are submitted to the Auditors for their report thereon. | |||||||
200. | (1) | Every Balance Sheet and every Profit and Loss Account of the Company shall be signed on behalf of the Board of Directors by its Manager or Secretary, if any and by not less than three Directors of the Company, one of whom shall be a Whole-time Chairman or a Managing Director, if there is one. | ||||||
(2) | When the number of Directors for the time being in India, are less than three, then the Balance sheet and Profit and Loss Account shall be signed by all the Directors and in such a case there shall be signed by all the directors and in such a case there shall be attached to the Balance Sheet and the Profit and Loss Account a statement signed by them or him explaining the reason for non-compliance with the provisions of the Clause (1) above. |
201. | The Profit and Loss Account shall be annexed to the Balance Sheet and the Auditors Report (including the Auditors separate, special or supplementary reports, if any) shall be attached thereto. | |||||||||||
202. | (1) | Every Balance Sheet laid before the Company in General Meeting shall have attached to it a report by the Board of Directors with respect to (a) the state of the Companys affairs, (b) the amounts if any, which it proposes to carry on to any Reserve in such Balance Sheet, (c) the amount if any which it recommends to be paid by way of dividend, (d) material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the Balance Sheet relates and the date of the report. | ||||||||||
(2) | The report shall, so far it is material for the appreciation of the state of the Companys affairs by its members, and will not in the Boards opinion be harmful to the business of the Companys or of any of its subsidiaries, deal with any changes which have occurred during the financial year in the nature of the Companys business, in the Companys subsidiaries, if any, or in the nature of the business carried on by them ans6bnd generally in the classes of business in which the Company has an interest. | |||||||||||
(3) | (a) | The Boards report shall also include a statement showing the name of every employee of the Company who:- | ||||||||||
(i) | if employed throughout the financial year was in receipt of remuneration for that year which, in the aggregate, was not less than the amount prescribed under the Act or the Central Government from time to time : or | |||||||||||
(ii) | if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than the amount prescribed under that Act or the Central Government from time to time; | |||||||||||
(iii) | if employed, throughout the financial year or part thereof, was in receipt of remuneration in that year, which in the aggaregate or as the case may be at the rate which in the aggregate is in excess of that drawn by a whole-time Chairman or Managing Director or Whole-time Director or Manager and holds by himself or along with his spouse and dependent children not less than 2% of the equity share capital in the company. | |||||||||||
(b) | The statement referred to in clause (a) shall also indicate: | |||||||||||
(i) | whether any such employee is a relative of any Director or manager of the Company and if so, the name of such Director; and | |||||||||||
(ii) | such other particulars as may be prescribed. | |||||||||||
Explanation : Remuneration has the meaning assigned to it the Explanation to Section 198 of the Act. | ||||||||||||
Right of Members to copies of Balance Sheet and Auditors Report |
(4) | The Board shall also give the fullest information and explanations in its report or in cases falling under the proviso to Section 222 of the Act in an addendum to that report, on every reservation, qualification or adverse remark contained in the Auditors Report. |
(5) | The Boards Report and addendum (if any) thereto shall be signed by its Chairman, if he is authorized in that behalf by the Board; and where he is not so authorised shall be signed by such number of Directors as are required to sign the Balance Sheet and the Profit and Loss Account of the Company be virtue of clauses (1) and (2) of Article 202. | |||||||||
(6) | The Board shall have the right to entrust any person not being a Director with the duty of seeing that the provisions of clause (1) and (3) of this Article are complied with. | |||||||||
Reserve fund | 203. | (1) | A copy of every Balance Sheet (including Profit and Loss Account), the Auditors Report and every other document required by law to be annexed or attached as the case may be, to the Balance Sheet, which is to be laid before the Company in General Meeting shall be made available for inspection at the registered office of the Company during working hours for a period of 21 days before the date of the meeting. | |||||||
Appointment of Auditors | (2) | A statement containing the salient features of such document in the prescribed form or the copies of the documents aforesaid, as the Company may deem fit, will be sent to every member of the Company and to every Trustee for the holders of any debentures issued by the Company, not less than twenty-one days before the date of the meeting, as laid down in Section 219 of the Act and all the rest of the provisions of this Section shall apply in respect of matters referred to in this Article. Once at least in every year the accounts of the Company shall be examined and the correctness of the Profit and Loss Account and Balance Sheet ascertained by an Auditor/Auditors to be appointed as herein provided. | ||||||||
204. | The Company shall create a Reserve Fund and shall out of the balance of profit of each year as disclosed in the profit and loss account and before any dividend is declared, transfer to the reserve fund a sum equivalent to not less than twenty per cent of such profit or such other percentage as may be notified by any Regulatory Agencies. | |||||||||
205. | (1) | The Company at the Annual General Meeting in each year shall, with the previous approval of the Reserve Bank of India, appoint an Auditor or Auditors to hold office from the conclusion of that meeting until the conclusion of the next Annual General Meeting and shall within seven days of the appointment, give intimation thereof to every Auditor so appointed. Provided that before any appointment or re-appointment of Auditor or Auditors is made by the Company at any Annual General Meeting, a written certificate shall be obtained from the Auditor or Auditors proposed to be so appointed to the effect that the appointment or re-appointment, if made, will be in accordance with the limits specified in sub-section (1B) of Section 224 of the Act. | ||||||||
(a) | At any Annual General Meeting a retiring Auditor, by whatsoever authority appointed, shall be re-appointed unless. | |||||||||
(b) | he is not qualified for re-appointment | |||||||||
(c) | he has given the Company notice in writing of his unwillingness to be reappointed; | |||||||||
(d) | a resolution has been passed at that meeting appointing somebody instead of him or providing expressly that he shall not be re-appointed: or | |||||||||
(e) | where notice has been given of an intended resolution to appoint some person or persons in the place of a retiring auditor, and by reason of the death, incapacity, or disqualification of that person or of all the persons, as the case may be, the resolution cannot be proceeded with . | |||||||||
(2) | Where at an Annual General Meeting no Auditor is appointed or re-appointed, the Central Government may appoint a person to fill the vacancy. | Qualifications and Disqualifications of Auditors |
(3) | The Company shall, within seven days of the Central Governments power under clause (3) becoming exercisable, give notice of that fact to that Government. | Remuneration of Auditors | ||||||||
(4) | Subject to the provisions of provisions of the Banking Regulation Act, 1949, the Board of Directors may fill any casual vacancy in the office of the Auditors, but while any such vacancy continues, the remaining Auditor or Auditors (if any) may act, but where such vacancy is caused by the resignation of an Auditor, the vacancy shall only be filled by the Company in General Meeting. Any Auditor appointed in a casual vacancy shall hold office until the conclusion of the next Annual General Meeting. | Rights and Duties of Auditors | ||||||||
(5) | A person, other than a retiring Auditor, shall not be capable of being appointed at an Annual General Meeting unless special notice of a resolution for appointment of that person to the office of an Auditor has been given by a member to the Company not less than fourteen days before the meeting in accordance with Section 190 of the Act, and the other provisions of Section 225 of the Act shall apply in the matter. | |||||||||
The provisions of this clause shall also aply to a resolution that a retiring auditor shall not be re-appointed. | ||||||||||
206. | (1) | The persons qualified for appointment as Auditor shall be only those referred to in sub-sections (1) and (2) of Section 226 of the Act. | ||||||||
(2) | The persons mentioned in sub-section (3) of Section 226 of the Act shall be qualified for appointment as Auditors of the Company. | |||||||||
207. | The remuneration of the Auditors of the Company shall be fixed by the Company in General Meeting or in such manner as the Company in General Meeting may determine except that the remuneration of any Auditors appointed to fill any casual vacancy may be fixed by the Directors. | |||||||||
208. | (1) | Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor. | ||||||||
(2) | All notices of and other communications relating to any General Meeting of a Company which any member of the Company is entitled to have sent to him shall also be forwarded to the Auditor of the Company; and the Auditor shall be entitled to attend any General Meeting and to be heard at any General Meeting which he attends on any part of the business which concerns him as Auditor. | |||||||||
(3) | The Auditor shall make a report to the members of the Company on the accounts examined by him and on every Balance Sheet and Profit and Loss Account, and on every other document declared by the Act to be part of or annexed to the Balance Sheet or Profit and Loss Account which are laid before the Company in General Meeting, during his tenure of office, and the report shall state whether, in his opinion and to the best of his information and according to the explanation given to him and the said accounts give the information required by the Act in the manner so required and give a true and fair view :- | |||||||||
(i) | in the case of the Balance Sheet the state of the Companys affairs as at the end of its financial year, and | |||||||||
(ii) | in the case of the Profit and Loss Account, of the profit or loss for its financial year. | |||||||||
(4) | The Auditors Report shall also state :- | |||||||||
(a) | Whether he has obtained all the information and explanations which to the best of his knowledge and belief were necessary for the purposes of his audit; |
(b) | Whether in his opinion, proper books of accounts as required by law have been kept by the Company so far as appears from his examination of those books, and proper returns adequate for the purposes of his audit have been received from branches not visited by him; | |||||||||||
(c) | Whether the report on the accounts of any branch office audited under Section 228 by a person other than the Companys Auditor has been forwarded to him as required by clause © of sub-section (3) of that Section and how he has dealt with the same in preparing the Auditors Report; | |||||||||||
(d) | Whether the Companys Balance Sheet and Profit and Loss Account dealt with the report are in agreement with the books of account and returns; | |||||||||||
(e) | Whether or not the information and explanations required by him have been found to be satisfactory; | |||||||||||
(f) | Whether or not the transactions of the Company which have come to his notice have been within the powers of the Company; | Audit of Branch Offices | ||||||||||
(g) | Whether or not the returns received from branch offices of the Company have been found adequate for the purpose of his audit; | Reading and Inspection of Auditors Report | ||||||||||
(h) | whether or not the profit and loss account shows a true balance of profit or loss for the period covered by such account; | When account to be deemed conclusive | ||||||||||
(i) | any other matter, which he considers should be brought to the notice of the shareholders of the Company. (5) where any of the matters referred to in clause (I) and (ii) of sub-section (2) of Section 227 of the Act, or in clauses (a), (b), (bb) and (c) of sub-section (3) of Section 227 of the Act or sub-clauses 4 (a) to 4 (i) hereof is answered in the negative or with a qualification, the Auditors Report shall state the reason for the answer. (6) The accounts of the Company shall not be deemed as not having been, and the Auditors Report shall not state that those accounts have not been, properly drawn up on the ground merely that the Company has not disclosed certain matters if :- | How documents to be served on members | ||||||||||
(a) | those matters are such as the Company is not required to disclose by virtue of any provisions contained in the Act or any other enactment, and | |||||||||||
(b) | those provisions are specified in the Balance Sheet and Profit and Loss Account of the Company. | |||||||||||
209. | The Company shall comply with the provisions of Section 228 of the Act in relation to the audit of the accounts of branch offices of the Company except to the extent to which any exemption may be granted by the Central Government in the behalf. | |||||||||||
210. | The Auditors Report shall be read before the Company in General Meeting and shall be open to inspection by any member of the Company. | |||||||||||
211. | Every account when audited and approved by a General Meeting shall be conclusive except as regards any error discovered therein within three months next after the approval thereof. Wherever any such error is discovered within that period the account shall forthwith be corrected and hence forth shall be conclusive. |
DOCUMENTS AND SERVICE OF DOCUMENTS | Service on members having no registered address | |||||||||||
212. | (1) | A Document (which expression for this purpose shall be deemed to include and shall include any summons, notice, requisition, process, order, judgment, or any other document in relation to or in the winding up of the Company) may be served or sent by the Company on or to any member either personally or by sending it by post to him to his registered address of (if he has no registered address in India) to the address if any within India supplied by him to the Company for the giving of notices to him. | Service on persons acquiring shares on death or insolvency of members | |||||||||
(2) | Where a document is sent by post :- | |||||||||||
(a) | service thereof shall be deemed to be effected by properly addressing, prepaying and posting a letter containing the document; Provided that where a member has intimated to the Company in advance that documents should be sent to him under certificate of posting or by registered post with or without acknowledgment due and has deposited with the Company a sum sufficient to defray the expenses of doing, so service of the document shall not be deemed to be effected unless it is sent in the manner intimated by the member; and | |||||||||||
(b) | such service shall be deemed to have been effected- | |||||||||||
(i) | in the case of a notice of a meting, at the expiration of forty-eight hours after the letter containing the notice is posted, and (iii) in any other case, at the time at which the letter would be delivered in the ordinary course of post. | |||||||||||
213. | If a member has no registered address in India and has not supplied to the Company an address within India for the giving of notices to him, a document advertised in a newspaper circulating in the neighborhood of the registered office of the Company shall be deemed to be duly served on him on the day on which the advertisement appears. | |||||||||||
Persons entitled to notice of General Meeting | 214. | A document may be served by the Company on the persons entitled to a share in consequence of the death or insolvency of a member by sending it through the post in a pre-paid letter addressed to them by name or by the title of representatives of the deceased or assignee of the insolvent or by any like description at the address (if any) in India supplied for the purpose by the persons claiming to be so entitled or (until such an address has been so supplied) by serving the document in any manner in which it might have been served if the death or insolvency had not occurred. | ||||||||||
215. | Subject to the provisions of the Act, and these Articles notice of General Meeting shall be given to ;- | |||||||||||
Advertisement | (i) | members of the Company as provided by Article 82 in any manner authorized by Articles 212, and 213 as the case may be or as authorised by the Act; | ||||||||||
(ii) | the persons entitled to a share in consequence of the death or insolvency of a members as provided by Article 214 or as authorised by the Act; | |||||||||||
Members bound by document given previous to holders | (iii) | the Auditor or Auditors for the time being of the Company, in any manner authorized by Article 86 or by the Act in the Act in the case of any member or members of the Company. | ||||||||||
How notice to be signed | 216. | Subject to the provision of the Act any document required to be served or sent by the Company on or to the members, or any of them and not expressly provided for by these presents, shall be deemed to be duly served or sent if advertised once in an English daily and in a vernacular daily newspaper circulating in the city or town where the registered office of the Company is situated. | ||||||||||
Notice to joint holders | 217. | Every person who by operation of law, transfer, otherwise whatsoever , shall become entitled to any share shall be bound by every document in respect of such share which, previous to his name and address being entered in the Register has been duly served on or sent to the person from whom he derives his title to such share. |
Distribution of assets | 218. | The signature to any notice to be given by the Company may be written, typed or printed. | ||||||
219. | A notice may be given by the Company to the joint holders of a share by giving the notice to the joint holder named first in the Register in respect of that share. Several executors or administrators of a deceased shareholder shall be deemed to be jointly entitled for the purpose of this Article. | |||||||
WINDING UP | ||||||||
Distribution in specie or kind | 220. | If the Company shall be wound up, and the assets available for distribution amongst the members as such shall be insufficient to repay the whole of the paid up capital such assets shall be distributed so that as nearly as may , be the losses shall be borne by the members in proportion to the capital paid-up, or which ought to have been paid-up, at the commencement of the winding up, on the shares held by them respectively. And if in a winding up the assets available for distribution amongst the member shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed amongst the members in proportion to the capital paidup or which ought to have been paid up on the shares held by them respectively, at the commencement of the winding up. But this Article is without prejudice to the rights of the holders of shares issued upon special terms and conditions. | Rights of shareholders in case of sale | |||||
221. | (1) | If the Company shall be wound up, whether voluntarily or otherwise, the liquidators may, with the sanction of a special resolution, divide amongst the contributories, in specie or kind, any part of the assets of the Company and may, with the like sanction, vest any part of the assets of the Company in trustees upon such trusts for the benefit of the contributories, or any of them, as the liquidators shall think fit. | Indemnity | |||||
(2) | If thought expedient, any such division may, subject to the provisions of the Act be otherwise than in accordance with the legal rights of the contributories (except where unalterably fixed by the Memorandum of Association ) and in particular any class may be given preferential or special rights or may be excluded altogether or in part but in case any division otherwise than in accordance with the legal rights of the contributories shall be determined, any contributory who would be prejudiced thereby shall have a right to dissent and consequential rights provided in Section 494 of the Act as if such determination were a special resolution passed pursuant to the said Section of the Act. | |||||||
(3) | In case any shares to be divided as aforesaid involve a liability to calls or otherwise any person entitled under such division to any of the said shares any within seven days after the passing of the special resolution by notice in writing direct the liquidators to sell his shares and pay him his portion of the net proceeds and the liquidators shall if practicable act accordingly. | Directors and other officers not responsible for acts of others | ||||||
222. | A Special resolution sanctioning a sale to any other company duly passed pursuant to Section 494 of the Act may subject to the provisions of the Act in like manner as aforesaid determine that any shares or other consideration receivable by the liquidators be distributed amongst the members otherwise than in accordance with their existing rights and any such determination shall be binding upon all the members subject to the rights of dissent and consequential rights conferred by the said Section. |
INDEMNITY | ||||||
223. | Subject to the provisions of Section 201 of the Act, every Director, Manager, and every other officer or servant of the Company shall be indemnified by the Company against all costs, losses and expenses which any such Director, Manager, officer or servant may incur or become liable to by reason of any contract entered into or act or thing done by him as such Director, Manager, Officer or servant or in any way in the discharge of his duties including expenses, and it shall be the duty of Directors to pay the same out of the funds of the Company; and in particular, and so as not to limit the generality of the foregoing provisions every Director, Manager and every other office or servant of the Company shall be indemnified by the Company against all liabilities incurred by him as such Director, Manager, Officer or Servant, in defending any proceedings, whether civil or discharged or in connection with any application under Section 633 of the Act in which relief is granted by the Court, and the amount for which such indemnity is provided shall immediately attach as a lien on the property of the Company. | Secrecy | ||||
224. | Subject to the provisions of Section 201 of the Act no Director, Managing or Whole time Director or other Officer of the Company shall be liable for the acts, receipts, neglects or defaults of any other director or officer or for joining in any respect of other act for conformity or for any loss or expenses happening to the Company through the insufficiency or deficiency of title to any property acquired by order of the Directors in or upon which any of the moneys of the Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortuous act of any person, Company or corporation with whom any moneys, securities or effects shall be entrusted or deposited or for any loss occasioned by any error of judgment, omission or default or oversight on his part or for any other loss or damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation thereto unless the same happens through his own dishonesty. | |||||
SECRECY CLAUSE | ||||||
225. | No member shall be entitled to inspect the Companys books or establishment without the permission of the Board or require discovery of any matter which is or may be in the nature of trade secret, mystery of trade or secret process, which may relate to the conduct of the business of the Company and which in the opinion of the Board it will not be expedient in the interests of the members of the Company to communicate to the public. | |||||
226. | The Provisions of the Banking regulation Act, 1949, as in force from time to time shall over-ride the provisions of the Memorandum and Articles of Association of the Company. |
We, the several persons, whose names and addresses and description are hereunder subscribed are desirous of being formed into a Company in pursuance of these Articles of Association, and we respectively agree to take the numbers of shares in the capital of the Company set opposite our respective names.
Sr |
Name of addresses, descriptions & occupations of the subscribers with their Signatures |
Number of Equity Shares taken by each subscriber |
Name, addresses and description of witness with their Signatures | |||
1. | S/d. Mr Deepak Shantilal Parekh S/O Late Mr Shantilal T Parekh 3 Bhaveshwat Sagar 20 Nepean Sea Road Bombay 400 036 - Services - |
10 (Ten) |
S/d. Susir Kumar M S/o Late Mr. K.S.Rao B-2/10 Runwal Nagar Thane (W) 400 602 - Service - | |||
2. | S/d. Mr Deepak Madhav Satwalekar S/O Mr Madhav S. Satwalekar 9 Nutan Alka Coop Hsg. Society Relief Road, Santacruz-(West) Bombay 400 025 - Services - |
10 (Ten) | ||||
3. | S/d. Mr. Shobha Singh Thakur S/O Late Mr Rajaran S Thakur A/62, Ocean Gold Twin Towers Lane, Prabhadevi Bombay 400 025 - Services - |
10 (Ten) | ||||
4. | S/d. Mr. Suryakant Nanalal Shroff S/O Lte Mr Nanalal K Shroff Victor Villa, 1st Floor 5, Babulnath Road Bombay 400 007 - Service - |
10 (Ten) | ||||
5. | S/d. Mr. Satish Gordnandas Mehta S/O Late Mr Gordnandes Mehta 39/4 Walchand Terraces Opp Airconditioned Market Tardeo, Bombay 400 025 - Service - |
10 (Ten) | ||||
6. | S/d. Mr. Milind Gajanan Barve S/O Mr Gajanan D Barve 604 Udyan Warshan Prabhadevi Bombay 400 025 - Service - |
10 (Ten) | ||||
7. | S/d. Mr Joseph Conrad DSouza S/O Mr Diago Cajetan DSouza 17/23 MHB Colony Bandra Reclamation Bombay 400 050 - Service - |
10 (Ten) | ||||
(70) (Seventy) |
Bombay, Dated 9th August, 1994.
Resolution passed at the Extraordinary General Meeting held on October 24, 1994
RESOLVED THAT pursuant to Section 31 and all other applicable provisions, if any, of the Companies Act, 1956 and subject to such approvals as may be necessary, the Articles of Association of the Company be and they are hereby altered as under:
I. | Article 55(b) and Article 55 (c) be deleted and Article 55 (a) be renumbered as Article |
II. | Article 74 be deleted. |
III. | Article 135 be amended by deleting the words public company or a private Company which is a subsidiary of a public company appearing in the first and second line of clause (ii) of the Article and substituting therewith the words body corporate. |
IV. | Article 145 be deleted and the following Article is substituted in place therefor: |
145. | The Chairman may at any time and the Secretary or such other officer of the Company as authorised, shall, upon the request of any Director, convene a meeting of the Board of Directors, Notice of every meeting of the Directors shall be given in writing to every Director at his usual address in India and, in the case of any Director residing abroad, such notice shall also be given by fax or telex such Directors fax or telex to number abroad. |
V. | Article 151 be deleted and the following Article is substituted threfor: |
151. | No resolution shall be deemed to have been passed by the Board or by a Committee thereof by circulation, unless (a) the resolution has been circulated in draft together with the necessary papers, if any, to all the Directors or to all the members of the Committee at their usual address in India, and in the case of any Director residing abroad, such papers shall also be transmitted by fax or telex to number abroad, and (b) the resolution has been approved by majority of Directors or members of the Committee who are entitled to vote on the resolution. |
VI. | Article 160 (m) be deleted and the following Article is substituted in place therefor. |
160 (m) To execute in the name and on behalf of the Company in favour of any Director or other person who may incur or be about to incur any personal liability whether as principal or surety, for the benefit of the Company, such guarantee or indemnity as it thinks fit.
Exhibit 2.3
Description of Securities Registered under
Section 12 of the Securities Exchange Act of 1934 (the Exchange Act)
As of March 31, 2024, HDFC Bank (the Bank, we, us and our) had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||
American Depositary Shares (each representing three Equity Shares) |
HDB | New York Stock Exchange | ||
Equity shares, nominal value of Rs. 1.0 each |
New York Stock Exchange* |
* | Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. |
Capital terms used but not defined herein have the meanings given to them in the Banks Annual Report on Form 20-F with which this Exhibit 2.3 is filed (the Banks Form 20-F). Terms that are defined below retain such definition solely for purposes of the relevant description of securities.
The following contains a description of the rights of (i) the holders of equity shares, nominal value of Rs. 1.0 each (the Equity Shares) and (ii) holders of American Depositary Shares (ADSs), which is not intended to be a complete summary of the rights and preferences of such securities and is qualified in its entirety by reference to the full text of the Banks memorandum of association (the Memorandum of Association), which is incorporated by reference to Exhibit 1.1 to the Banks Form 20-F, the Banks articles of association (the Articles of Association), which are incorporated by reference to Exhibit 1.2 to the Banks Form 20-F, and the Second Amended and Restated Deposit Agreement among HDFC Bank Limited, JPMorgan Chase Bank, N.A., as depositary, and holders of American Depositary Receipts (the Deposit Agreement), which is incorporated by reference to Exhibit 2.2 of the Banks Form 20-F. You are encouraged to read the applicable provisions of Indian law and the Memorandum of Association, the Articles of Association and the Deposit Agreement in their entirety for a complete description of the rights and preferences of our securities. Further, please note that as a holder of ADSs, you will not be treated as one of our shareholders and will not have any shareholder rights.
DESCRIPTION OF THE EQUITY SHARES
Type and Class of Securities (Item 9.A.5.(a) of Form 20-F)
As of March 31, 2024, the authorized share capital of the Bank was Rs. 11,906,100,000 consisting of 11,906,100,000 Equity Shares of par value Rs. 1.0 each. The Equity Shares are in registered form. We maintain a register of our shareholders in Mumbai. As per the SEBI circular, the transfer of shares of listed Indian companies shall not be processed until such shares are held in dematerialized form with a depository. Therefore, shareholders need to dematerialize the Equity Shares for their transfer.
Transfer of Equity Shares (Item 9.A.5.(b) of Form 20-F)
Equity Shares held through depositories are transferred in the form of book entries or in electronic form in accordance with the regulations laid down by the SEBI. These regulations provide the regime for the functioning of the depositories and the participants and set out the manner in which the records are to be kept and maintained and the safeguards to be followed in this system. Transfers of beneficial ownership of Equity Shares held through a depositary are exempt from stamp duty. We have entered into an agreement for such depository services with the National Securities Depository Limited and the Central Depository Services India Limited.
The SEBI requires that our Equity Shares for trading and settlement purposes be in book-entry form for all investors, except for transactions that are not made on a stock exchange and transactions that are not required to be reported to the stock exchange. Transfers of Equity Shares in book-entry form require both the seller and the purchaser of the Equity Shares to establish accounts with depositary participants appointed by depositories established under the Depositaries Act 1996. Charges for opening an account with a depositary participant, transaction charges for each trade and custodian charges for securities held in each account vary depending upon the practice of each depositary participant. Upon delivery, the Equity Shares shall be registered in the name of the relevant depositary on our books and this depositary shall enter the name of the investor in its records as the beneficial owner. The transfer of beneficial ownership shall be done through the records of the depositary. The beneficial owner shall be entitled to all rights and benefits and subject to all liabilities in respect of his securities held by a depositary.
The requirement to hold the Equity Shares in book-entry form will apply to the ADS holders when the Equity Shares are withdrawn from the depositary facility upon surrender of the ADSs. In order to trade the Equity Shares in the Indian market, the withdrawing ADS holder will be required to comply with the procedures described above.
Our Equity Shares are freely transferable, subject to the provisions of the Companies Act under which, if a transfer of Equity Shares contravenes the provisions of Securities Contracts (Regulation) Act 1956, the Securities and Exchange Board of India Act, 1992 or the regulations issued under it or any other law in force at the time, the National Company Law Tribunal (the NCLT) may, on application made by us, a depositary incorporated in India, an investor, the SEBI or certain other parties, direct a rectification of the register of records. It was a condition of our listing that we transfer Equity Shares and deliver share certificates duly endorsed for the transfer within 15 days of the date of lodgment of transfer. If a company without sufficient cause refuses to register a transfer of Equity Shares within 30 days from the date on which the instrument of transfer is delivered to the company, the transferee may appeal to the NCLT seeking to register the transfer of Equity Shares. According to the Companies Act, 2013, the NCLT may direct the company to register the transfer of shares, in which case the company must comply with such order within a period of ten days. The NCLT can also direct the rectification of the records held with depository or in the register, and direct the company to pay damages. Further, effective from April 1, 2019, the SEBI decided that except in cases of transmission or transposition of securities, requests for effecting the transfer of securities shall not be processed unless the securities are held in dematerialized form with a depository. Our Articles of Association provide for certain restrictions on the transfer of Equity Shares, including the power of the Board of Directors to, at their discretion, decline to register or acknowledge any transfer of Equity Shares, subject to the provisions of the Companies Act, 2013, the Securities Contracts (Regulation) Act, 1956, and other applicable laws and regulations, and provided that registration of any transfer shall not be refused on the ground of the transferor being indebted to the Bank. If the Board of Directors refuses to register a transfer of any Equity Shares, they shall, within one month from the date on which the transfer was lodged with the Bank send to the transferee and the transferor notice of the refusal, giving the reasons for such refusal.
On January 16, 2023, the RBI issued the Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023. According to these directions, any acquisition resulting in any resident or non-resident investors aggregate holding (including total holding, directly or indirectly, beneficial or otherwise, of shares or voting rights) of five percent or more of the paid-up capital or voting rights (major shareholder) in the Bank requires the prior approval of the RBI. Further, where the acquisition as a major shareholder is by way of transfer of shares, no such transfer shall be given effect to without prior approval from the RBI. For further detail on these directions, see Supervision and RegulationI. Regulations Governing Banking InstitutionsRestrictions on Share Capital and Voting Rights.
Our transfer agent, Datamatics Business Solutions Limited, is located in Mumbai. Certain foreign exchange control and security regulations apply to the transfer of Equity Shares by a non-resident or a foreigner.
Preemptive Rights (Item 9.A.3 of Form 20-F)
Subject to the Banking Regulation Act, and other applicable guidelines issued by the RBI, the Companies Act gives shareholders the right to subscribe for new Equity Shares in proportion to their existing shareholdings unless otherwise determined by a resolution passed by three-fourths of the shareholders present and voting at a general meeting. Under the Companies Act and our Articles of Association, in the event of an issuance of securities, subject to the limitations set forth above, we must first offer the new Equity Shares to the existing holders of Equity Shares on a fixed record date. The offer, required to be made by notice, must include:
| the right, exercisable by the shareholders of record, to renounce the Equity Shares offered in favor of any other person; |
| the number of Equity Shares offered; and |
| the period of the offer, which may not be less than 15 days from the date of the offer and shall not exceed 30 days. If the offer is not accepted, it is deemed to have been declined. |
Our Board of Directors is permitted to distribute Equity Shares not accepted by existing shareholders in the manner it deems beneficial for us in accordance with our Articles of Association. Holders of ADSs may not be able to participate in any such offer. See Description of American Depositary SharesShare Dividends and Other Distributions.
Limitations or Qualifications (Item 9.A.6 of Form 20-F)
The Bank has only one class of shares outstanding. If the Banks share capital is divided into different classes, all or any of the rights and privileges attached to each class will be effective and binding after any approvals required under the Banking Regulation Act. Such rights and privileges may only be varied, modified, abrogated or dealt with, with the consent in writing of the holders of not less than three-fourths of the issued Equity Shares of that class, or with the sanction of a special resolution passed at a separate meeting of the holders of the issued Equity Shares of that class.
Other Rights (Item 9.A.7 of Form 20-F)s
Not applicable.
Rights of the Equity Shares (Item 10.B.3 of Form 20-F)
(a) | Dividend rights |
Under Indian law and subject to the Banking Regulation Act, a company pays dividends upon a recommendation by its board of directors and approval by a majority of its shareholders at the annual general meeting of shareholders held within five months of the end of each fiscal year. The shareholders have the right to decrease but not increase the dividend amount recommended by the Board of Directors. Dividends are generally declared as a percentage of par value (on a per share basis) and distributed and paid to shareholders. The Companies Act provides that shares of a company of the same class must receive equal dividend treatment.
These distributions and payments are required to be deposited into a separate bank account within five days of the declaration of such dividend and paid to shareholders within 30 days of declaration of dividends.
The Companies Act states that any dividends that remain unpaid or unclaimed after that period are to be transferred to a special bank account within seven days from the expiry of the said period of 30 days. Any dividend amount that remains unclaimed for seven years from the date of the transfer is to be transferred by us to a fund, called the Investor Education and Protection Fund, created by the Government.
Our Articles of Association authorize our Board of Directors to declare interim dividends, the amount of which must be deposited in a separate bank account within five days and paid to the shareholders within 30 days of the declaration.
Before paying any dividend on our shares, we are required under the Banking Regulation Act to write off all capitalized expenses (including preliminary expenses, organization expenses, share-selling commission, brokerage, amounts of losses incurred and any other item of expenditure not represented by tangible assets). We are permitted to declare dividends of up to 35.0 percent of net profit calculated under Indian GAAP without prior RBI approval subject to compliance with certain prescribed requirements. Further, upon compliance with the prescribed requirements, we are also permitted to declare interim dividends subject to the above-mentioned cap computed for the relevant accounting period.
Dividends may only be paid out of our profits for the relevant year arrived at after providing for depreciation or out of the profits of the company for any previous financial years arrived at after providing for depreciation and in certain contingencies out of the free reserves of the company, provided that in computing profits any amount representing unrealized gains, notional gains or revaluation of assets and any change in carrying amount of an asset or of a liability on measurement of the asset or the liability at fair value shall be excluded. Before declaring dividends, we are required by the RBI to transfer 25.0 percent of our net profits (calculated under Indian GAAP) of each year to a reserve fund.
For the purpose of determining equity shares entitled to annual dividends, a record date is fixed prior to the annual general meeting. The Companies Act and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 permit us, pursuant to a resolution of our Board of Directors and upon at least seven days advance notice to the stock exchanges, to set the record date in order for us to determine which shareholders are entitled to certain rights pertaining to their equity shares.
In addition to permitting dividends to be paid out of current or retained earnings calculated under Indian GAAP, the Companies Act permits our Board of Directors, subject to the approval of our shareholders, to distribute to the shareholders, in the form of fully paid-up bonus equity shares, an amount transferred from the companys free reserves, securities premium account or the capital redemption reserve account. Bonus equity shares can be distributed only with the prior approval of the RBI. These bonus equity shares must be distributed to shareholders in proportion to the number of equity shares owned by them.
Bonus shares can only be issued if the company has not defaulted in payments of statutory dues of the employees, such as contribution to provident fund, gratuity and bonus or principal/interest payments on fixed deposits or debt securities issued by it. Bonus shares must not be issued in lieu of dividend. Further, listed companies are also required to follow the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 for issuance of bonus shares.
(b) | Voting rights |
A shareholder has one vote for each equity share and voting may be on a poll or through electronic means or postal ballot. Under Section 12 of the Banking Regulation Act 1949 as amended with effect from January 18, 2013 by the Banking Laws Amendment Act 2012, no person holding shares in a banking company shall, in respect of any shares held by such person, exercise voting rights on poll in excess of 10.0 percent of the total voting rights of all the shareholders of the banking company, provided that RBI may increase, in a phased manner, such ceiling on voting rights from 10.0 percent to 26.0 percent. On July 21, 2016, the RBI issued a notification, which was notified in the Gazette of India on September 17, 2016, which stated that the current ceiling on voting rights is at 26.0 percent. At a general meeting, upon a show of hands, every member holding shares and entitled to vote and present in person has one vote. Upon a poll, the voting rights of each shareholder entitled to vote and present in person or by proxy is in the same proportion as the capital paid-up on each share held by such holder bears to the companys total paid-up capital, subject to the limits prescribed under the Banking Regulation Act. Voting is by a show of hands, unless a poll is ordered by the Chairman of the meeting. However, voting by show of hands is not permitted for listed companies. The Chairman of the meeting has a casting vote.
Section 108 of the Companies Act and Rule 20 of the Companies (Management and Administration) Rules 2014 deal with the exercise of the right to vote by members by electronic means. In terms of Rule 20 of the Companies (Management and Administration) Rules 2014, every listed company (other than a company referred to in Chapters XB or XC of the SEBI ICDR Regulations) is required to provide to its members facility to exercise their right to vote at general meetings by electronic means. Section 110 of the Companies Act allows such a company to transact all items of business at a general meeting, provided the company offers to its members a facility to exercise their right to vote at general meetings by electronic means. The Ministry of Corporate Affairs has clarified that voting by show of hands would not be allowable in cases where Rule 20 is applicable.
Unless the Articles of Association provide for a larger number, the quorum for a general meeting is: (a) five members present (in person or by proxy) if the number of members as of the date of the meeting is not more than one thousand; (b) 15 members present (in person or by proxy) if the number of members as of the date of the meeting is more than one thousand but not more than five thousand; and (c) thirty members present (in person or by proxy) if the number of members as of the date of the meeting exceeds five thousand. Generally, resolutions may be passed by simple majority of the shareholders present and voting at any general meeting. However, resolutions such as an amendment to the organizational documents, commencement of a new line of business, an issue of additional equity shares (which is not a preemptive issue) and reductions of share capital, require that the votes cast in favor of the resolution (whether by show of hands or on a poll) are not less than three times the number of votes, if any, cast against the resolution. As provided in our Articles of Association, a shareholder may exercise his voting rights by proxy to be given in the form prescribed by us. This proxy, however, is required to be lodged with us at least 48 hours before the time of the relevant meeting. Since the annual general meeting on August 11, 2023 was held in accordance with the Applicable Circulars through video conferencing and other audio-visual technology, physical attendance by shareholders had been dispensed and, accordingly, the facility to appoint proxies by shareholders was not available for this annual general meeting. A shareholder may, by a single power of attorney, grant general power of representation covering several general meetings. A corporate shareholder is also entitled to nominate a representative to attend and vote on its behalf at all general meetings. The Companies Act also provides for the passing of resolutions in relation to certain matters specified by the Government of India, by means of a postal ballot. A notice to all the shareholders must be sent along with a draft resolution explaining the reasons therefor and requesting the shareholders to send their assent or dissent in writing on a postal ballot within a period of 30 days from the date of dispatch of the notice. Shareholders may exercise their right to vote at general meetings, through postal ballot by sending their votes through the postal arrangements or through electronic means (e-voting), for which separate facilities are provided to the shareholders.
The annual general meeting shall be called for at a time during business hours at our registered office or at some other place within Mumbai as the Board of Directors may determine. The notice of the meeting shall specify it as the annual general meeting. Any general meeting of the shareholders of the Bank other than its annual general meeting is called an extraordinary general meeting. The Board of Directors is required to call an extraordinary general meeting upon the request of a set number of shareholders, as set forth in the Companies Act.
As per the Companies Act, unless the Articles provide for the retirement of all directors at every annual general meeting, not less than two-thirds of the total number of directors shall be persons whose period of office is liable to determination by retirement of directors by rotation. Our Articles provide that at every annual general meeting, one-third of such directors will retire from office. However, any retiring director may be reappointed by resolution of the shareholders. The directors to retire by rotation at every annual general meeting will be those who have been longest in office since their last appointment. Special directors, managing directors, and whole-time directors, if any, are not subject to retirement and are not taken into account in determining the number of directors to retire by rotation.
(c) | Rights to share in the Banks profits |
See Rights of the Equity Shares (Item 10.B.3 of Form 20-F)Dividend rights of this Exhibit 2.3.
(d) | Liquidation rights |
Subject to the rights of depositors, creditors and employees, in the event of our winding-up, the holders of the equity shares are entitled to be repaid the amounts of capital paid up or credited as paid up on these equity shares.
In the event of liquidation, any surplus will be distributed in proportion to the capital paid up or which ought to have been paid up on the shares held by the shareholders at the time of commencement of the winding-up. The Board of Directors may make calls on shareholders in respect of all money unpaid on the shares held by them and not by the conditions of allotment thereof.
(e) | Redemption provisions |
Not applicable.
(f) | Sinking fund provisions |
Not applicable.
(g) | Capital calls |
The Board of Directors may make calls on shareholders in respect of any money unpaid on the shares held by each of them and not by the conditions of allotment thereof. Shareholders must pay the amount of every call made on them to the persons and at the time and place determined by the Board of Directors. A call may be payable in instalments, and may be revoked or postponed at the discretion of the Board of Directors. The Board of Directors must give at least fourteen days prior notice specifying the time and place of payment.
If a shareholder does not pay the sum payable in respect of any call or instalment on or before the day scheduled for payment, such shareholder must pay interest on the amount due, at such rate as the Board of Directors determines, from the last day scheduled for payment to the date of actual payment. The Board of Directors may in their absolute discretion waive payment of such interest wholly or in part.
No shareholder is entitled to receive any dividend or to exercise any privilege as a shareholder until such shareholder has paid all calls due and payable on every share held by such shareholder, whether alone or jointly with any person, together with interest and expenses, if any.
Subject to the provisions of the Companies Act, the Board of Directors may agree to and receive from any shareholder any advances of all or any part of the unpaid amounts of such shareholder shares beyond the sum actually called up. The Board of Directors may pay interest upon the amount paid in advance in excess of the amount called up, at a rate agreed by the relevant shareholder and the Board of Directors. Likewise, the Board of Directors may repay at any time any amount so advanced. Payments in advance of calls will not confer a right to dividend or to participate in the profits of the Bank.
(h) | Discrimination against large shareholders |
Not applicable.
Requirements for Amendments (Item 10.B.4 of Form 20-F)
The rights and privileges of any class of shareholders may not be modified without the approval of three-fourths of the issued shares of that class or the sanction of a special resolution passed at a separate meeting of the holders of the issued shares of that class.
Limitations on the Rights to Own Shares (Item 10.B.6 of Form 20-F)
Investment in equity instruments of a company in India by a person resident outside India is governed by the Foreign Exchange Management Act, 1999 (the Foreign Exchange Management Act), and the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (the NDI Rules). An investment by a person resident outside India which does not comply with the conditions of the NDI Rules requires prior permission of the RBI, which may be provided in consultation with the Government subject to such conditions as may be considered necessary. The NDI Rules supersede the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (the FEMA Transfer or Issue of Security Regulations 2017). As was provided under the FEMA Transfer or Issue of Security Regulations 2017, the NDI Rules also prescribe an automatic route under which no prior consent and approval is required from the RBI or the Government for FDI in certain industries within specified sectoral caps. In respect of all industries that do not fall under the automatic route, and in respect of investments which do not comply with the conditions mentioned under the automatic route, approval is required from the Government under the government route.
The Government also publishes a Consolidated Policy on Foreign Direct Investment (the Consolidated FDI Policy) which, read together with the Foreign Exchange Management Act, and the rules and regulations issued thereunder, and circulars issued by the Government and the RBI from time to time, provides the framework for foreign investments in India.
Under the current foreign investment rules, the following restrictions are applicable to non-resident ownership:
Foreign Direct Investment
The Government has put in place a policy framework on FDI that is embodied in the circular on Consolidated FDI Policy, which is generally updated periodically to include the regulatory changes effected in the interim. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry and the Government make policy pronouncements on FDI through press notes/press releases which are notified as amendments to the applicable rules and regulations issued under FEMA. These notifications take effect from the date of issue of the press notes/press releases, unless specified otherwise therein. The procedural instructions may be issued by the RBI vide A.P. (DIR Series) Circulars. The regulatory framework, over a period of time, thus consists of acts, regulations, press notes, press releases and clarifications that are consolidated in the Consolidated FDI Policy from time to time.
The present Consolidated FDI Policy subsumes and supersedes all press notes, press releases, clarifications and circulars issued by the DPIIT that were in force as of October 15, 2020, and reflects the FDI policy as of October 15, 2020. Certain actions, such as those listed below, require government approval in consultation with the DPIIT by way of prior approval from the administrative ministries or departments:
| foreign investments, including a transfer of shares, in excess of specified sectoral caps; |
| transfer of control and/or ownership (as a result of a share transfer and/or new share issuance) pursuant to an amalgamation, merger or acquisition of an Indian company engaged in an activity having limitations on foreign ownership, currently owned or controlled by resident Indian citizens and Indian companies, which are owned or controlled by resident Indian citizens to a non-resident entity; |
| foreign investments in a non-operating company that does not have any downstream investments for undertaking activities which are under the government route. Further, as and when such a company commences business or makes a downstream investment, it will have to comply with the relevant sectoral conditions on entry route, conditionalities and caps; |
| foreign investments by an unincorporated entity in certain cases; and |
| foreign investment by swap of shares for sectors under the Government approval route. |
On May 24, 2017, the Government approved the phase-out of the Foreign Investment Promotion Board (FIPB), which had been set up to regulate all foreign direct investment into India and whose approval was required for foreign investment in certain sectors, including defense and public sector banks. The Government nominated the relevant administrative ministries or departments for each sector as competent authorities which process applications for FDI requiring government approval in line with standard operating procedures (SOP). The SOP was updated on August 17, 2023, to make the application process for FDI requiring government approval online through the National Single Window System.
A person residing outside India or any entity incorporated outside India has general permission to purchase shares, convertible debentures or preference shares of an Indian company subject to certain terms and conditions. The Government has revised the FDI regime and amended the NDI Rules to require governmental approval for any FDI (a) by an entity of a country which shares a land border with India (i.e., Pakistan, Bangladesh, Afghanistan, Nepal, Bhutan, Myanmar and China, each a Neighboring Country), or (b) where the beneficial owner of an investment into India is (i) situated in a Neighboring Country or (ii) a citizen of a Neighboring Country.
Subject to certain exceptions, FDI and investment by non-resident Indians in Indian companies do not require the prior approval of the Government of India (acting through the concerned ministries or departments) or the RBI. The Government of India has indicated that in all cases where FDI is allowed under the automatic route pursuant to the Consolidated FDI Policy, the RBI would continue to be the primary agency for the purposes of monitoring and regulating foreign investment. For cases that do require an FDI approval, including cases approved by the Government in the past, the monitoring and compliance of conditions is done by the concerned administrative ministries and departments. Further, in cases where the approval of the Government of India is obtained, no approval of the RBI is required. In both cases, the prescribed applicable norms with respect to determining the price at which the shares may be issued by the Indian company to the non-resident investor would need to be complied with, and a declaration in the prescribed form, detailing the foreign investment, must be filed with the RBI once the foreign investment is made in the Indian company. The foregoing description applies only to an issuance of shares by, and not to a transfer of shares of, Indian companies.
The burden of compliance with the sectoral or statutory caps on such foreign investment and the related conditions, if any, is on the company receiving foreign investment.
The Government has set up the Foreign Investment Implementation Authority (the FIIA), in the Ministry of Commerce and Industry. The FIIA has been mandated to: (i) translate FDI approvals into implementation; (ii) provide a proactive one-stop after-care service to foreign investors by helping them obtain necessary approvals; (iii) sort out operational problems; and (iv) meet with various government agencies to find solutions to foreign investment problems and maximize opportunities through a cooperative approach.
The 2023 Bank Shareholding Directions prescribe requirements regarding acquisition and holding of shares or voting rights in relation to all banking companies as defined in the Banking Regulation Act. In relation to foreign investment in private sector banks in India, the Consolidated FDI Policy and the FEMA guidelines state that the foreign investment limits and sub-limits as well as the computation of foreign investment in private sector banks will be as specified in the Consolidated FDI Policy, the Foreign Exchange Management Act and the regulations made in relation thereto, as amended from time to time. As per the Consolidated FDI Policy, dated October 15, 2020 and issued by the Government of India, and the NDI Rules, the following restrictions are applicable to foreign ownership in the Bank:
| Foreign investors may own up to 74.0 percent of the equity shares of a private sector Indian banking company subject to compliance with guidelines issued by the RBI from time to time. FDI up to 49.0 percent is permitted under the automatic route and FDI above 49 percent and up to 74.0 percent requires prior approval of the competent authorities. This 74.0 percent limit will include investment under the portfolio investment scheme by FPIs/non-resident Indian (NRIs) and shares acquired prior to September 16, 2003 by erstwhile overseas corporate bodies (OCBs), and continue to include IPOs, private placements, GDR/ADRs and acquisition of shares from existing shareholders. Aggregate foreign investment in the Bank from all sources is allowed up to a maximum of 74.0 percent of the paid-up capital of the Bank. At least 26.0 percent of the paid-up capital would have to be held by Indian residents, except in the case of a wholly owned subsidiary of a foreign bank. |
| An FPI may invest in the capital of an Indian banking company in the private sector under the portfolio investment scheme which limits the individual holding of an FPI to below 10.0 percent of the capital of the Indian banking company. With effect from April 1, 2020, the aggregate limit for FPI investment is prescribed by sectoral caps applicable to Indian companies in relation to FDI, in accordance with the NDI Rules. Subject to a resolution of the board of directors and a special resolution of the shareholders of the Indian banking company, the 74.0 percent limit ordinarily applicable to Indian banking companies could be decreased to 24.0 percent, or 49.0 percent of the total paid-up capital of a private sector banking company before March 31, 2020. An Indian banking company which has decreased its aggregate limit of FDI investment can increase it again, to the aggregate limit of 74.0 percent. However, once the aggregate limit of FPI investment is increased, the same cannot be reduced to a lower threshold by the Indian banking company. The total holding by each FPI or an investor group must be less than 10.0 percent of the total paid-up capital on a fully diluted basis or less than 10.0 percent of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company, and the total holdings of all FPIs put together, including any other direct and indirect foreign investments in the Indian company permitted under these rules, must not exceed 24.0 percent of paid-up equity capital on a fully diluted basis or paid-up value of each series of debentures or preference shares or share warrants. The aggregate limit of 24.0 percent may be increased by the Indian company concerned up to the sectoral cap/statutory ceiling, as applicable, with the approval of its board of directors and its general body through a resolution and a special resolution, respectively. |
| No single NRIs may own more than 5.0 percent of the total paid-up capital of a private sector banking company, and the aggregate holdings of all NRIs and overseas citizens of India cannot exceed 10.0 percent of the total paid-up capital. However, NRIs holdings can be allowed up to 24.0 percent of the total paid-up capital, provided the banking company passes a special resolution of the shareholders to that effect. In addition, while OCBs were derecognized as a class of investors in India with effect from September 16, 2003, erstwhile OCBs which are incorporated outside India and are not under the adverse notice of the RBI can make fresh investments as incorporated non-resident entities in accordance with the Consolidated FDI Policy and NDI Rules. |
FPI Regulations
The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 have been replaced by the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations 2019 (the FPI Regulations). SEBI has also issued operational guidelines dated November 5, 2019 under the FPI Regulations (the FPI Operational Guidelines), which have now been superseded by, and incorporated in, the Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors, dated December 19, 2022 issued, by SEBI (the 2022 Master Circular). The regulatory regime governing FPIs and investments made by them replaces the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 (the FII Regulations) and the regime for investments by qualified foreign investors (QFIs). Pursuant to the original regulations governing FPIs, which came into effect on June 1, 2014, an FII, which held a valid certificate of registration from the SEBI, was deemed to be a registered FPI until the expiry of the block of three years for which fees had been paid as per the FII Regulations. Further, an FII was not eligible to invest as an FII after registering as an FPI. Similarly, a QFI could continue to buy, sell or otherwise deal in securities until May 31, 2015, or until the QFI obtained a certificate of registration as FPI, whichever occurred earlier.
The NDI Rules and the FPI Regulations specify that the shares purchased by a single FPI or an investor group must be below 10.0 percent of the total paid-up equity capital of a company on a fully diluted basis. It should be noted that multiple entities registered as FPIs, directly or indirectly, having common ownership of more than 50.0 percent or common control, will be treated as part of the same investor group, and the investment limits of all such entities will be combined to calculate the investment limit as applicable to a single FPI.
Under the FPI Regulations, only FPIs classified as Category I and persons eligible for registration as Category I FPIs may issue offshore derivative instruments (ODIs). Such ODIs are required to be issued after compliance with applicable know your client norms. The ODIs cannot be issued or transferred to persons who are not eligible to be registered as a Category I FPI under the FPI Regulations. Further, any transfer of an ODI requires prior consent of the FPI that has issued the ODI.
The 2022 Master Circular directs all the issuers of ODIs to identify and verify the beneficial owners in the subscriber entities who hold in excess of 10.0 percent in the case of a company, 10.0 percent in the case of partnership firms, 15.0 percent in case of unincorporated associations or bodies of individuals, and 10.0 percent, in case of a trust. Where no natural person is identified, the beneficial owner is the relevant natural person who holds the position of senior managing official. For entities coming from high risk jurisdictions, as identified by intermediary, the intermediaries may apply a lower materiality threshold of 10% for the identification of beneficial owners. The ODI issuers will have to maintain with them at all times the know your customer documents regarding ODI subscribers and those should be made available to SEBI on demand.
Additionally, ODI issuers are also required to file suspicious transaction reports in relation to the ODIs issued by them, if any, with the Indian Financial Intelligence Unit.
Investors in ADSs do not need to seek the specific approval from the Government of India to purchase, hold or dispose of their ADSs. Notwithstanding the foregoing, if an FPI, a non-resident Indian or an overseas corporate body were to withdraw its equity shares from the ADS program, its investment in the equity shares would be subject to the general restrictions on foreign ownership.
FPIs are now also permitted to acquire debt securities issued by infrastructure investment trusts and real estate investment trusts registered with SEBI. SEBI now also allows FPIs to participate in Indian exchange traded commodity derivatives, subject to compliance with certain terms and conditions.
Acquisition of the Undertaking by the Government
Under the Banking Regulation Act, the Government may, after consultation with the RBI, in the interest of our depositors or banking policy or better provision of credit generally or to a particular community or area, acquire our banking business. The RBI may acquire our business if it is satisfied that we have failed to comply with the directions given to us by the RBI or that our business is being managed in a manner detrimental to the interest of our depositors. Similarly, the Government of India may also acquire our business based on a report by the RBI.
Provisions Affecting Any Change of Control (Item 10.B.7 of Form 20-F)
Not applicable.
But see Description of Equity Shares Takeover Code of the Banks Form 20-F.
Ownership Threshold (Item 10.B.8 of Form 20-F)
Not applicable.
But see Description of Equity Shares Disclosure of Ownership Interest of the Banks Form 20-F.
Significant Differences Between the Law of Different Jurisdictions (Item 10.B.9 of Form 20-F)
Not applicable.
Changes in Capital (Item 10.B.10 of Form 20-F)
Not applicable.
But see Description of Equity Shares Acquisition by the Issuer of Its Own Shares of the Banks Form 20-F.
Debt Securities (Item 12.A of Form 20-F)
Not applicable.
Warrants and Rights (Item 12.B of Form 20-F)
Not applicable.
Other Securities (Item 12.C of Form 20-F)
Not applicable.
DESCRIPTION OF AMERICAN DEPOSITARY SHARES
American Depositary Shares (Items 12.D.1 and 12.D.2 of Form 20-F)
General
JPMorgan Chase Bank, N.A., as depositary, issues the American Depositary Shares, or ADSs. Each ADS represents an ownership interest in three Equity Shares, which we have deposited with the custodian, as agent of the depositary, under the Deposit Agreement. In the future, each ADS will also represent any securities, cash or other property deposited with the depositary but which it has not distributed directly to a holder of American Depositary Receipts (ADRs) evidencing ADSs.
The depositarys office is located at J.P. Morgan Depositary Receipts, 383 Madison Ave, Floor 11, New York, NY 10179.
Investors may hold ADSs either directly or indirectly through their broker or other financial institution. If an investor holds ADSs directly, by having an ADR certificate evidencing a specific number of ADSs registered in his name on the books of the depositary, or by holding an ADS in the depositarys direct registration system, he is an ADR holder. This description assumes that the investor holds his ADSs directly. If an investor holds the ADSs through his broker or financial institution nominee, he must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section. Investors should consult with their broker or financial institution to find out what these procedures are.
Because the depositarys nominee will actually be the registered owner and record holder of the Equity Shares, investors must rely on the depositary to exercise the rights of a shareholder on their behalf. The obligations of the depositary and its agents are set out in the Deposit Agreement. The Deposit Agreement and the ADSs are governed by New York law. Neither the depositary nor the custodian or any of their respective nominees are deemed to be the beneficial owner of the Equity Shares.
The following is a summary of the material terms of the Deposit Agreement. Because it is a summary, it does not contain all the information that may be important to investors. For more complete information, investors should read the entire Deposit Agreement and the form of ADR, which contains the terms of the ADSs. Investors can read a copy of the Deposit Agreement, which was filed as an exhibit to the registration statement on Form F-6 on November 9, 2022.
Share Dividends and Other Distributions
We may make various types of distributions with respect to our securities. The depositary has agreed to pay to the investor the cash dividends or other distributions it or the custodian receives on Equity Shares or other deposited securities, after deducting its charges and expenses. The investor will receive these distributions in proportion to the number of deposited securities that the investors ADSs represent. To the extent practicable, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner:
Cash
The depositary will distribute any United States dollars available to it resulting from a cash dividend or other cash distribution if this is practicable and can be done in a reasonable manner. The depositary will distribute this cash in a practicable manner, and may deduct any taxes required to be withheld, any expenses of converting foreign currency and transferring funds to the United States and other expenses and adjustments. If exchange rates fluctuate during a time when the depositary cannot convert a foreign currency, investors may lose some or all of the value of the distribution.
Equity Shares
In the case of a distribution in Equity Shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such Equity Shares. Only whole ADSs will be issued. The depositary will sell any Equity Shares that would result in fractional ADSs and distribute the net proceeds to the ADR holders entitled to them.
Rights to Receive Additional Shares
In the case of a distribution of rights to subscribe for additional Equity Shares or other rights, if we provide satisfactory evidence that the depositary may lawfully distribute the rights, the depositary may arrange for ADR holders to instruct the depositary as to the exercise of the rights. However, if we do not furnish such evidence, the depositary may:
| sell the rights, if practicable, and distribute the net proceeds as cash. |
| if it is not practicable to sell the rights, allow the rights to lapse, in which case ADR holders will receive nothing. |
We have no obligation to file a registration statement under the Securities Act in order to make any rights available to ADR holders or furnish evidence that the depositary may lawfully make any rights available to ADR holders.
Other Distributions
In the case of a distribution of securities or property other than those described above, the depositary may either:
| distribute such securities or property in any manner it deems equitable and practicable; or |
| to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it distributes cash. |
Any United States dollars will be distributed by cheques drawn on a bank in the United States for whole dollars and cents (fractional cents will be withheld without liability for interest and handled by the depositary in accordance with its then current practices).
The depositary may choose any practical method of distribution for any specific ADR holder, including the distribution of foreign currency, securities or property, or it may retain those items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items.
The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.
We cannot assure investors that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price, or that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the depositary in accordance with its then current policies, which are currently set forth in the Disclosures section available at https://www.adr.com/Investors/FindOutAboutDRs (or a successor page), the location and contents of which the depositary shall be solely responsible for.
Deposit, Withdrawal and Cancellation
The depositary issues ADSs upon the deposit of Equity Shares or evidence of rights to receive Equity Shares with the custodian after payment of the fees and expenses owing to the depositary in connection with such issuance.
Except for Equity Shares that we deposit, no Equity Shares may be deposited by persons located in India, residents of India or for, or on the account of, such persons. Under current Indian laws and regulations, the depositary cannot accept deposits of outstanding Equity Shares and issue ADRs evidencing ADSs representing such Equity Shares without prior approval of the Government of India. However, an investor who surrenders an ADS and withdraws Equity Shares may be permitted to redeposit those Equity Shares in the depositary facility in exchange for ADSs and the depositary may accept deposits of outstanding Equity Shares purchased by a non-resident of India on the local stock exchange and issue ADSs representing those Equity Shares. However, in each case, the number of Equity Shares re-deposited or deposited cannot exceed the number represented by ADSs converted into underlying Equity Shares.
Equity Shares deposited in the future with the custodian must be accompanied by certain documents, including instruments showing that such Equity Shares have been properly transferred or endorsed to the person on whose behalf the deposit is being made. To the extent delivery of certificates is impracticable, the Equity Shares may be deposited by any other delivery means reasonably acceptable to the depositary or custodian, including by way of crediting the Equity Shares to an account maintained by the custodian with us or an accredited intermediary acting as registrar for the Equity Shares.
We will inform the depositary if any of the Equity Shares permitted to be deposited do not rank pari passu with other deposited securities and the depositary will arrange for the issuance of temporary ADSs representing such Equity Shares until such time as the Equity Shares become fully fungible with the other deposited securities.
The custodian will hold all deposited Equity Shares for the account of the depositary. ADR holders thus have no direct ownership interest in the Equity Shares and only have such rights as are contained in the Deposit Agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited Equity Shares. The deposited Equity Shares and any such additional items are referred to as deposited securities.
Upon each deposit of Equity Shares, receipt of related delivery documentation and compliance with the other provisions of the Deposit Agreement, including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All ADSs issued will be evidenced by way of registration in the depositarys direct registration system, unless certificated ADRs are specifically requested by the holder. Rather than receiving a certificate, registered holders will receive periodic statements from the depositary showing the number of ADSs to which they are entitled. Certificated ADRs will be delivered at the depositarys designated transfer office.
When an investor turns in his ADR certificate at the depositarys office, or provides proper instructions and documentation in the case of direct registration ADSs, the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying Equity Shares. Delivery of deposited securities in certificated form will be made at the custodians office or, at the investors risk and expense, the depositary may deliver such deposited securities at such other place as may be requested by the investor. A stamp duty will be payable by the relevant ADR holder in respect of any withdrawal of Equity Shares, unless the Equity Shares are held in dematerialized form. Any subsequent transfer by the holder of the Equity Shares after withdrawal will require the approval of the RBI, which approval must be obtained by the purchaser and us under the provisions of the Foreign Exchange Management Regulation Act, 1999 unless the transfer is on a stock exchange or in connection with an offer under the Indian takeover regulations.
The depositary may only restrict the withdrawal of deposited securities in connection with:
| temporary delays caused by closing the Banks transfer books or those of the depositary or the deposit of Equity Shares in connection with voting at a shareholders meeting, or the payment of dividends; |
| the payment of fees, taxes and similar charges; or |
| compliance with any United States or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities. |
This right of withdrawal may not be limited by any other provision of the Deposit Agreement.
Voting Rights
Investors who hold ADRs have no voting rights with respect to the deposited Equity Shares. The depositary will abstain from exercising the voting rights of the deposited Equity Shares. The RBI examined the matter relating to the exercise of voting rights by the depositary and issued a circular dated February 5, 2007, pursuant to which the Bank furnished to the RBI a copy of its agreement with the depositary. We have given an undertaking to the RBI stating that we will not recognize voting by the depositary if the vote given by the depositary is in contravention of its agreement with us and that we or the depositary will not bring about any change in our depositary agreement without the prior approval of the RBI.
Equity Shares which have been withdrawn from the depositary facility and transferred on our register of shareholders to a person other than the depositary or its nominee may be voted by that person. However, such shareholders may not receive sufficient advance notice of shareholder meetings to enable them to withdraw the underlying Equity Shares and vote at such meetings.
Record Dates
The depositary may, after consultation with us, if practicable, fix record dates for the determination of the ADR holders, who will be entitled or obligated (as the case may be) to receive any distribution on or in respect of deposited securities, or to pay the fee assessed by the depositary for administration of the ADR program and any expenses provided for in the ADR, subject to the provisions of the Deposit Agreement.
Reports and Other Communications
The depositary will make available for inspection by ADR holders at the offices of the depositary and at the transfer office any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities. The depositary will distribute copies of such communications, or English translations or summaries thereof, to ADR holders when furnished by us.
Payment of Taxes
ADR holders must pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution, and by holding, owning, or having held or owned, this ADR or any ADSs evidenced thereby, the holder and all beneficial owners, and all prior holders and beneficial owners, jointly and severally, agree to indemnify, defend and hold harmless each of the depositary and its agents in respect of such tax or other governmental charge. If an ADR holder owes any tax or other governmental charge, the depositary may:
| deduct the amount thereof from any cash distributions; or |
| sell deposited securities and deduct the amount owing from the net proceeds of such sale. |
In either case the ADR holder remains liable for any shortfall. Additionally, if any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split-up or combination of deposited securities or withdrawal of deposited securities (except under limited circumstances mandated by securities regulations). If any tax or governmental charge is required to be withheld on any non-cash distribution, the depositary may sell the distributed property or securities to pay such taxes and distribute any remaining net proceeds to the ADR holders entitled to them.
Reclassifications, Recapitalizations and Mergers
If we take certain actions that affect the deposited securities, including (1) any change in par value, split-up, consolidation, cancellation or other reclassification of deposited securities or (2) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to:
| amend the form of ADR; |
| distribute additional or amended ADRs; |
| distribute cash, securities or other property it has received in connection with such actions; |
| sell any securities or property received and distribute the proceeds as cash; or |
| take no action. |
If the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property.
Amendment and Termination
We may agree with the depositary to amend the Deposit Agreement and the ADSs without the consent of ADR holders for any reason. ADR holders must be given at least 30 days notice of any amendment that imposes or increases any fees, charges or expenses on a per ADS basis (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, a transaction fee per cancellation request (including through SWIFT, telex or facsimile transmission), applicable delivery expenses or other such fees, charges or expenses), or prejudices any substantial existing right of ADR holders or beneficial owners of ADSs. If an ADR holder or a beneficial owner of ADSs, continues to hold an ADR or ADRs, or beneficially own ADSs, respectively, after being notified of these changes, the ADR holder or the beneficial owner of ADSs, is deemed to agree to, and be bound by, such amendment. Notwithstanding the foregoing, an amendment can become effective before notice is given if this is necessary to ensure compliance with a new law, rule or regulation.
No amendment will impair an ADR holders right to surrender its ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law. If a governmental or regulatory body adopts new laws, rules or regulations which require the Deposit Agreement or the ADS to be amended, the Bank and the depositary may make the necessary amendments, which could take effect before an ADR holder receives notice thereof.
The depositary may terminate the Deposit Agreement by giving the ADR holders at least 30 days prior notice and it must do so at our request. After termination, the depositarys only responsibility will be (i) to deliver deposited securities to ADR holders who surrender their ADRs and (ii) to hold or sell distributions received on deposited securities. As soon as practicable after the expiration of six months from the termination date, the depositary will sell the remaining deposited securities and hold the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, in trust for the pro rata benefit of ADR holders who have not yet surrendered their ADRs. After making those sales, the depositary shall have no obligations except to account for such proceeds and other cash. The depositary will not be required to invest such proceeds or pay interest on them.
In addition, the depositary may terminate the Deposit Agreement without prior notice to us, but subject to giving 30 days notice to the ADR holders, under the following circumstances: (i) in the event of the Banks bankruptcy or insolvency; (ii) if the Bank effects (or will effect) a redemption of all or substantially all of the deposited securities, or a cash or share distribution representing a return of all or substantially all of the value of the deposited securities; or (iii) in case of certain transactions as a result of which securities or other property are delivered in exchange for or in lieu of deposited securities. The depositary may also terminate, immediately without prior notice to us, any ADR holder or any other person (i) if so required by any law, rule or regulation or any governmental authority or body, or (ii) if the depositary would be subject to liability, in each case as determined by the depositary in its reasonable discretion.
Limitations on Obligations and Liability to ADR Holders
The Deposit Agreement expressly limits the obligations and liability of the depositary, us and each of our or their respective directors, officers, employees, agents and affiliates. Neither we nor the depositary nor any such director, officer, employee, agent or affiliate will be liable (including, without limitation, to holders or beneficial owners of ADSs):
| if any present or future law, rule, regulation, fiat, order or decree of the Republic of India, the United States or any other country or jurisdiction, or of any governmental or regulatory authority or securities exchange or market or automated quotation system, the provisions of or regulation governing any deposited securities, any present or future provision of our charter, any act of God, war, terrorism, epidemic, pandemic, nationalization expropriation, currency restrictions, extraordinary market conditions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or malware attack, computer failure or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause it to be subject to any civil or criminal penalty in connection with any act which the Deposit Agreement or the ADRs provide shall be done or performed by it; |
| by reason of any non-performance or delay in the performance of any act or things which by the terms of the Deposit Agreement shall or may be done or performed or any exercise, or failure to exercise, any discretion under the Deposit Agreement or the ADR; |
| if it performs its obligations under the Deposit Agreement without gross negligence or willful misconduct (and the depositary shall not be a fiduciary or have any fiduciary duty to holders or beneficial owners of ADSs); |
| if it relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties; or |
| if it takes any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Equity Shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information. |
Neither the depositary nor its agents have any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs. We and our agents shall only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs, which, in our opinion, may involve us in expense or liability, if indemnity satisfactory to us against all expense (including fees and disbursements of counsel) and liability is furnished as often as we require.
The depositary will not be liable for the price received in connection with any sale of securities or any delay or omission to act nor will the depositary be responsible for any error or delay in action, omission to act, default or negligence on the part of the party retained in connection with any sale or proposed sale of securities.
The depositary may own and deal in any class of securities and in ADSs.
While the depositary may use third-party delivery services and providers of information and use local agents to provide certain services, the depositary will not be responsible for any errors or omissions made by them in providing the relevant information or services
Disclosure of Interest in ADSs
From time to time, we may request ADR holders and beneficial owners of ADSs to provide information as to:
| the capacity in which they own or owned ADSs; |
| the identity of any other persons then or previously interested in such ADSs; and |
| the nature of such interest and various other matters. |
Investors in, including beneficial owners of, ADSs agree to provide any information requested by us or the depositary pursuant to the Deposit Agreement. The depositary has agreed to use reasonable efforts, without risk, liability or expense on the part of the depositary, to comply with written instructions received from us requesting that it forward any such requests to investors in ADSs and other holders and beneficial owners and to forward to us any responses to such requests to the extent permitted by applicable law.
We may restrict transfers of the Equity Shares where any such transfer might result in ownership of Equity Shares in contravention of, or exceeding the limits under, applicable law or our organizational documents. Title to ADRs, when properly endorsed or upon delivery to the depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York. We may instruct ADR holders that we are restricting the transfers of ADSs where such a transfer may result in the total number of Equity Shares represented by the ADSs beneficially owned by ADR holders contravening or exceeding the limits under the applicable law or our organizational documents. We reserve the right to instruct ADR holders to deliver their ADSs for cancellation and withdrawal of the Equity Shares underlying such ADSs and holders agree to comply with such instructions.
Requirements for Depositary Actions
We, the depositary, or the custodian may refuse to:
| issue, register or transfer an ADR or ADRs; |
| effect a split-up or combination of ADRs; |
| deliver distributions on any such ADRs; or |
| permit the withdrawal of deposited securities (unless the Deposit Agreement provides otherwise), until the following conditions have been met: |
| the holder has paid all taxes, governmental charges and fees and expenses as required in the Deposit Agreement; |
| the holder has provided the depositary with any information it may deem necessary or proper, including, without limitation, proof of identity and the genuineness of any signature, and information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the Deposit Agreement and the ADRs; and |
| the holder has complied with such regulations as the depositary may establish consistent with the Deposit Agreement. |
The depositary may also suspend the issuance of ADSs, the deposit of Equity Shares, the registration, transfer, split-up or combination of ADRs, or the withdrawal of deposited securities (unless the Deposit Agreement provides otherwise), if the register for ADRs or any deposited securities is closed or if any such action is deemed advisable by the depositary.
Books of Depositary
The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which, in the case of registered ADRs, shall include the depositarys direct registration system. ADR holders may inspect the depositarys designated records at all reasonable times. Such register may be closed at any time from time to time, when deemed expedient by the depositary.
The depositary will maintain facilities for the delivery and receipt of ADRs.
The Depositary
The depositary is JPMorgan Chase Bank, N.A., a commercial bank offering a wide range of banking services to its customers both domestically and internationally. JPMorgan Chase Bank, National Association is a wholly owned bank subsidiary of JPMorgan Chase & Co., a Delaware corporation.
Exhibit 8
Subsidiaries of the Registrant
Legal Name of Subsidiary |
Jurisdiction of Incorporation |
Percentage Held |
Holding | |||||
HDB Financial Services Limited |
India | 95.2 | % | Direct | ||||
HDFC Securities Limited |
India | 95.4 | % | Direct | ||||
HDFC Life Insurance Company Limited(1) |
India | 50.4 | % | Direct | ||||
HDFC International Life and Re Company Limited(2) |
Dubai | 50.4 | % | Indirect | ||||
HDFC Pension Management Company Limited(2) |
India | 50.4 | % | Indirect | ||||
HDFC Asset Management Company Limited(1) |
India | 52.5 | % | Direct | ||||
HDFC AMC International (IFSC) Limited(3) |
India | 52.5 | % | Indirect | ||||
HDFC Sales Private Limited |
India | 100 | % | Direct | ||||
HDFC Capital Advisors Limited |
India | 89.0 | % | Direct | ||||
HDFC Trustee Company Limited |
India | 100 | % | Direct | ||||
HDFC Education and Development Services Private Limited(4) |
India | 100 | % | Direct | ||||
Griha Pte Limited |
Singapore | 100 | % | Direct | ||||
Griha Investments |
Mauritius | 100 | % | Direct |
(1) | Publicly listed. |
(2) | Wholly owned subsidiary of HDFC Life Insurance Company Limited. |
(3) | Wholly owned subsidiary of HDFC Asset Management Company Limited. |
(4) | The Banks control of HDFC Education and Development Services Private Limited is intended to be temporary, since, as directed by the Reserve Bank of India in connection with the amalgamation of (i) HDFC Investments Limited and HDFC Holdings Limited, wholly owned subsidiaries of Housing Development Finance Corporation Limited (HDFC Limited) with and into HDFC Limited, and (ii) HDFC Limited with and into HDFC Bank Limited, HDFC Education and Development Services Private Limited is expected to be fully divested no later than July 1, 2025. |
Exhibit 11
Share Dealing Code
Definitions
The following terms used herein shall have the meaning specified:
i. | Act shall mean the Securities and Exchange Board of India Act, 1992 as amended. |
ii. | Bank- shall mean HDFC Bank Limited |
iii. | Code or this Code - shall mean this Share Dealing Code for Prevention of Insider Trading in Securities of the Bank as well as securities of other listed companies (or proposed to be listed companies), as amended from time to time. |
iv. | Compliance Officer shall mean the Company Secretary of the Bank, designated as Compliance Officer for the purpose of this Code, or such other person, who may be appointed in his position or such person nominated by Company Secretary, from time to time. He will be financially literate and responsible for compliance of policies, procedures, maintenance of records, monitoring adherence of rules for the preservation of Unpublished Price Sensitive Information, monitoring of trades and implementation of the Codes, under overall supervision of the Board of Directors; |
Note: The term financially literate shall mean a person who has the ability to read and understand basic financial statements, i.e., balance-sheet, profit and loss account, and statement of cash flows.
v. | Connected Person-shall mean |
(i) any person who is or has during the six months prior to the concerned act been associated with the Bank, directly or indirectly, in any capacity including by reason of frequent communication with its officers or by being in any contractual, fiduciary or employment relationship or by being a director, officer or an employee of the Bank or holds any position including a professional or business relationship between himself/ herself and the Bank whether temporary or permanent, that allows such person, directly or indirectly, access to Unpublished Price Sensitive Information or is reasonably expected to allow such access.
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(ii) Without prejudice to the generality of the foregoing, the persons falling within the following categories shall be deemed to be connected persons unless the contrary is established
(a) | an immediate relative of connected persons specified in clause (i); or |
(b) | a holding company or associate company or subsidiary company; or |
(c) | an intermediary as specified in section 12 of the Act or an employee or director thereof; or |
(d) | an investment company, trustee company, asset management company or an employee or director thereof; or |
(e) | an official of a stock exchange or of clearing house or corporation; or |
(f) | a member of board of trustees of a mutual fund or a member of the board of directors of the asset management company of a mutual fund or is an employee thereof; or |
(g) | a member of the board of directors or an employee, of a public financial institution as defined in section 2 (72) of the Companies Act, 2013; or |
(h) | an official or an employee of a self-regulatory organization recognized or authorized by the Board; or |
(i) | a banker of the company; or |
(j) | a concern, firm, trust, Hindu undivided family, company or association of persons wherein a director of a company or his immediate relative or banker of the company, has more than ten per cent. of the holding or interest; |
vi. | Designated Persons shall mean and include |
a) | all directors of the Bank whether whole-time or not, |
b) | all Employees in the grade of C2 and above and their secretaries/executive assistants by whatever name called, |
c) | all promoters of the Bank, |
d) | Company Secretary of the Bank, |
e) | Any support staff of the Bank, such as IT staff, finance staff or secretarial staff, who have access to Unpublished Price Sensitive Information, |
f) | Employees who may be identified by the Compliance Officer in consultation with the respective Group Heads, wherever required, and on a case by case basis |
g) | Employees of material subsidiaries designated on the basis of their functional role or access to unpublished price sensitive information in the organization by their board of directors |
vii. | Employee shall mean a permanent employee of the Bank (whether on probation or not); |
viii. | Generally available information - shall mean information that is accessible to the public on a non-discriminatory basis and shall not include unverified event or information reported in print or electronic media |
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ix. | Immediate Relative shall mean spouse, parent, sibling, children of such person or of the spouse, any of whom is either financially dependent on such person or consults such person in taking decisions relating to trading in securities. It is hereby clarified that a spouse is presumed to be an Immediate Relative, unless rebutted. |
x. | Insidershall mean any person who is: |
i) | a connected person; or |
ii) | in possession of or having access to Unpublished Price Sensitive Information; |
xi. | Insider Trading Regulations means the Securities and Exchange Board of India (Prohibition of Insider Trading Regulations), 2015 as amended from time to time. |
xii. | Legitimate Purposes- shall mean as provided under the Code of Practices and Procedures for Fair Disclosure. |
xiii. | Material Financial Relationship shall mean a relationship in which one person is a recipient of any kind of payment, such as by way of a loan or gift from a Designated Person, during the immediately preceding twelve months, equivalent to at least 25% of the annual income of such Designated Person but shall exclude relationships in which the payment is based on arms length transactions; |
xiv. | Proposed to be listed shall include securities of an unlisted company: |
| If such unlisted company has filed offer documents or other documents, as the case may be, with Securities and Exchange Board of India (SEBI), stock exchange(s) or Registrar of Companies in connection with the listing; or |
| If such unlisted company is getting listed pursuant to any merger or amalgamation and has filed a copy of such scheme of merger or amalgamation under Companies Act, 2013. |
xv. | Securities shall include Depositary Receipts and such other securities as defined in Section 2(h) of Securities Contracts (Regulation) Act, 1956, as amended from time to time. It is clarified that for the purposes of this Share Dealing code, the units of a mutual fund shall not be considered to be Securities. |
xvi. | Stock Exchanges - shall mean the National Stock Exchange of India Limited and BSE Limited. |
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xvii. | Restricted Trading Period would mean the period between |
| Seven calendar days prior to the end of a financial quarter or financial year and the expiry of two calendar days from the date of publication of the annual or quarterly results of the Bank, as applicable; |
| Any other period as may be notified from time to time by the Compliance Officer. |
xviii. | Takeover Regulations shall mean the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended from time to time. |
xix. | Threshold Limit: shall mean Securities representing Rs. 20,00,000 in transaction value, in one or more transactions during a particular financial quarter. |
xx. | Trading: means and includes subscribing, buying, selling, dealing, giving, donating or agreeing to subscribe, buy, sell, deal in or give or donate any Securities specified from time to time, including those of the Bank, and Trade shall include pledge and be construed accordingly. |
Explanation: |
Insider Trading Regulations shall be applicable on transmission of shares. However, transmission of shares shall be exempted from provisions of trading window closure, pre-clearance and contra trade but the norms relating to disclosure requirements shall be applicable on such transmission.
xxi. | Trading Window: would mean any period other than Restricted Trading Period. |
xxii. | Trading Day: means a day on which the recognized Stock Exchanges are open for Trading. |
xxiii. | Unpublished Price Sensitive Information/ UPSI means any information, relating to Bank or its Securities or Securities of another listed company, directly or indirectly, that is not generally available which upon becoming generally available, is likely to materially affect the price of such Securities of the Bank or other listed company or is substantially likely to be considered important by a reasonable investor in deciding whether to buy, hold or sell the relevant Security and shall, ordinarily include but not be restricted to, information relating to the following: |
(i) | financial results; |
(ii) | dividends; |
(iii) | change in capital structure; |
(iv) | mergers, de-mergers, acquisitions, delisting, disposals and expansion of business and such other transactions; |
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(v) | changes in key managerial personnel; and |
(vi) | Information/ figures related to Gross and Net Non-Performing Assets; |
(vii) | information pertaining to net interest income; |
(viii) | Any other event as may be determined by the Bank/ the Compliance Officer which is likely to materially affect the price of the Securities or which as reasonable investor would be substantially likely to consider important in deciding to buy, hold or sell the securities. |
Terms used but not defined hereunder shall have the meanings as ascribed to them under the Insider Trading Regulations, the Act, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 or the Companies Act, 2013, and the rules and regulations made thereunder, as the case may be.
PART - A Provisions governing dealing in Securities of the Bank.
Purpose of the Code:
The Code is prescribed, in compliance with the applicable insider trading laws, rules and regulations, including the Insider Trading Regulations and U.S. Federal Securities laws, and any listing standards applicable to the Bank, including those of the Stock Exchanges and those of the New York Stock Exchange to ensure that the Designated Persons and/ or their Immediate Relative(s) do not trade in the Securities of the Bank when in possession of Unpublished Price Sensitive Information, until such Unpublished Price Sensitive Information becomes generally available and to prevent any tipping and speculative dealings, knowingly or unknowingly by the Designated Persons and/ or their Immediate Relative(s).
Code
1. | No Designated Person and/ or their Immediate Relative(s) is permitted to trade in the Securities of the Bank during the Restricted Trading Period. Any pre-clearance obtained when the trading window was open, will be invalid from the day the trading window is closed. Provided that the Restricted Trading Period shall not apply in respect of the following matters, subject to (i) obtaining pre-clearance under Clause 9 of this Code; and (ii) compliance with the respective regulations of SEBI and other applicable insider trading laws, rules and regulations, including U.S. Federal Securities laws |
(a) | The transaction is proposed to be an off-market inter-se transfer between Insiders who are in possession of the same unpublished price sensitive information without being in breach of Regulation 3 of the Insider Trading Regulations, and both parties have made a conscious and informed trade decision. |
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(b) | The transaction is proposed to be carried out through the block deal window mechanism between persons who are in possession of the unpublished price sensitive information without being in breach of Regulation 3 of the Insider Trading Regulations and both parties have made a conscious and informed trade decision. |
Provided that such unpublished price sensitive information has not been obtained by either party under Regulation 3(3) of the Insider Trading Regulations.
(c) | The transaction in question is proposed to be carried out pursuant to a statutory or regulatory obligation to carry out a bona fide transaction. |
(d) | The transaction in question is proposed to be undertaken pursuant to the exercise of stock options in respect of which the exercise price was pre-determined in compliance with applicable regulations. |
(e) | The trades are pursuant to a trading plan set up in accordance with Clause 8 of this Code. |
(f) | Pledging of shares for a bona fide purpose, such as, raising of funds. |
In addition to the above, the Restricted Trading Period shall not apply to transactions which are undertaken in accordance with respective regulations made by SEBI from time to time in compliance with other applicable insider trading laws, rules and regulations such as acquisition by conversion of warrants or debentures, subscribing to rights issue, further public issue, preferential allotment or tendering of shares in a buy-back offer, open offer, delisting offer.
All non-Designated Persons who are Employees may trade in the Securities of the Bank during the Restricted Trading Period if they are not otherwise in possession of Unpublished Price Sensitive Information. It is clarified that while Designated Persons who are Employees shall be permitted to exercise the stock options vested in them in accordance with the Employee Stock Option Schemes of the Bank during the Restricted Trading Period, the shares acquired upon the exercise of such options cannot be sold (or otherwise Traded) by them, during the Restricted Trading Period. Designated Persons and/or their Immediate Relative(s) should not engage in any speculative dealings in Securities of the Bank.
2. | Insiders are prohibited from trading in the Securities of the Bank at any time while in possession of, or having access to, any Unpublished Price Sensitive Information, unless the Trades are pursuant to trading plan as mentioned below. When a person who has Traded in the Securities of the Bank has been in possession of UPSI relating to the Bank, his/ her/ its Trades would be presumed to have been motivated by the knowledge and awareness of such UPSI in his/ her/ its possession. |
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It is hereby clarified that investment in portfolio management schemes involving dealing in Banks Securities, whether discretionary or not, by any Designated Person and/ or his/ her Immediate Relative(s)/ his/ her/ their respective portfolio manager(s)/ agent by whatever name called, when such Designated Person is in possession of or has access to Unpublished Price Sensitive Information, shall be deemed to have been motivated by the knowledge and awareness of such Unpublished Price Sensitive Information while making such investment.
Further, investment in portfolio management schemes involving dealings in Banks Securities, by a Designated Person and/ or their Immediate Relative(s)/ his/ her/ their respective portfolio manager(s)/ agent by whatever name called, whether discretionary or not, during the Restricted Trading Period, shall be deemed to have been motivated by the knowledge and awareness of Unpublished Price Sensitive Information, irrespective of whether the Designated Person actually was in possession of or had access to Unpublished Price Sensitive Information while making such investment.
3. | No Insider shall communicate, provide, or allow access to any Unpublished Price Sensitive Information, relating to the Bank or its Securities, to any person including other Insiders, except where such communication is in furtherance of legitimate purposes, performance of duties or discharge of legal obligations. |
4. | No person shall procure from or cause the communication by any Insider of Unpublished Price Sensitive Information, relating to the Bank or its Securities, except in furtherance of legitimate purposes, performance of duties or discharge of legal obligations. |
5. | Unpublished Price Sensitive Information may be communicated, provided, allowed access to or procured, in connection with a transaction that would (i) entail an obligation to make an open offer under the Takeover Regulations where the Board of Directors of the Bank is of informed opinion that the sharing of Unpublished Price Sensitive Information is in the best interests of the Bank; (ii) not attract the obligation to make an open offer under the Takeover Regulations but where the Board of Directors of the Bank is of informed opinion that the sharing of Unpublished Price Sensitive Information is in the best interests of the Bank and the information that constitutes Unpublished Price Sensitive Information is disseminated to be made generally available at least two trading days prior to the proposed transaction being effected in such form as the Board of Directors may determine to be adequate and fair to cover all relevant and material facts. |
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6. | The parties receiving Unpublished Price Sensitive Information have to execute agreements to undertake confidentiality and non-disclosure obligations and/ or shall be put to due notice by the Bank in order to keep information so received confidential and shall otherwise not Trade in Securities of the Bank when in possession of Unpublished Price Sensitive Information. Further, the Board of Directors of the Bank (Board), or any person as may be authorised by the Board in this regard, shall maintain a structured digital database containing the nature of UPSI, names of such individuals/ entities with whom UPSI is shared, along with the details of the permanent account number/ any other identifier authorised by law where permanent account number is not available. Such data shall be maintained with adequate time stamping and audit trails to avoid tampering. Such database will be maintained as required under the Insider Trading Regulations, from time to time, and in the event of receipt of any information from SEBI regarding any investigation or enforcement proceedings, the relevant information in the database shall be preserved till the completion of such proceeding, or as per the period specified in the Regulations, whichever is later. |
7. | The Bank shall formulate a Policy for dealing with instances of leakage or suspected leakage of UPSI, which shall be approved by the Audit Committee and the Board, and shall be deemed to be part of this Code. |
8. | Trading plan |
In order to enable Insiders who may be perpetually in possession of UPSI to Trade in Securities of the Bank in a compliant manner, Insiders shall be entitled to formulate a trading plan and present it to the Compliance Officer for approval and public disclosure pursuant to which Trades may be carried out on his/ her/ its behalf in accordance with such plan.
Such trading plan shall: (i) not entail commencement of Trading on behalf of the Insider earlier than six months from the public disclosure of the plan; (ii) not entail Trading for the period between the 20th trading day prior to the last day of any financial period for which results are required to be announced by the Bank and the 2nd trading day after the disclosure of such financial results; (iii) entail Trading for a period of not less than 12 months; (iv) not entail overlap of any period for which another trading plan is already in existence; (v) set out either the value of Trades to be effected or the number of Securities to be Traded along with the nature of the Trade and the intervals at, or dates on which such Trades shall be effected; and (vi) not entail Trading in Securities for market abuse.
The Compliance Officer shall review the trading plan to assess whether the plan would have any potential for violation of Insider Trading Regulations or any other applicable insider trading laws, rules or regulations, and shall be entitled to seek such express undertakings as may be necessary to enable such assessment and to approve and monitor the implementation of the plan.
A trading plan, once approved, shall be irrevocable and the Insider shall mandatorily have to implement the plan, in compliance with the Insider Trading Regulations, without being entitled to either deviate from it or to execute any Trade in the Banks Securities outside the scope of the trading plan. The requirements relating to pre-clearance of trades, trading window norms and restrictions on contra trade shall not be applicable for trades carried out in accordance with the approved trading plan.
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Upon approval of the trading plan, the Compliance Officer shall notify the plan to the Stock Exchanges on which the Securities of the Bank are listed.
9. | Designated Persons and/or their Immediate Relative(s) can Trade in the Securities of the Bank during the Trading Window subject to the conditions mentioned herein below: |
a) | A Designated Person and/or their Immediate Relative(s) who intends to Trade in the Securities of the Bank must take prior approval of the Compliance Officer, irrespective of the value of the Trade. The approval must be sought by making an application, in the format prescribed in Annexure 1 (for sale or transfer of Securities) or Annexure 2 (for purchase or acquisition of Securities). No Designated Person shall apply for pre- clearance of any proposed Trade if such person is in possession of Unpublished Price Sensitive Information during the Trading Window. |
b) | Every Designated Person and/or their Immediate Relative(s) obtaining prior approval as aforesaid, must execute the said Trade within 7 trading days from the date of receipt of approval. If the Trade is not executed within 7 trading days, the approval must be obtained again. Every Designated Person and/or their Immediate Relative(s) who has received approval from the Compliance Officer for execution of Trade but has not executed the Trade either wholly and/or partially within 7 trading days of receipt of the approval, shall report the same to the Compliance Officer in Annexure 3 within 2(two) trading days upon completion of 7 trading days from the receipt of approval explaining the reason for not executing the Trade (either wholly or partially). In case where the trade has been executed (either wholly or partially) pursuant to receipt of a pre-clearance, the Designated Persons and/or their Immediate Relative(s) shall report the trades so executed in the format prescribed in Form C, within 2(two) trading days of execution of such transaction(s). |
c) | Every promoter, member of the promoter group and Designated Person, who is designated as such, shall disclose in the format as per Form B to the Compliance Officer, the number of Securities of the Bank held by them, within 7 days from the date of them being declared a promoter, member of the promoter group or Designated Person. Details of positions taken in derivatives by such persons/entities shall also be disclosed separately in the Form B. It is clarified that the disclosure by the promoter, promoter group and Designated Persons in this Form B, should include details of the Banks Securities held by their Immediate Relative(s) as well. |
d) | Every promoter, member of the promoter group and Designated Persons shall disclose to the Bank the number of such Banks Securities acquired or disposed of either by them or their immediate relative within 2 (two) trading days of such Trade, if the value of the Trade, whether in one Trade or a series of Trades over any calendar quarter, aggregates to a Traded value in excess of Rs. 10 lakh or such other value as specified in Form C. Every connected person as identified by the Bank, shall disclose to the Bank the number of such Banks Securities acquired or disposed of either by them or their immediate relative within 2 (two) trading days of such Trade, if the value of the Trade, whether in one Trade or a series of Trades over any calendar quarter, aggregates to a Traded value in excess of Rs.10 lakh or such other value as specified in Form D. The Bank shall notify the particulars of such Trading to the Stock Exchanges on which the Banks Securities are listed within 2 (two) trading days of receipt of the disclosure or from becoming aware of such information. |
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e) | Designated Persons and/or their Immediate Relative(s), will not be permitted to enter into any opposite/contra Trade, i.e., sell or buy Securities of the Bank during the 6 months following the immediately prior buy or sell Trade. Such persons are also not permitted to take derivative positions in Securities of the Bank at any time. |
However, Designated Persons who are Employees shall be permitted to subscribe to Securities of the Bank in exercise of stock options already vested in them under the Employee Stock Option Schemes of the Bank and the exercise of ESOPs shall not be considered to be Trading except for the purpose of disclosures mentioned herein.
The restriction of contra Trade will not apply in respect of subscription to shares/convertibles in Follow-on Public Offer (FPO); Offer for Sale (OFS); Rights Issue or tendering of Shares in open offer; share buy-back or delisting offer, exit offers, etc.
The Compliance Officer shall be empowered to grant relaxation from strict application of such contra/opposite Trade restriction for reasons to be recorded in writing, provided that such relaxation does not violate the Insider Trading Regulations or any other applicable insider trading laws, rules or regulations. Should a contra Trade be executed, inadvertently or otherwise, in violation of the Insider Trading Regulations such a restriction, the profits from such trade shall be liable to be disgorged for remittance to SEBI for credit to the Investor Protection and Education Fund administered by SEBI under the Act.
10. | Every Designated Person shall submit the names, permanent account number or any other identifier authorised by law; and phone and mobile numbers used by the following persons on an annual basis within a maximum period of thirty days from the end of the financial year and as and when the information changes (in the format prescribed in Annexure 4): |
(a) | Immediate Relatives; and |
(b) | persons with whom the Designated Persons shares a Material Financial Relationship. |
In the event the Designated Person does not share a Material Financial Relationship with any person, the Designated Person shall furnish a declaration confirming the same to the Compliance Officer on an annual basis. The Designated Persons shall also provide a one time declaration containing the details of the names of educational institutions from which the Designated Persons have graduated and names of their past employers (in the format prescribed in Annexure 5).
11. | Designated Persons, their Immediate Relatives and Insiders must adhere to the Code to the extent applicable to
them, and any violation of the Code could result in disciplinary action including wage freeze, suspension, recovery |
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12. | The provisions of this Code can be changed, subject to prior approval of the Audit Committee of the Bank and the Board. |
13. | All intimations/applications in relation to the Share Dealing Code should be addressed to the Compliance Officer and the envelope containing such application should be marked Confidential Share Dealing. |
14. | The Compliance Officer shall ensure compliance under this Code and all applicable insider trading laws, rules and regulations, including the Insider Trading Regulations and U.S. federal securities laws, as amended from time to time, and place before the Audit Committee a report at least once in a financial year containing inter alia, details of Trading in the Banks Securities by Designated Persons and/or their Immediate Relative(s) in violation of this Code. |
15. | If the Compliance Officer wants to Trade in the Banks Securities, then the Compliance officer shall obtain prior approval from the Whole Time Director or Chief Financial Officer of the Bank. |
16. | Further, every Designated Persons shall provide a declaration to the Compliance Officer, at the end of every calendar quarter, confirming that he/she/it (including his/her Immediate Relatives) have not executed any Trades other than in compliance with the Code and the Insider Trading Regulations and have disclosed the relevant information w.r.t. sharing of Unpublished Price Sensitive Information (in the format prescribed in Annexure 6) within a maximum period of thirty days from the end of the quarter. |
17. | The Bank shall not be liable or held responsible if any Employee or Designated Person suffers any losses on account of compliance of this Code. Employees Trading in the Securities of the Bank including exercise of options under the ESOS, would be liable to pay appropriate taxes including Income Tax, Gift Tax and Wealth Tax etc., as applicable from time to time. The Bank will not be liable for payment of any tax on behalf of the Employee. The Employees are required to comply with the provisions of tax laws and pay applicable tax as aforesaid. |
18. | All information shall be handled within the Bank on a need-to-know basis and no Unpublished Price Sensitive Information shall be communicated to any person except in furtherance of legitimate purposes, performance of duties or discharge of his legal obligations. |
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19. | In terms of the Code, Designated Persons shall be considered as persons having access or expected to have access to Unpublished Price Sensitive Information. Wherever there is requirement of sharing Unpublished Price Sensitive Information by any Designated Person with another Employees/external third parties, etc. in furtherance of legitimate purposes, performance of duties or discharge of his/ her legal obligations, the person to whom such information is proposed to be shared, shall be wall-crossed through wall-crossing procedure. |
In general, the Wall-crossing procedures require Designated Persons to obtain prior approvals on each instance and person-by-person basis from Group Head of their concerned department before making any disclosures to such other employee/external third parties. Before such approval is granted, the Group Head of the department must be notified of the identity of the persons who are proposed to be brought across the Wall. The Group Head of the department will notify the designated supervisor of the proposed Wall-crosser(s)/proposed recipient of UPSI. If approval is obtained from the proposed Wall-crossers designated supervisory person, the Group Head of department will notify the appropriate personnel that the proposed Wall-crosser(s) may be contacted. Any issues concerning Wall-crossing will be resolved by the supervisory person in conjunction with the Compliance Officer. The information shared with any personnel who crosses the Wall should be strictly limited to the information/details that they need to know in order to carry out the relevant work. Conversations with any personnel who crosses the Wall should be conducted in a manner designed not to be overheard by persons not authorized to receive Unpublished Price Sensitive Information.
An appropriate record of all Wall-crossings will be maintained by the Group Head of the department. Each Group Head will inform the Compliance Officer of all instances wherein a person has been wall-crossed (at the time of such wall crossing), in accordance with the procedure set out above, so as to enable the Compliance Officer to maintain appropriate records in this regard. The relevant Group Heads will also intimate the Compliance Officer in the event the Wall Crosser did not receive any UPSI or if the UPSI has become generally available.
Further, persons who cross the wall would be deemed to be Designated Persons under this Code and should be informed that they would be required to comply with all applicable provisions of this Code, including in respect of Trades executed by their Immediate Relative(s). A personnel who has crossed the Wall will be treated as an officer or Employee of the department as long as he or she knows or possesses Unpublished Price Sensitive Information. Accordingly, such personnel must maintain the confidentiality of such information and may use it only for the business purposes for which it was disclosed. The Compliance Officer will ordinarily allow a Wall Crosser to resume normal activities when the Compliance Officer determines, on the basis of the intimations provided by the relevant Group Heads, that Wall Crosser did not receive any Unpublished Price Sensitive Information, or that any such information has become generally available.
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20. | The Trading Window shall also be applicable to any person having contractual or fiduciary relation with the Bank, such as auditors, accountancy firms, law firms, analysts, consultants, investment bankers, service providers, etc., assisting or advising the Bank (External Parties). The Bank shall obtain confirmation from such External Parties that they have: (a) adequate systems/controls in place to safeguard Unpublished Price Sensitive Information, including such information received from the Bank, and (b) an internal code of conduct which requires their employees/ retainers to pre clear Trades, including Trades in the Securities of the Bank, in accordance with the provisions of the Insider Trading Regulations. In the event of an on-going contractual or fiduciary relationship, the Bank shall obtain renewed confirmations from each such External Party on an annual basis. |
21. | The Bank shall not discharge, terminate, demote, suspend, threaten, harass, either directly or indirectly, or discriminate against any Employee who files a Voluntary Information Disclosure Form under the Insider Trading Regulations, irrespective of whether the information is considered or rejected by SEBI or he or she is eligible for a Reward under the Insider Trading Regulations, by reason of: |
a. | filing a Voluntary Information Disclosure Form under the Insider Trading Regulations; |
b. | testifying in, or otherwise assisting or aiding SEBI in any investigation, inquiry, audit, examination or proceeding instituted or about to be instituted for an alleged violation of the insider trading laws, or in any manner aiding the enforcement action taken by the Board; |
c. | breaching any confidentiality agreement or provisions of any terms and conditions of employment or engagement solely to prevent any employee from cooperating with SEBI in any manner. |
Provided that for the purpose of this Clause, Employee shall mean any individual who during employment may become privy to information relating to violation of insider trading laws and files a Voluntary Information Disclosure Form under the Insider Trading Regulations and is a director, partner, regular or contractual employee, but does not include an advocate.
It is further clarified that the Bank shall not require any Employee who has filed a Voluntary Information Disclosure under the Insider Trading Regulations to notify it of such filing, or seek its prior consent or guidance of any person engaged by the Bank, before or after such filing.
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PART -B Provisions governing dealing in Securities of listed/ proposed to be listed companies, other than Securities of the Bank.
Purpose of the Code:
The Code is prescribed to ensure that the Designated Persons working in specified divisions in the Bank, Trade in the Securities of listed/ proposed to be listed companies in compliance with the Insider Trading Regulations and only at a time when they do not possess any UPSI. Designated Persons and/or their Immediate Relative(s) should refrain from engaging in any speculative dealings in Other Specified Securities.
It is clarified that for the purposes of this Part B, reference to listed company/ies shall also be deemed to mean and include proposed to be listed company/ies, as defined in the Insider Trading Regulations. It is also clarified that the provisions of this Part B shall apply in addition to, and in conjunction with Part A of the Code.
Code
1. | Provisions of this Part B of the Code shall apply to the Designated Persons, which, for the purposes of Part B of the Code, shall mean: |
(a) | Employees working in following Divisions (Insider Divisions) and having access to UPSI: |
(i) | Investment Banking Group |
(ii) | Corporate Banking Group |
(iii) | Emerging Corporates Group |
(iv) | Capital and Commodities Market Group |
(v) | Wholesale Credit Group |
(vi) | Treasury Advisory Group |
(vii) | Credit Administration Department |
(viii) | Private Banking Group |
(ix) | Bankers to Issue Group |
(x) | Custody Group |
(xi) | Depository Participant Group |
(xii) | Thematic Research, Industry Analysis and Policy Advisory Group |
(xiii) | Risk Group |
(b) | all directors of the Bank whether whole-time or not, |
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(c) | all Employees in the grade of C2 and above and their secretaries/executive assistants by whatever name called, |
(d) | all promoters of the Bank who are individuals and/or investment companies, |
(e) | Company Secretary of the Bank, |
(f) | Any support staff of the Bank, such as IT staff or secretarial staff, who have access to Unpublished Price Sensitive Information, Employees who may be identified by the Compliance Officer in consultation with the respective Group Heads, wherever required, and on a case by case basis |
(g) | Employees of material subsidiaries designated on the basis of their functional role or access to unpublished price sensitive information in the organization by their board of directors |
2. | No Designated Person (including the Immediate Relative(s) of the Designated Person that are individuals) is permitted to deal in Securities of a listed or proposed to be listed company directly or indirectly, including by way of portfolio management schemes, whether discretionary or otherwise, while he/she is handling relationship of that company beyond the prescribed threshold limit or while he/she has access to or is in possession of Unpublished Price Sensitive Information about that company. It is clarified that all Employees working in Investment Banking Division shall be considered as Insiders for dealing in Securities of all listed companies or proposed to be listed companies, for which debt, equity or advisory assignment is handled by the Division, irrespective of whether the Employee is working on a particular assignment or not. It is hereby clarified that the provisions of this Part B of the Code shall not apply to investments made in the units of mutual funds, by the Designated Persons (including their Immediate Relatives). Further, allotment in an initial public offer (IPO) is not subject to requirements of pre-clearance but the Designated Persons shall be required to report the same upon allotment, and any subsequent trading in the allotted scrip shall be subject to the provisions of the Code. |
3. | No Insider shall Trade in the securities of listed/ proposed to be listed companies at any time while in possession of, or having access to, any UPSI. When a person who has traded in securities of a listed or proposed to be listed company has been in possession of UPSI relating to the said listed or proposed to be listed company, his/ her/ its trades would be presumed to have been motivated by the knowledge and awareness of such UPSI in his/ her/ its possession. |
4. | No Designated Person shall communicate, provide or allow access to any Unpublished Price Sensitive Information, relating to a listed or proposed to be listed company to any person, including other Employee(s), Insiders, etc., except where such communication is in furtherance of legitimate purposes, performance of duties or discharge of legal obligations. All information shall be handled by the Designated Persons on a need-to-know basis. |
5. | Wherever there is requirement of sharing Unpublished Price Sensitive Information about listed or proposed to be listed company by the Designated Persons with the Employees of other divisions of the Bank or with outsiders for furtherance of their legitimate purposes, performance of duties or discharge of his legal obligations, the person to whom such information is proposed to be shared, shall be wall- crossed through wall-crossing procedure mentioned under Part A of the Code. In addition, the Board, or any person as may be authorised by the Board in this regard, shall maintain a structured digital database containing the nature of UPSI, names of such individuals/ entities with whom UPSI is shared, along with the details of the permanent account number/ any other identifier authorised by law where permanent account number is not available. Such data shall be maintained with adequate time stamping and audit trails to avoid tampering. Such database will be maintained as required under the Insider Trading Regulations, from time to time, and in the event of receipt of any information from SEBI regarding any investigation or enforcement proceedings, the relevant information in the database shall be preserved till the completion of such proceeding, or as per the period specified in the Regulations, whichever is later. |
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It is clarified that wherever sharing of information is necessitated for legitimate purposes, performance of duties or discharge of legal obligations amongst the Designated Persons mentioned above, e.g. information sharing between business division and credit division, and where Employees of both the divisions are governed by this Code and are privy to same set of information, they will be considered to be part of the same side of the Wall and no wall-crossing would be required.
6. | Designated Persons and the Immediate Relatives of the Designated Persons, as applicable, can Trade in Securities of listed or proposed to be listed companies only when they are not in possession of Unpublished Price Sensitive Information, subject to the conditions mentioned hereunder. |
7. | Designated Persons (including his /her Immediate Relative(s)) who intend to Trade in Securities of a listed or proposed to be listed company must take prior approval of the Compliance Officer in the format as per Exhibit-1. If the Compliance Officer (or his/her Immediate Relative(s)), wants to trade in the Securities of listed or proposed to be listed companies other than the Banks Securities, the Compliance Officer shall obtain prior approval from the Whole Time Director or Chief Financial Officer of the Bank. |
It is clarified that immediate supervisors, who have direct or indirect access to Unpublished Price Sensitive Information about listed/proposed to be listed companies, either on their own or through their reportees / subordinates, should also not trade in Securities of such listed/proposed to be listed companies as long as they have access to or are deemed to be in possession of such Unpublished Price Sensitive Information.
8. | An Employee of an Insider Division (including his /her Immediate Relative(s)) who already holds Securities of a listed or proposed to be listed company and is also handling relationship of that company or is assigned to handle relationship of that company, shall not be permitted to deal in Securities of that company through market transaction beyond the prescribed threshold limit, while he/she is handling relationship of that company. Such Employee shall make disclosure of his/her holding in such company as on the date he/she is assigned to handle relationship within 30 days to his/her immediate supervisor and the Compliance Officer. |
9. | As part of any application for such Trading approval, made in the format prescribed in this Code, the Designated Person shall provide the relevant declarations, including a declaration that he/she is not in possession of any Unpublished Price Sensitive Information. It is clarified that such declaration would be required to be furnished by the Designated Persons for Trades undertaken by his/her Immediate Relative(s) as well. |
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10. | Designated Persons (including his /her Immediate Relative(s)), who have been permitted to Trade in securities forming part of the grey list as mentioned in clause 12 within the prescribed threshold limits, will not be permitted to enter into any opposite/contra Trades, i.e., sell or buy or agreeing to sell or buy same Securities during the 6 months following the immediately prior buy or sell or agreeing to buy or sell in the Securities. |
The Compliance Officer shall be empowered to grant relaxation from strict application of such restriction for reasons to be recorded in writing, provided that such relaxation does not violate the Insider Trading Regulations. Should a contra trade be executed, inadvertently or otherwise, in violation of such a restriction, the profits from such Trade shall be liable to be disgorged for remittance to SEBI for credit to the Investor Protection and Education Fund administered by SEBI under the Act. The Bank shall be entitled to take such other disciplinary action, as may be permitted under the Insider Trading Regulations.
11. | Designated Persons (including his /her Immediate Relative(s)), obtaining prior approval for trading as aforesaid, must execute the Trade for which approval has been so obtained, within 7 (seven) trading days from the date of receipt of approval. If the Trade is not executed within 7 (seven) trading days, the approval must be obtained again. Every Designated Person who has received approval from the Compliance Officer for execution of Trade but has not executed the Trade either wholly and/or partially within 7 trading days, shall report the same to the Compliance Officer in Annexure 3 within 2 trading days upon completion of 7 trading days from the receipt of approval explaining the reason for not executing the Trade (either wholly or partially). In case where the trade has been executed pursuant to receipt of a pre- clearance, the Designated Persons and/or their Immediate Relative(s) shall report the trades executed in the format prescribed in Form C within 2 (two) trading days of execution of such transaction/s. |
12. | The Compliance Officer shall, in consultation with the Heads of the above mentioned Divisions and other senior officials, as may be relevant, prepare and maintain a grey list of listed and proposed to be listed companies that are being handled by the Insider Divisions. The grey list shall be maintained by the Compliance Officer in a confidential manner. In case of Investment Banking Group, such grey list shall comprise of listed companies for which transactions are under discussion or mandated. Such grey list shall be updated from time to time by the Compliance Officer, based on inputs received from the respective Divisional Heads and senior officials, as relevant. |
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13. | Every Designated Person, (not otherwise covered under Part A of the Code), shall submit the names, permanent account number or any other identifier authorised by law; and phone and mobile numbers used by the following persons on an annual basis within a maximum period of thirty days from the end of the financial year and as and when the information changes (in the format prescribed in Annexure 4): |
(a) | Immediate Relatives; and |
(b) | persons with whom they share a Material Financial Relationship. |
In the event the concerned Designated Person does not share a Material Financial Relationship with any person, the Designated Person shall furnish a declaration confirming the same to the Compliance Officer on an annual basis. The said Designated Persons shall also provide a one time declaration containing the details of the names of educational institutions from which they have graduated and names of their past employers (in the format prescribed in Annexure 5).
Further, every Designated Persons shall provide a declaration to the Compliance Officer, at the end of every calendar quarter, confirming that he/she/it (including his/her Immediate Relatives) have not executed any Trades other than in compliance with the Code and the Insider Trading Regulations and have disclosed the relevant information w.r.t. sharing of Unpublished Price Sensitive Information (in the format prescribed in Annexure 6) within a maximum period of thirty days from the end of the quarter.
14. | Any violation of the Code could result in sanctions and disciplinary action including wage freeze, suspension, recovery, etc. in addition to the action that may be taken under Insider Trading Regulations. Any violation so observed, shall be placed before the Audit Committee and actions as approved by the Audit Committee shall be taken. The Bank shall report any non-compliance / violation of this Part B of the Code to the Stock Exchanges pursuant to the Insider Trading Regulations, in the format prescribed by SEBI from time to time. The Compliance Officer shall maintain a database of all such violations of the Code. |
15. | The Compliance Officer shall ensure compliance under this Part B of the Code and the Insider Trading Regulations, as amended from time to time, and place before the Audit Committee a report at least once in a financial year containing inter alia, details of Trading in Securities of listed companies by Designated Persons and/or their Immediate Relative(s) in violation of this Code. |
16. | The Bank shall not discharge, terminate, demote, suspend, threaten, harass, either directly or indirectly, or discriminate against any Employee who files a Voluntary Information Disclosure Form under the Insider Trading Regulations, irrespective of whether the information is considered or rejected by SEBI or he or she is eligible for a Reward under the Insider Trading Regulations, by reason of: |
a. | filing a Voluntary Information Disclosure Form under the Insider Trading Regulations; |
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b. | testifying in, or otherwise assisting or aiding SEBI in any investigation, inquiry, audit, examination or proceeding instituted or about to be instituted for an alleged violation of the insider trading laws, or in any manner aiding the enforcement action taken by the Board; |
c. | breaching any confidentiality agreement or provisions of any terms and conditions of employment or engagement solely to prevent any employee from cooperating with SEBI in any manner. |
Provided that for the purpose of this Clause, Employee shall mean any individual who during employment may become privy to information relating to violation of insider trading laws and files a Voluntary Information Disclosure Form under the Insider Trading Regulations and is a director, partner, regular or contractual employee, but does not include an advocate.
It is further clarified that the Bank shall not require any Employee who has filed a Voluntary Information Disclosure under the Insider Trading Regulations to notify it of such filing, or seek its prior consent or guidance of any person engaged by the Bank, before or after such filing.
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Following forms are included in the Share Dealing Code pursuant to the Insider Trading Regulations. Designated Employees may note that the disclosures in these forms have been automated on the e-share dealing portal. Designated Employees shall submit their requests and disclosures in the e-share dealing portal and only in the event that they are unable to do so for reasons such as system issues, accessibility issues etc., should they submit the relevant forms in physical/ soft copy in order to ensure compliance of the relevant provisions of the Code.
Annexure 1 Declaration Cum Application Seeking Pre Clearance to Sell / Transfer the Securities of HDFC Bank Limited as per the Banks Share Dealing Code
The Compliance Officer
HDFC Bank Limited
HDFC Bank House, S.B Marg, Lower Parel (West), Mumbai 400 013
Dear Sir,
Sub Prior approval for Trading in HDFC Bank Ltd Securities of the face value of Rs 1/- each
In accordance with the HDFC Bank Share Dealing Code, I / We, the undersigned in the capacity of the designated person of the Bank request you to kindly permit me / my spouse / my children (singly / jointly)/Parent / persons for whom I take share trading decisions referred to as immediate relatives/ us to, Sell / Transfer the below mentioned Securities during the ongoing permissible trading window of the Bank. The details as required under the code are provided below:
Name of the Person |
Relationship |
Regd. Folio No |
DP ID |
Client ID |
PAN |
No. of Securities |
Mode of | |||||||
I/ We hereby confirm that:
Ø | I and my immediate relatives/ We have no access to, nor do we have any information that could be construed as unpublished price sensitive information (UPSI) up to the time of signing this application; |
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Ø | In the event that we have access to or receive any information that could be construed as UPSI after signing of this application, but before executing the transaction for which approval is sought, I/ we shall inform the Compliance Officer of the same and shall completely refrain from trading in the Securities of the Bank till such information becomes public; |
Ø | I/ We have not contravened the code of conduct for prevention of insider trading code of fair disclosure as notified by the Bank from time to time and the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time or any other applicable insider trading laws, rules or regulations; |
Ø | I/ We have made full and true disclosure in the matter. |
I/ We further confirm that, in case the permission is granted, the said Securities would be sold / transferred within 7 trading days from the date of receipt of the permission or before the commencement of the restricted trading period whichever is earlier, and the details of sale / transfer of Securities will be intimated as per Code to the Bank within 2 working days of the sale / transfer. In case the entire quantity of Securities are not sold / transferred, then I/ we will also execute Annexure 3 which is required for explaining reasons for not trading the entire quantity for which permission is granted. I / We also understand that I / We will have to submit a fresh request for sell / transfer of any further Securities of HDFC Bank Limited on expiry of 7 trading days and would proceed with the execution of any such transactions only after receipt of requisite approval in this regard.
I/ We request you to kindly accord your approval accordingly.
Yours Truly,
Signature of the Designated Person
Designation:
Date:
Place:
21
Date: | Employee Code (if applicable): |
Annexure 2 Declaration Cum Application Seeking Pre Clearance for the Purchase / Acquisition of Securities of HDFC Bank Limited as per the Banks Share Dealing Code
The Compliance Officer
HDFC Bank Limited
HDFC Bank House, S.B Marg, Lower Parel (West), Mumbai 400 013
Dear Sir,
Sub- Prior approval for Trading in HDFC Bank Ltd Securities of the face value of Rs 1/- each
In accordance with the HDFC Bank Share Dealing Code, I/ we the undersigned in the capacity of the designated person of the Bank request you to kindly permit me / my spouse / my children (singly / jointly) / Parent / persons for whom I take share trading decisions referred to as immediate relatives/ us to Purchase / Acquire the below mentioned Securities during the ongoing permissible trading window of the Bank. The details as required under the code are provided below:
Name of the Person |
Relationship |
Regd. Folio No |
DP ID |
Client ID |
PAN |
No. of Securities |
Mode of | |||||||
I hereby confirm that:
Ø | I and my immediate relatives/ We have no access to nor do we have any information that could be construed as unpublished price sensitive information (UPSI) up to the time of signing this application; |
Ø | In the event that we have access to or receive any information that could be construed as UPSI after signing of this application but before executing the transaction for which approval is sought, I/ we shall inform the Compliance Officer of the same and shall completely refrain from trading in the Securities of the Bank till such information becomes generally available; |
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Ø | I/ We have not contravened the code of conduct for prevention of insider trading, code of fair disclosure as notified by the Bank from time to time and the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time or any other applicable insider trading laws, rules or regulations; |
Ø | I/ We have made full and true disclosure in the matter. |
I/ We further confirm that, in case the permission is granted, the said Securities would be purchased / acquired within 7 trading days from the date of receipt of the permission or before the commencement of the restricted trading period whichever is earlier and the details of purchase / acquisition of Securities will be intimated as per Code to the Bank within 2 working days of the purchase / acquisition. In case the entire quantity of Securities are not purchased / acquired then I/ we will also execute Annexure 3 which is required for explaining reasons for not trading the entire quantity for which permission is granted. I / We also understand that I / We will have to submit a fresh request for purchase / acquisition of any further Securities of HDFC Bank Limited on expiry of 7 trading days and would proceed with the execution of any such transactions only after receipt of requisite approval in this regard.
I/ We request you to kindly accord your approval accordingly.
Yours Truly,
Signature of the Designated Person Designation:
Date:
Place:
23
FORM B
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [Regulations 7 (1) (b) read with Regulations 6 (2)- Disclosure on becoming a director/ KMP/ Promoter]
Name of the Company: HDFC Bank Limited Employee Code:
ISIN of the Company: INE040A01034
Details of Securities held on appointment of Key Managerial Personnel (KMP) or Director or upon becoming a Promoter / Member of the promoter group of a listed company, Designated Person and other such persons as mentioned in Regulation 6(2):
Name, PAN, CIN/DIN & Address with contact nos. |
Category of Person (Promoters/KMP/ Directors/immediate relative to/others etc.) | Date of appointment of Director /KMP OR Date of becoming Promoter | Securities held at the time of becoming Promoter/appointment of Director/KMP
|
% of shareholding | ||||||
Type of security (For eg. Shares, Warrants, Convertible Debentures etc.)
|
No. | |||||||||
1 | 2 | 3 | 4 | 5 | 6 |
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Note: Securities shall have the meaning as defined under regulation 2(1)(i) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
Details of Open Interest (OI) in derivatives of the company held on appointment of KMP or Director or upon becoming a Promoter / member of promoter group or designated person of a listed company and other such persons as mentioned in Regulation 6(2)
Open Interest of the Future contracts held at the time of becoming Promoter/appointment of Director/KMP | Open Interest of the Option Contracts held at the time of becoming Promoter/appointment of Director/KMP | |||||||||
Contract specifications | Number of units (contracts * lot size) | Notional value in Rupee Terms | Contract specifications | Number of units (contracts * lot size)
|
Notional value in Rupee Terms | |||||
7 | 8 | 9 | 1 | 11 | 12 |
Note: In case of Options, notional value shall be calculated based on premium plus strike price of options.
Name:
Signature:
Date:
Place:
25
FORM C
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [Regulations 7 (2) read with Regulations 6 (2) Continual disclosure]
Name of the Company: HDFC Bank Limited | Employee Code (if any): |
ISIN of the Company: INE040A01034
Details of change in holding of Securities of Promoter, member of Promoter Group, Designated Persons or Director of a listed company, Designated Persons and other such persons as mentioned in Regulation 6(2):
Name, PAN, CIN/DIN & address with contact nos | Category of person (Promoters/ Promoter Group/ KMP/ Directors/ Designated Persons/ Immediate relatives/ others etc.) |
Securities held prior to acquisition/ disposal | Securities acquired/Disposed | Securities held post acquisition/disposal | Date of allotment advice/acquisition of shares/sale of shares specify | Date of Intimation to Company |
Mode of acquisition/ disposal (on market purchase /public/rights /preferential offer/off market/interse transfer, ESOPs, etc | |||||||||||||||||||
Type of security (eg Shares, warrants, convertible Debentures etc.) |
No. and % of share holding |
Type of security (eg Shares, warrants, convertible Debentures etc) | No. | Value | Transaction type (Buy/ Sale/ Pledge/ Revoke/ Invoke | Type of security (For eg. Shares, Warrants, Convertible Debentures etc.) |
No. and % of share holding | From | To | |||||||||||||||||
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Note: (i) Securities shall have the meaning as defined under regulation 2(1)(i) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
(ii) Value of transaction excludes taxes/brokerage/any other charges
Details of trading in derivatives of the company by Promoter, Promoter Group, Designated Person or Director of the Bank, and other such persons as mentioned in Regulation 6(2).
Trading in derivatives (Specify type of contract, Futures or Options, etc.) | Exchange on which the trade was executed | |||||||||||
Type of Contract | Contract specifications | Buy | Sell | |||||||||
Notional Value | Number of units (contracts * lot size) |
Notional Value | Number of units (contracts * lot size) |
Note: In case of Options, notional value shall be calculated based on premium plus strike price of options.
Name:
Signature:
Place:
27
FORM D
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 Regulations 7 (3) Transactions by other connected persons as identified by the Bank
Name of the Company: HDFC Bank Limited
ISIN of the Company: INE040A01034
Details of trading in securities by other connected persons as identified by the Bank
Name, & address |
Connection with the Bank |
Securities held prior to acquisition/ disposal |
Securities acquired/ Disposed | Securities held post acquisition/disposal |
Date of allotment advice/ acquisition of shares/ sale of shares specify |
Date of intimation to Bank |
Mode of acquisition/disposal |
|||||||||||||||||||||||||||||||||||||||||||||
Type of Shares, |
No. % of |
Type of security (eg Shares, warrants, convertible Debentures etc) |
No. | Value | Transaction / Revoke /Invoke) |
Type of security (For eg. Shares, Warrants, Convertible Debentures etc.) |
No. and % of share holding |
From | To | |||||||||||||||||||||||||||||||||||||||||||
Note: | (i) | Securities shall have the meaning as defined under regulation 2(1)(i) of SEBI (Prohibition of Insider Trading) Regulations, 2015. | ||
(ii) | Value of transaction excludes taxes/brokerage/any other charges |
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Details of trading in derivatives by other connected persons as identified by the company
Trading in derivatives (Specify type of contract, Futures or Options etc.) | Exchange on which the trade was executed | |||||||||||||||||||||||
Type of Contract | Contract specifications |
Buy | Sell | |||||||||||||||||||||
Notional Value |
Number of units (contracts * lot size) |
Notional Value |
Number of units (contracts * lot size) |
|||||||||||||||||||||
Note: In case of Options, notional value shall be calculated based on premium plus strike price of options.
Name:
Signature:
Place:
29
Annexure 3 to the HDFC Bank Share Dealing Code
The Compliance Officer
HDFC Bank Limited,
HDFC Bank House, Lower Parel, Mumbai 400 013
Dear Sir,
Sub: Reporting of decision to not trade after securing pre-clearance
In accordance with the HDFC Bank Share Dealing Code, I/ we have received from the Compliance office an approval for trading in the Securities of HDFC Bank Limited/ [insert name of the listed/ to be listed company] being approval no. . I/ We am/ are sorry to inform you that as against the permission so granted to me / my spouse / my children (singly / jointly) / parent / persons for whom I take trading decisions referred to as immediate relatives/ us, the transaction for the following Securities of HDFC Bank Limited/ [insert name of the listed/ to be listed company] were not executed during the ongoing permissible trading window of the Bank/ or the permitted period, for the reason provided below. The details as required under the code are as under:
Approval No. | Name | Relationship | Regd. Folio No. DP ID and Client ID No |
Approval for Buy/ Sell |
Approval total no of |
Transaction (Securities) executed |
Transaction (Securities) not executed |
PAN | Reason | |||||||||||||||||||||||||||
This has happened on account of the following reason:
You are requested to take the same on record and grant your consent accordingly. Thanking you.
Yours Truly,
Signature of the Designated Person:
30
Exhibit -1
Employee Code (if applicable):
The Compliance Officer
HDFC Bank Limited,
HDFC Bank House, Lower Parel,
Mumbai 400 013
Dear Sir,
Sub: Prior approval for dealing in share of listed company/ proposed to be listed company
In accordance with the Part B of Share Dealing Code of HDFC Bank for dealing in Securities other than Securities of HDFC Bank, I/ we the undersigned request you to kindly permit me (including my immediate relatives viz. my spouse, parent, sibling, children, any of whom is either financially dependent on such me or consults me in taking decisions relating to trading in Securities)/ us, to buy /acquire / sell / transfer the below mentioned shares/Securities. The details as required under the code are provided below:
Name of the Designated Person |
DP ID | Client ID | PAN | Number of shares/Securities |
Nature of Transaction |
Name of the company |
Approximate value of transaction |
|||||||||||||||||||||
I/ We hereby confirm that:
Ø | I and my immediate relatives/ We have no access to nor do we have any information that could be construed as unpublished price sensitive information (UPSI) relating to shares/Securities for which trading permission has been sought at the time of signing this application; |
Ø | In the event that we have access to or receive any information that could be construed as UPSI after signing of this application but before executing the transaction for which approval is sought, I/ we shall inform the Compliance Officer of the same and shall completely refrain from trading till such information becomes generally available; |
Ø | I have not contravened the provisions of this code and code of conduct & ethics, code of fair disclosure as notified by the Bank from time to time and the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time; |
Ø | I/ we have made full and true disclosure in the matter. |
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Ø | Proposed transaction is not a contra transaction within 6 months from the date of previous transaction. |
Ø | I further confirm that, in case the permission is granted, the said shares / Securities would be bought/ acquired / sold / transferred within 7 trading days from the date of receipt of the permission. I/ We also understand that I/ we will have to submit a fresh request for purchase /acquisition/ sale/ transfer of shares / Securities on expiry of 7 trading days and would proceed with the execution of any such transactions only after receipt of requisite approval in this regard. I/We understand that no contra trade is permitted for a period of 6 months from the date of proposed transaction. |
I/ We request you to kindly accord your approval accordingly.
Yours Truly,
Signature of the Designated Person
Designation:
Date:
Place:
Approval granted / extended from to .
Name of Compliance Officer:
Signature of Compliance Officer:
32
Annexure 4 to the HDFC Bank Share Dealing Code
The Compliance Officer
HDFC Bank Limited,
HDFC Bank House, Lower Parel, Mumbai 400 013
Dear Sir,
Sub: Reporting of Immediate Relatives and Material Financial Relationships
Please see below details of my Immediate Relatives and persons with whom I share a material financial relationship
A. | Details of Immediate Relatives |
Name and Address of Immediate Relative | Relationship with Designated Person |
PAN of Immediate Relatives/ Other identifier authorized by law |
Phone, mobile and cell number of Immediate Relative |
|||||||||
B. | Details of persons with whom I share Material Financial Relationship |
Name and Address of the Person | Relationship with the Person |
PAN of the Person/ Other identifier authorized by law |
Phone, mobile and cell number of the Person |
|||||||||
I undertake to update the above details on an annual basis and also if there is any change in the information submitted.
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Yours Truly,
Signature of the Designated Person
Designation:
Date:
Place:
Note:
a) | Immediate Relative shall mean spouse, parent, sibling, children of such person or of the spouse, any of whom is either financially dependent on such person or consults such person in taking decisions relating to trading in shares. It is hereby clarified that a spouse is presumed to be an Immediate Relative, unless rebutted |
b) | Material Financial Relationship shall mean a relationship in which one person is a recipient of any kind of payment, such as by way of a loan or gift, during the immediately preceding twelve months, equivalent to at least 25% of such payers annual income but shall exclude relationships in which the payment is based on arms length transactions. |
34
Annexure 5 to the HDFC Bank Share Dealing Code
The Compliance Officer
HDFC Bank Limited,
HDFC Bank House, Lower Parel, Mumbai 400 013
Dear Sir,
Sub: Reporting of Educational Institutions and Past Employers
Please see below the details of educational institutions from where I have obtained graduation/ post graduation/ doctoral degree (strike out where inapplicable) and details of my past employers.
Details of the educational institution(s) from which graduation/ post graduation/ doctoral degree obtained | ||||
Name of Institution | Details of Degree | Year when degree obtained | ||
Details of the all past employers/organizations | ||||
Name of Employer/organization | Years spent in the organization | |||
Yours Truly,
Signature of the Designated Person
Designation:
Date:
Place:
Annexure 6 to the HDFC Bank Share Dealing Code
The Compliance Officer
HDFC Bank Limited,
HDFC Bank House, Lower Parel, Mumbai 400 013
Dear Sir,
Sub: Quarterly Declaration regarding Trades in Securities and information sharing
- | I hereby confirm that I (and/or my Immediate Relatives) have not undertaken any trades in any securities that are listed or proposed to be listed during the quarter [to be inserted]. |
I hereby confirm that the trades in
- | Securities of the Bank, if any |
- | Any securities that are listed or proposed to be listed, if any |
undertaken by me (and/or my Immediate Relatives) during the quarter [to be inserted] were undertaken: (a) in full compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Share Dealing Code of HDFC Bank or any other applicable insider trading laws, rules or regulations, and (b) after obtaining requisite pre-clearances, where applicable, and making appropriate disclosures, as required in terms of the Share Dealing Code of HDFC Bank.
I hereby confirm that appropriate disclosures have been made w.r.t. any Unpublished Price Sensitive Information either procured or communicated by me during the quarter [to be inserted], if any pertaining to
- | The Bank |
- | Any entity listed or proposed to be listed during the quarter [to be inserted]. |
I further confirm that the Unpublished Price Sensitive Information have been either procured or communicated by me, if any for legitimate business purposes only.
Yours Truly,
Signature of the Designated Person
Designation:
Date:
Place:
Exhibit 12.1
Certification
I, Sashidhar Jagdishan, certify that:
1. | I have reviewed this annual report on Form 20-F of HDFC Bank Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting. |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
/s/ Sashidhar Jagdishan |
Sashidhar Jagdishan |
Managing Director and Chief Executive Officer Date: July 29, 2024 |
Exhibit 12.2
Certification
I, Srinivasan Vaidyanathan, certify that:
1. | I have reviewed this annual report on Form 20-F of HDFC Bank Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting. |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
/s/ Srinivasan Vaidyanathan |
Srinivasan Vaidyanathan |
Chief Financial Officer |
Date: July 29, 2024 |
Exhibit 13
Certification Pursuant to
18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Annual Report on Form 20-F of HDFC Bank Limited, a company organized under the laws of India (the Company) for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the Report), each of the undersigned officers of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of such officers knowledge, that:
1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2024 and for the periods presented in the Report.
The foregoing certification is provided solely for the purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act of 2002 and is not intended to be used or relied upon for any other purpose.
Dated: July 29, 2024 | /s/ Sashidhar Jagdishan | |
Sashidhar Jagdishan | ||
Managing Director and Chief Executive Officer | ||
Dated: July 29, 2024 | /s/ Srinivasan Vaidyanathan | |
Srinivasan Vaidyanathan | ||
Chief Financial Officer |
Exhibit 97
Addendum B - POLICY ON CLAWBACK OF INCENTIVE COMPENSATION
The Board of Directors (Board) of HDFC Bank Limited (Bank) has adopted this Policy on Clawback of Incentive Compensation (Policy) in view of the final rules on listing standards for the recovery of erroneously awarded compensation adopted by the Securities and Exchange Commission on October 26, 2022, applicable to companies listed on the New York Stock Exchange (NYSE) and NASDAQ.
This Policy shall be read with, and is in addition to, the Compensation Policy formulated and approved by the Board of Directors of the Bank. This Policy is formulated to comply with the requirements of Section 10D promulgated under the U.S. Securities Exchange Act of 1934, as amended (Exchange Act), and Section 303A.14 of the NYSE so as to recover certain compensation in the event of an accounting restatement due to any material non-compliance relating to any financial reporting requirements under the applicable U.S. securities laws, and shall be interpreted and applied consistent therewith.
1. Applicability and effectiveness
This Policy shall be applicable to Managing Director(s), Executive Director(s) and Material Risk Takers (MRT) of the Bank, as well as any other executive officer of the Bank (as defined in Rule 10D-1(d) of the Exchange Act) and such other employees, or classes of employees of the Bank, as may be identified by the Nomination and Remuneration Committee in accordance with the applicable laws (hereinafter collectively referred to as Officers). MRTs, for the purposes of this Policy, would be determined based on the Standard Qualitative Criteria and Standard Quantitative Criteria as prescribed by Reserve Bank of India.
This Policy shall be binding and enforceable against all Officers and their beneficiaries, heirs, executors, administrators or other legal representatives.
This Policy shall be effective with respect to Excess Awarded Compensation received on or after October 2, 2023. For purposes of this Policy, Excess Awarded Compensation shall be considered to be received by an Officer in the Banks fiscal period during which the Financial Measure specified in the incentive-based compensation is achieved or attained, even if the payment, grant or certification of achievement of the incentive-based compensation occurs after the end of that fiscal period.
2. Administration
The Nomination and Remuneration Committee shall administer this Policy, and any decision taken by the said Committee in this regard shall be final and binding on the Bank and the Officers. The Committee may delegate ministerial administrative duties with respect to this Policy to one or more independent directors of the Bank, as permitted under applicable law.
3. Definitions
Accounting Restatement means a restatement of financial statements of the Bank to correct any material noncompliance by the Bank with any financial reporting requirement under applicable U.S. federal securities or accounting laws, including restatements that (a) correct an error in previously issued financial statements that is material to the previously issued financial statements or (b) would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period only.
Clawback Period, with respect to any Accounting Restatement, means the 3 (three) completed financial years immediately preceding the date on which the applicable Accounting Restatement is required to be made (and any transition period that results from a change in the Banks fiscal year within or immediately following such 3 (three) completed fiscal years); provided that a transition period between the last day of the Banks previous fiscal year-end and the first day of its new fiscal year that comprises a period of 9 (nine) to 12 (twelve) months shall be considered a completed fiscal year for purposes of this Policy (i.e., a total of four periods). For purposes of this Policy, the Bank is required to prepare an Accounting Restatement on the earlier of (a) the date the Board, a committee thereof or, if Board action is not required, authorized officers, concludes or reasonably should have concluded that the Bank is required to prepare an Accounting Restatement or (b) the date a court of competent jurisdiction, regulator or other legally authorized body directs the Bank to prepare an Accounting Restatement; provided that recovery pursuant to this Policy as a result of this clause (b) shall only be required if such action by such court, regulator or other legally authorized body, as applicable, is final and not appealable. The Banks obligation to recover Excess Awarded Compensation from a Covered Officer (as defined below) is not dependent on if, or when, the applicable restated financial statements are filed.
Excess Awarded Compensation means, as determined by the Board in accordance with the applicable law, the gross amount (on a pre-tax basis) as stated below and determined by the Nomination and Remuneration Committee to be the amount subject to recovery necessary to comply with applicable law. For the avoidance of doubt, Excess Awarded Compensation may include incentive-based compensation received by a person after such person ceases to be an Officer, including a former employee of the Bank.
Unless otherwise determined by the Board:
i. | for cash awards, Excess Awarded Compensation is the difference between the amount of the cash (commission and/or bonus) that was received and the lesser amount that should have been received had it been determined based on applying the restated Financial Measures; |
ii. | for stock options and Restricted Stock Units (RSUs) of the Bank granted or vested at the time of recovery or clawback, Excess Awarded Compensation is the number of the stock options or the value of RSUs, as applicable, that was received in excess of the lesser number or lower value, as applicable, that should have been received had it been determined based on applying the restated Financial Measures; and |
iii. | for shares issued and allotted by the Bank upon exercise of stock options where the underlying shares remain unsold, Excess Awarded Compensation is the number of shares underlying the stock options that should have been received had it been determined based on applying the restated Financial Measures. |
Financial Measures means measures that are determined in accordance with the accounting principles used in preparing the Banks financial statements, and any measures that are derived wholly or in part from such measures, including stock price and other measures based on stock price such as total shareholder return. A Financial Measure need not be presented within the financial statements or included in a filing with the Securities and Exchange Commission.
Incentive-based compensation means any cash (e.g., commission and/or bonus) or non-cash incentive compensation (e.g., stock options and/or RSUs) or other compensation that is granted, earned or vested based in whole or in part upon the attainment of any Financial Measure and as identified by the Nomination and Remuneration Committee in accordance with the applicable law.
4. Recovery of Excess Awarded Compensation following an Accounting Restatement
In the event the Bank is required to prepare an Accounting Restatement due to any material non- compliance relating to any financial reporting requirements under the applicable U.S. securities laws, the Nomination and Remuneration Committee shall promptly recover any Excess Awarded Compensation that was received during the Clawback Period by any person who was an Officer at any time during the applicable performance period for such incentive-based compensation and that was received by such person after the date of becoming an Officer (Covered Officer), except to the extent such Committee has made a determination that recovery would be impracticable, as permitted under applicable law, whether or not such Officer was involved in the preparation of the Financial Statement or contributed to the non-compliance.
5. Recovery of Additional Amounts Upon an Accounting Restatement
Notwithstanding anything mentioned in the above clause, in case the Nomination and Remuneration Committee, in its sole discretion, determines that an Officers acts or omissions contributed to the circumstances requiring an Accounting Restatement, then in each such case, the Bank will use reasonable efforts to recover from such Officer up to 100% of the incentive-based compensation, and not just the Excess Awarded Compensation.
6. Method of Clawback and/or Forfeiture
The Nomination and Remuneration Committee shall, in its sole discretion, determine the appropriate method for clawing back or forfeiting the Excess Awarded Compensation or incentive-based compensation, as the case may be, in accordance with applicable law and taking into account the time value of money and the cost of delaying recovery, which may include, without limitation, any one or more of the following:
i. | Requiring the reimbursement of cash- or stock-based incentive-based compensation previously paid; |
ii. | Seeking the recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any stock options, RSUs or shares allotted pursuant to exercise of stock options; |
iii. | Cancelling or rescinding some or all outstanding vested or unvested stock options or RSUs; |
iv. | Adjusting or withholding amounts from unpaid compensation or other set-off; and |
v. | Cancelling or setting-off against planned future grants of stock options or RSUs or any other method permitted by applicable law or contract. |
To the extent that a current or former Officer fails to repay Excess Awarded Compensation or incentive-based compensation under this Policy, the Bank shall take all actions reasonable and appropriate to recover the same. The concerned Officer shall be required to reimburse the Bank for any and all expenses reasonably incurred (including legal fees) in recovering such Excess Awarded Compensation or incentive-based compensation. For the avoidance of doubt, any Excess Awarded Compensation received by a Covered Officer that has been subsequently forfeited prior to payment thereof, or otherwise recouped by the Bank (including as a result of termination or employment) shall be deemed to have been repaid in accordance with this Policy.
7. Reporting and Disclosure
The Bank shall file all disclosures with respect to this Policy in accordance with the applicable laws.
8. No Indemnification
The Bank shall not indemnify or insure or agree to indemnify or insure any Officer against the loss of erroneously awarded compensation subject to this Policy, nor shall the Bank pay or agree to pay or reimburse any insurance premium to cover the loss of erroneously awarded compensation or any claims relating to the Banks enforcement of this Policy. None of the Bank or any of its affiliates shall have any liability to an Officer with respect to any actions taken under this Policy.
9. Amendment
The Board may amend, modify, suspend or terminate this Policy in whole or in part at any time in its sole discretion and may adopt such rules and procedures that it deems necessary, appropriate or advisable to implement this Policy or to comply with applicable laws and regulations. This Policy shall not limit the rights of the Bank to take any other actions or pursue other remedies that the Bank may deem appropriate under the circumstances and under applicable law. This Policy will terminate automatically when the Bank ceases to have its securities listed on NYSE or NASDAQ.
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end
CONSOLIDATED BALANCE SHEETS (Parenthetical) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
₨ / shares
shares
|
Mar. 31, 2024
USD ($)
shares
|
Mar. 31, 2023
INR (₨)
₨ / shares
shares
|
Mar. 31, 2023
USD ($)
shares
|
---|---|---|---|---|
Investments available for sale, at fair value, restricted investments | ₨ 1,792,147.6 | $ 21,504.1 | ₨ 2,070,953.6 | |
Loans, allowance | ₨ 457,346.5 | $ 5,487.7 | ₨ 365,164.5 | $ 4,381.6 |
Equity shares, par value | ₨ / shares | ₨ 1 | ₨ 1 | ||
Equity shares, authorized | 11,906,100,000 | 11,906,100,000 | 6,500,000,000 | 6,500,000,000 |
Equity shares, issued | 7,596,910,662 | 7,596,910,662 | 5,579,742,786 | 5,579,742,786 |
Equity shares, outstanding | 7,596,910,662 | 7,596,910,662 | 5,579,742,786 | 5,579,742,786 |
CONSOLIDATED STATEMENTS OF INCOME ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
₨ / shares
|
Mar. 31, 2024
USD ($)
$ / shares
|
Mar. 31, 2023
INR (₨)
₨ / shares
|
Mar. 31, 2022
INR (₨)
₨ / shares
|
|
Interest and dividend revenue: | ||||
Loans | ₨ 2,194,525.5 | $ 26,332.2 | ₨ 1,351,818.0 | ₨ 1,057,925.6 |
Trading securities | 3,563.1 | 42.8 | 2,964.6 | 1,647.5 |
Available for sale debt securities | 516,550.0 | 6,198.1 | 304,566.7 | 240,943.0 |
Other | 67,287.6 | 807.4 | 30,177.4 | 32,620.9 |
Total interest and dividend revenue | 2,781,926.2 | 33,380.5 | 1,689,526.7 | 1,333,137.0 |
Interest expense: | ||||
Deposits | 997,405.6 | 11,967.9 | 615,108.9 | 489,010.1 |
Short-term borrowings | 100,181.0 | 1,202.1 | 58,142.8 | 17,675.2 |
Long-term debt | 432,520.3 | 5,189.8 | 101,587.8 | 77,456.3 |
Other | 3,815.9 | 45.8 | 698.7 | 155.9 |
Total interest expense | 1,533,922.8 | 18,405.6 | 775,538.2 | 584,297.5 |
Net interest revenue | 1,248,003.4 | 14,974.9 | 913,988.5 | 748,839.5 |
Provision for credit losses | 133,063.1 | 1,596.6 | 74,213.8 | 126,979.5 |
Net interest revenue after provision for credit losses | 1,114,940.3 | 13,378.3 | 839,774.7 | 621,860.0 |
Non-interest revenue, net: | ||||
Fees and commissions | 280,965.9 | 3,371.3 | 239,603.7 | 202,979.5 |
Trading securities gain/(loss), net | 41,595.0 | 499.1 | 479.9 | 2,455.5 |
Realized gain/(loss) on sales of available for sale debt securities, net | 826.7 | 9.9 | (720.3) | 16,745.8 |
Allowance on available for sale debt securities | 70.9 | 0.9 | (70.9) | 2,915.1 |
Foreign exchange transactions | 15,521.2 | 186.2 | 25,547.0 | 34,851.4 |
Derivatives gain/(loss), net | 18,558.5 | 222.7 | 15,366.1 | 1,422.0 |
Premium and other operating income from the insurance business | 381,879.5 | 4,582.2 | 0.0 | 0.0 |
Other, net | (486.8) | (5.8) | 11,181.0 | 9,204.9 |
Total non-interest revenue, net | 738,930.9 | 8,866.5 | 291,386.5 | 270,574.2 |
Total revenue, net | 1,853,871.2 | 22,244.8 | 1,131,161.2 | 892,434.2 |
Non-interest expense: | ||||
Salaries and staff benefits | 288,776.0 | 3,465.0 | 199,726.8 | 165,287.7 |
Premises and equipment | 65,131.5 | 781.5 | 45,069.9 | 36,236.0 |
Depreciation and amortization | 31,147.3 | 373.7 | 23,489.7 | 16,816.9 |
Administrative and other | 281,020.8 | 3,372.0 | 200,493.0 | 154,931.4 |
Amortization of intangible assets | 21,201.0 | 254.4 | 0.0 | 0.0 |
Claims and benefits paid pertaining to insurance business | 381,965.8 | 4,583.2 | 0.0 | 0.0 |
Total non-interest expense | 1,069,242.4 | 12,829.8 | 468,779.4 | 373,272.0 |
(Surplus) / Deficit in P&L transferred to undistributed policyholders earnings account | (79,169.8) | (950.0) | 0.0 | 0.0 |
Income before income tax expense | 705,459.0 | 8,465.0 | 662,381.8 | 519,162.2 |
Income tax expense | 77,827.1 | 933.9 | 166,117.4 | 132,559.2 |
Net income before noncontrolling interest | 627,631.9 | 7,531.1 | 496,264.4 | 386,603.0 |
Less: Net income attributable to shareholders of noncontrolling interest | 4,975.3 | 59.7 | 817.5 | 602.6 |
Net income attributable to HDFC Bank Limited | ₨ 622,656.6 | $ 7,471.4 | ₨ 495,446.9 | ₨ 386,000.4 |
Per share information: (see note: 30) | ||||
Earnings per equity share—basic | (per share) | ₨ 88.66 | $ 1.06 | ₨ 89.02 | ₨ 69.76 |
Earnings per equity share—diluted | (per share) | 88.31 | 1.05 | 88.68 | 69.38 |
Per ADS information (where 1 ADS represents 3 shares): (see note: 30) | ||||
Earnings per ADS—basic | (per share) | 265.98 | 3.18 | 267.06 | 209.28 |
Earnings per ADS—diluted | (per share) | 264.93 | 3.15 | 266.04 | 208.14 |
Dividends declared per equity share | (per share) | ₨ 19.5 | $ 0.23 | ₨ 19 | ₨ 15.5 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - INR (₨) ₨ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net unrealized gain (loss) arising during the period, tax | ₨ (254.2) | ₨ (1,136.5) | ₨ (436.4) |
Net unrealized gain (loss) arising during the period, tax | (15,898.7) | 17,666.8 | 12,138.8 |
Reclassification adjustment for net (gain) loss included in net income, tax | ₨ (1,675.7) | ₨ 449.7 | ₨ 3,426.8 |
CONSOLIDATED STATEMENTS OF CASH FLOWS ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Cash flows from operating activities: | ||||
Net income before noncontrolling interest | ₨ 627,631.9 | $ 7,531.1 | ₨ 496,264.4 | ₨ 386,603.0 |
Adjustment to reconcile net income to net cash provided by operating activities | ||||
Provision for credit losses | 133,063.1 | 1,596.6 | 74,213.8 | 126,979.5 |
Depreciation and amortization | 31,147.3 | 373.7 | 23,489.7 | 16,816.9 |
Amortization of deferred customer acquisition costs and fees | 20,848.1 | 250.2 | 13,284.8 | 10,912.3 |
Amortization of premium/(discount) on investments | 22,386.1 | 268.6 | 7,845.9 | 8,493.3 |
Amortization of intangible assets | 21,201.0 | 254.4 | 0.0 | 0.0 |
Allowance on available for sale debt securities | (70.9) | (0.9) | 70.9 | (2,915.1) |
Deferred tax expense/ (benefit) | (57,133.2) | (685.5) | 12,280.9 | (9,887.3) |
Other gains, net | (2,165.8) | (26.0) | (8,714.9) | (7,206.5) |
Share-based compensation expense | 20,115.8 | 241.4 | 14,014.6 | 13,874.5 |
Net realized (gain)/ loss on sale of available for sale debt securities | (826.7) | (9.9) | 720.3 | (16,745.8) |
(Gain)/ loss on disposal of property and equipment, net | (748.0) | (9.0) | (80.6) | (0.9) |
Unrealized exchange (gain)/ loss | 5,554.3 | 66.6 | 276.7 | (4,813.0) |
Net change in: | ||||
Investments held for trading | (46,372.8) | (556.4) | (87,892.0) | 48,845.7 |
Accrued interest receivable | (24,104.9) | (289.2) | (51,395.9) | (15,640.8) |
Other assets | 77,812.0 | 933.7 | (113,657.6) | (26,227.6) |
Accrued interest payable | 12,951.8 | 155.4 | 29,891.6 | 4,417.8 |
Accrued expense and other liabilities | (171,089.9) | (2,053.0) | 66,588.0 | 47,512.2 |
Policyholder's Fund | 352,123.2 | 4,225.1 | ||
Net cash provided by operating activities | 1,022,322.4 | 12,266.9 | 477,200.6 | 581,018.2 |
Cash flows from investing activities: | ||||
Term placements, net | (353,054.8) | (4,236.3) | (498,561.2) | (366,297.2) |
Activity in available for sale debt securities: | ||||
Purchases | (4,308,274.6) | (51,695.2) | (1,595,296.1) | (1,736,498.7) |
Proceeds from sales | 2,296,504.0 | 27,555.8 | 36,463.8 | 766,585.0 |
Maturities, prepayments and calls | 1,163,732.2 | 13,963.7 | 994,010.6 | 807,572.1 |
Net change in repurchase agreements and reverse repurchase agreements | 519,749.7 | 6,236.5 | (234,067.0) | (307,207.6) |
Loans purchased | (116,976.0) | (1,403.6) | (526,272.5) | (282,420.1) |
Repayments on loans purchased | 52,799.6 | 633.5 | 337,760.9 | 156,441.9 |
Increase in loans originated, net of principal collections | (3,104,884.4) | (37,255.6) | (2,864,884.7) | (2,328,833.2) |
Additions to property and equipment | (53,838.0) | (646.0) | (43,620.3) | (26,324.4) |
Proceeds from sale or disposal of property and equipment | 1,533.9 | 18.4 | 426.8 | 199.1 |
Proceeds from disposals of business | 95,006.7 | 1,140.0 | 0.0 | 0.0 |
Net cash received on acquisition of HDFC Limited | 54,793.7 | 657.5 | 0.0 | 0.0 |
Activity in equity securities, net | 80,343.8 | 964.0 | 1,256.7 | 14,503.3 |
Net cash used in investing activities | (3,672,564.2) | (44,067.3) | (4,392,783.0) | (3,302,279.8) |
Cash flows from financing activities: | ||||
Net increase in deposits | 3,368,161.6 | 40,414.7 | 3,224,774.3 | 2,237,238.5 |
Net increase/(decrease) in short-term borrowings | 222,250.1 | 2,666.8 | 535,729.9 | 314,735.9 |
Proceeds from issue of shares by a subsidiary to noncontrolling interests | 3,641.4 | 43.7 | 822.7 | 691.8 |
Proceeds from issuance of long-term debt | 1,155,775.2 | 13,868.2 | 1,022,933.1 | 722,908.9 |
Repayment of long-term debt | (1,400,297.9) | (16,802.2) | (558,113.6) | (353,325.7) |
Proceeds from issuance of equity shares for options and warrants exercised | 84,425.4 | 1,013.0 | 34,158.3 | 26,097.3 |
Payment of dividends | (86,617.1) | (1,039.3) | (86,394.3) | (36,239.2) |
Net cash provided by financing activities | 3,347,338.7 | 40,164.9 | 4,173,910.4 | 2,912,107.5 |
Effect of exchange rate changes on cash and due from banks, and restricted cash | 1,539.3 | 18.5 | 7,036.1 | 490.5 |
Net change in cash and due from banks, and restricted cash | 698,636.2 | 8,383.0 | 265,364.1 | 191,336.4 |
Cash and due from banks, and restricted cash, beginning of year | 1,387,395.2 | 16,647.4 | 1,122,031.1 | 930,694.7 |
Cash and due from banks, and restricted cash, end of year | 2,086,031.4 | 25,030.4 | 1,387,395.2 | 1,122,031.1 |
Supplementary cash flow information: | ||||
Interest paid | 1,407,747.2 | 16,891.6 | 745,487.8 | 579,853.8 |
Income taxes paid, net of refunds | 199,753.4 | 2,396.8 | 163,674.9 | 148,381.6 |
Non-cash investment activities | ||||
Payable for purchase of property and equipment | 8,613.4 | 103.4 | 7,440.6 | 5,483.3 |
Trade date sale receivable of available for sale debt securities | ₨ 3,607.4 | $ 43.3 | ₨ 0.0 | ₨ 749.8 |
Operating lease right-of-use assets | Refer to note 28— “Commitments and contingencies—Leasecommitments” for more information and balances as at March 31, 2024. | Refer to note 28— “Commitments and contingencies—Leasecommitments” for more information and balances as at March 31, 2024. |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ₨ in Millions, $ in Millions |
INR (₨)
shares
|
USD ($)
shares
|
Equity Shares
INR (₨)
shares
|
Equity Shares
USD ($)
shares
|
Additional Paid in Capital
INR (₨)
|
Additional Paid in Capital
USD ($)
|
Retained Earnings
INR (₨)
|
Retained Earnings
USD ($)
|
Statutory Reserve
INR (₨)
|
Statutory Reserve
USD ($)
|
[2] |
Accumulated Other Comprehensive Income/ (Loss)
INR (₨)
|
Accumulated Other Comprehensive Income/ (Loss)
USD ($)
|
Treasury stock at cost
INR (₨)
|
Treasury stock at cost
USD ($)
|
Total HDFC Bank Limited Shareholders' Equity
INR (₨)
|
Total HDFC Bank Limited Shareholders' Equity
USD ($)
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Noncontrolling Interest
INR (₨)
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Noncontrolling Interest
USD ($)
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Balance at Mar. 31, 2021 | ₨ 2,163,404.8 | ₨ 5,512.8 | ₨ 794,220.3 | ₨ 897,873.7 | ₨ 434,835.3 | [1] | ₨ 27,186.3 | ₨ 2,159,628.4 | ₨ 3,776.4 | |||||||||||||||||
Balance at Mar. 31, 2021 | shares | 5,512,776,482 | 5,512,776,482 | ||||||||||||||||||||||||
Shares issued upon exercise of options | 26,097.3 | ₨ 32.7 | 26,064.6 | 26,097.3 | ||||||||||||||||||||||
Shares issued upon exercise of options (in shares) | shares | 32,764,494 | 32,764,494 | ||||||||||||||||||||||||
Share-based compensation | 13,874.5 | 13,874.5 | 13,874.5 | |||||||||||||||||||||||
Dividends | (36,239.2) | (36,239.2) | (36,239.2) | |||||||||||||||||||||||
Change in ownership interest in subsidiary | 0.0 | 455.8 | 455.8 | (455.8) | ||||||||||||||||||||||
Shares issued to noncontrolling interest | 691.8 | 0.0 | 691.8 | |||||||||||||||||||||||
Transfer to statutory reserve | 0.0 | (94,443.8) | 94,443.8 | [1] | 0.0 | |||||||||||||||||||||
Net income | 386,603.0 | 386,000.4 | 386,000.4 | 602.6 | ||||||||||||||||||||||
Net change in accumulated other comprehensive income | (44,978.8) | (44,978.8) | (44,978.8) | |||||||||||||||||||||||
Balance at Mar. 31, 2022 | 2,509,453.4 | ₨ 5,545.5 | 834,615.2 | 1,153,191.1 | 529,279.1 | [1] | (17,792.5) | 2,504,838.4 | 4,615.0 | |||||||||||||||||
Balance at Mar. 31, 2022 | shares | 5,545,540,976 | 5,545,540,976 | ||||||||||||||||||||||||
Shares issued upon exercise of options | 34,158.3 | ₨ 34.2 | 34,124.1 | 34,158.3 | ||||||||||||||||||||||
Shares issued upon exercise of options (in shares) | shares | 34,201,810 | 34,201,810 | ||||||||||||||||||||||||
Share-based compensation | 14,014.6 | 14,014.6 | 14,014.6 | |||||||||||||||||||||||
Dividends | (86,394.3) | (86,394.3) | (86,394.3) | |||||||||||||||||||||||
Change in ownership interest in subsidiary | 0.0 | 618.0 | 618.0 | (618.0) | ||||||||||||||||||||||
Shares issued to noncontrolling interest | 822.7 | 0.0 | 822.7 | |||||||||||||||||||||||
Transfer to statutory reserve | 0.0 | (114,459.6) | 114,459.6 | [1] | 0.0 | |||||||||||||||||||||
Net income | 496,264.4 | 495,446.9 | 495,446.9 | 817.5 | ||||||||||||||||||||||
Net change in accumulated other comprehensive income | (50,481.2) | (50,481.2) | (50,481.2) | |||||||||||||||||||||||
Balance at Mar. 31, 2023 | ₨ 2,917,837.9 | ₨ 5,579.7 | 883,371.9 | 1,447,784.1 | 643,738.7 | [1],[2] | (68,273.7) | 2,912,200.7 | 5,637.2 | |||||||||||||||||
Balance at Mar. 31, 2023 | shares | 5,579,742,786 | 5,579,742,786 | 5,579,742,786 | 5,579,742,786 | ||||||||||||||||||||||
Shares issued upon exercise of options | ₨ 52,497.3 | ₨ 46.6 | 52,450.7 | 52,497.3 | 0.0 | |||||||||||||||||||||
Shares issued upon exercise of options (in shares) | shares | 46,621,586 | 46,621,586 | ||||||||||||||||||||||||
Shares issued on account of Business Combination (net) | [3] | 4,237,321.3 | ₨ 1,945.8 | 3,308,588.4 | 3,310,534.2 | 926,787.1 | ||||||||||||||||||||
Shares issued on account of Business Combination (net) (in shares) | shares | [3] | 1,945,770,658 | 1,945,770,658 | |||||||||||||||||||||||
Purchase consideration towards warrants & options eHDFC | 45,712.9 | 45,712.9 | 45,712.9 | |||||||||||||||||||||||
Shares issued upon exercise of equity warrant | 31,928.1 | ₨ 24.8 | 31,903.3 | 31,928.1 | 0.0 | |||||||||||||||||||||
Shares issued upon exercise of equity warrant (in shares) | shares | 24,775,632 | 24,775,632 | ||||||||||||||||||||||||
Share-based compensation | 20,115.8 | 20,115.8 | 20,115.8 | |||||||||||||||||||||||
Dividends | (86,617.1) | (86,617.1) | (86,617.1) | |||||||||||||||||||||||
Change in ownership interest in subsidiary | 0.0 | 2,433.8 | 2,433.8 | (2,433.8) | ||||||||||||||||||||||
Shares issued to noncontrolling interest | 3,641.4 | 0.0 | 3,641.4 | |||||||||||||||||||||||
Treasury stock | (16,868.2) | (2.2) | ₨ (16,866.0) | (16,868.2) | ||||||||||||||||||||||
Transfer to statutory reserve | 0.0 | (237,404.5) | 237,404.5 | [2] | 0.0 | |||||||||||||||||||||
Net income | 627,631.9 | $ 7,531.1 | 622,656.6 | 622,656.6 | 4,975.3 | |||||||||||||||||||||
Net change in accumulated other comprehensive income | 52,981.5 | 52,733.3 | 52,733.3 | 248.2 | ||||||||||||||||||||||
Balance at Mar. 31, 2024 | ₨ 7,886,182.8 | $ 94,626.7 | ₨ 7,596.9 | $ 91.2 | ₨ 4,344,576.8 | $ 52,130.8 | ₨ 1,746,416.9 | $ 20,955.3 | ₨ 881,143.2 | [2] | $ 10,572.9 | ₨ (15,540.4) | $ (186.5) | ₨ (16,866.0) | $ (202.4) | ₨ 6,947,327.4 | $ 83,361.3 | ₨ 938,855.4 | $ 11,265.4 | |||||||
Balance at Mar. 31, 2024 | shares | 7,596,910,662 | 7,596,910,662 | 7,596,910,662 | 7,596,910,662 | ||||||||||||||||||||||
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) ₨ in Millions, $ in Millions |
12 Months Ended | |
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Mar. 31, 2024
INR (₨)
₨ / shares
shares
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Mar. 31, 2024
USD ($)
shares
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Shares cancelled on account of business combination | shares | 1,164,625,834 | 1,164,625,834 |
Per share value of shares cancelled on business combination | ₨ / shares | ₨ 1 | |
Housing Development Finance Corporation Limited [Member] | ||
Transfer To Statutory Reserve On Business Combination | ₨ 80,557.3 | $ 966.6 |
Pay vs Performance Disclosure ₨ in Millions, $ in Millions |
12 Months Ended | |||
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Mar. 31, 2024
INR (₨)
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Mar. 31, 2024
USD ($)
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Mar. 31, 2023
INR (₨)
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Mar. 31, 2022
INR (₨)
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|
Pay vs Performance Disclosure | ||||
Net Income (Loss) | ₨ 622,656.6 | $ 7,471.4 | ₨ 495,446.9 | ₨ 386,000.4 |
Insider Trading Policies and Procedures |
12 Months Ended |
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Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Bank overview |
12 Months Ended |
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Mar. 31, 2024 | |
Bank overview | 1. Bank overview HDFC Bank Limited (the “Bank”) was incorporated in August 1994 with its registered office in Mumbai, India. The Bank is a banking company governed by India’s Banking Regulation Act, 1949. The Bank’s shares are listed on the BSE Limited (formerly known as Bombay Stock Exchange Limited) and The National Stock Exchange of India Ltd. Its American Depositary Shares (“ADS”) are listed on the New York Stock Exchange. Effective July 1, 2023, the Bank’s largest shareholder, Housing Development Finance Corporation Limited (“eHDFC”), along with its subsidiaries merged with the Bank. As on June 30, 2023, along with its subsidiaries it owned 20.8% of the Bank’s equity. The Bank’s equity shares are now widely held by the public and by foreign and Indian institutional investors. The Bank’s principal business activities are retail banking, wholesale banking, treasury services and insurance services. The Bank’s retail banking division provides a variety of deposit products, as well as loans, credit cards, debit cards, third-party mutual funds and insurance, depositary services, trade finance, foreign exchange and derivative services and sale of gold bars. Through its wholesale banking operations, the Bank provides loans, deposit products, documentary credits, guarantees, bullion trading, foreign exchange, and derivative products. It also provides cash management services, clearing and settlement services for stock exchanges, tax and other collections for the government, custody services for mutual funds and correspondent banking services. The Bank’s treasury group manages its debt securities and money market operations and its foreign exchange and derivative products. The other subsidiaries and associated companies of the Bank are also largely engaged in a range of financial services. HDFC Life Insurance Company Limited, the Bank’s subsidiary effective July 1, 2023, provides life insurance services and pension management services. HDFC Asset Management Company Limited and its group companies are engaged in asset management business, HDB Financial Services Limited is a non-deposit taking non-banking finance company HDFC Securities Limited is a financial services provider along with broking as a core product, the remaining subsidiaries and associated companies of the Bank are engaged in sourcing business for the Bank or its subsidiaries. HDFC Ergo General Insurance Company Limited, a joint venture company, is engaged in general insurance business. |
Summary of significant accounting policies |
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Significant Accounting Policies [Text Block] | 2. Summary of significant accounting polici es a. Principles of consolidation The consolidated financial statements include the accounts of HDFC BANK LIMITED AND SUBSIDIARIES. The Bank consolidates subsidiaries in which, directly or indirectly, it holds more than 50% of the voting rights and/or has control. Entities where the Bank holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence are accounted for under the equity method. These investments are included in other assets and the Bank’s proportionate share of income or loss is included in non-interest revenue, other. The Bank consolidates Variable Interest Entities (“VIEs”) where the Bank is determined to be the primary beneficiary (see note 2k). All significant inter-company balances and transactions are eliminated on consolidation. b. Basis of presentation These consolidated financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). U.S. GAAP differs in certain material respects from Generally Accepted Accounting Principles in India, the requirements of India’s Banking Regulation Act 1949 and related regulations issued by the Reserve Bank of India (“RBI”), the guidelines issued by the Securities and Exchange Board of India (“SEBI”), and the guidelines issued by the Insurance Regulatory and Development Authority of India (“IRDAI”) (collectively “Indian GAAP”), which form the basis of the statutory general purpose consolidated financial statements of the Bank in India. Principal differences include the determination of the allowance for credit losses, classification and valuation of investments, classification and valuation of insurance contracts, accounting for deferred taxes, stock-based compensation, loan origination fees, derivative financial instruments, business combination, lease accounting and the presentation format and disclosures of the consolidated financial statements and related notes. c. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses for the years presented. Actual results could differ from these estimates. Material estimates included in these consolidated financial statements that are susceptible to change include the allowance for credit losses, the valuation of investments, impairment in securities, valuation of derivatives, valuation of intangible assets acquired on acquisition of eHDFC, valuation of insurance policies liabilities, stock-based compensation, unrecognized tax benefits, valuation of lease liabilities and impairment assessment of recognized intangible assets and goodwill. d. Cash and due from banks, and restricted cash Cash and due from banks comprise of cash and deposit with banks that have original maturities of 90 days or less. The Bank has captioned cash and cash equivalent as “cash and due from banks, and restricted cash” on the consolidated balance sheets. Cash and due from banks include restricted cash (see note 4). e. Customer acquisition costs Customer acquisition costs principally consist of commissions paid to third-party referral agents who source retail loans and such costs are deferred and amortized as a yield adjustment over the life of the loans. Advertising and marketing expenses incurred to solicit new business are expensed as incurred. f. Investments in securities Investments consist of securities purchased as part of the Bank’s treasury operations, such as government securities and other debt securities, and investments purchased as part of the Bank’s wholesale banking operations, such as credit substitute securities issued by the Bank’s wholesale banking customers. Credit substitute securities typically consist of commercial paper and debentures issued by the same customers with whom the Bank has a lending relationship in its wholesale banking business. Investment decisions for credit substitute securities are subject to the same credit approval processes as for loans, and the Bank bears the same customer credit risk as it does for loans extended to those customers. Additionally, the yield and maturity terms are generally directly negotiated by the Bank with the issuer. As the Bank’s exposures to such securities are similar to its exposures on its loan portfolio, additional disclosures have been provided on impairment status in note 8 and on concentrations of credit risk in note 11. All other securities, including mortgage-and asset-backed securities, are actively managed as part of the Bank’s treasury operations. The issuers of such securities are either government, public financial institutions or private issuers. These investments are typically purchased from the market, and debt securities are generally publicly-rated. Securities that are held principally for resale in the near term are classified as held for trading (“HFT”) and are carried at fair value, with changes in fair value recorded in net income. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity (“HTM”) and are carried at amortized cost. All debt securities that are not classified as HTM or HFT are classified as available for sale (“AFS”) debt securities and are carried at fair value. Unrealized gains and losses on such securities, net of applicable taxes, are reported in accumulated other comprehensive income/(loss), a separate component of shareholders’ equity. Equity securities are classified under other assets. Marketable securities are measured at fair value and any change in fair value is recorded in earnings. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer and impairment, if any. The Bank’s review for impairment for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, and the expectations of cash flows. Fair values are based on market quotations, where a market quotation is available or otherwise based on present values at current interest rates for such investments. Transfers between categories are recorded at fair value on the date of the transfer. For equity investments (“investee”) where control over an investee is typically determined by majority ownership; however, circumstances may arise where a majority-owned investment is not controlled. In such cases, equity method accounting is applied, particularly when the other shareholder(s) of the investee holds substantive participative rights granted by law or contract. The Bank’s consolidated net income incorporates its proportionate share of the net income or loss from equity method investees. g. Impairment of debt securities The Bank conducts a review of all AFS debt securities with fair value below their carrying value or with zero loss expectation. The Bank evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If the assessment indicates that a credit loss exists, the present value of cash flows to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through a provision for credit loss expense, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance is increased or decreased if credit conditions subsequently worsen or improve. A reversal of credit losses is recognized in net income. The Bank recognizes the entire difference between amortized cost basis and fair value in net income for impaired AFS debt securities that the Bank has an intent to sell or for which the Bank believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on debt securities in a timely manner in line with the Bank’s non-accrual and past due policies and on any debt security classified as non-performing. The Bank does not purchase debt securities with credit deterioration. h. Loans The Bank grants retail and wholesale loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances adjusted for an allowance for credit losses. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to net income over the lives of the related loans. Interest is accrued on the unpaid principal balance and is included in interest income. Loans are generally placed on “non-accrual” status when interest or principal payments are ninety days past due or if they are considered non-performing, at which time no further interest is accrued and any unrealized interest recognized in the consolidated statement of income is reversed. Interest income and principal payments on loans placed on non-accrual status are recognized when received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. i. Allowance for credit losses The Bank provides an allowance for credit losses based on management’s estimate of losses inherent in the loan portfolio which includes troubled debt restructuring. The allowance for credit losses consists of allowances for retail loans and wholesale loans. The Bank’s allowance for credit losses comprises of:
All changes in the allowance for credit losses are recognized in the consolidated statement of income. The Bank’s policies used to determine its allowance for credit losses and its allowance for lending-related commitments are described below: The Bank’s loan portfolio is bifurcated into Retail and Wholesale portfolios, wherein the Retail portfolio is segmented into homogenous pools using various factors such as nature of product, delinquencies, and other demographic and behavioral variables of the borrowers. The wholesale portfolio is segmented into various risk grades on the basis of a host of quantitative and qualitative factors including financial performance, industry risk, business risk and management quality. The allowance for loan-related losses and allowance for lending-related commitments represents expected credit losses over the remaining expected life of outstanding loans and lending-related commitments that are not unconditionally cancellable. The Bank does not record an allowance for future draws on unconditionally cancellable lending-related commitments (e.g., credit cards). The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on loans more than 90 days past due and in the case of agricultural loans more than 365 days past due, and also on any loans classified as non-performing. The expected life for retail loans and wholesale loans is determined based on their contractual terms and expected prepayments as applicable. The expected life of funded credit card loans is generally estimated by considering expected future payments on the credit card account. The Bank has an Unconditionally Cancellable Clause (“UCC”) for credit card lines and in accordance with the current expected credit loss (CECL) accounting guidance, the Bank makes an allowance only for debt drawn at the time of expected loss measurement. The Bank applies expected principal payments to the credit card receivable balances existing at the reporting date until the balance is exhausted. The estimate of expected credit losses includes expected recoveries of amounts previously charged off or expected to be charged off, even if such recoveries result in a negative allowance. The Retail loans are charged off against allowances typically when the account becomes 150 to 1,095 days past due depending on the type of loan. The defined delinquency levels at which major loan types are charged off are 150 days past due for personal loans and credit card receivables, 180 days for auto loans, commercial vehicle and construction equipment finance, 1,095 days past due for housing loans and on a customer by customer basis in respect of retail business banking when management believes that any future cash flows from these loans are remote including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. The Wholesale loans are charged off against the allowance when management believes that the loan balance may not be recovered, including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. Subsequent recoveries, if any, against write-off cases, are adjusted to provision for credit losses in the consolidated statement of income. Wholesale loans are considered non-performing when, based on current information and events, it is probable that the Bank will be unable to collect scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining non-performance include payment status, the financial condition of the borrower, the value of collateral held, and the probability of collecting scheduled principal and interest payments when due. Wholesale loans that experienced insignificant payment delays and payment shortfalls are generally not classified as non-performing but are placed on a surveillance watch list and closely monitored for deterioration. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, market information, and the amount of the shortfall in relation to the principal and interest owed. These factors are considered by the Bank for selection of loans for credit reviews and assessment of allowance. In order to estimate the allowance, the Bank primarily relies on its risk-segmentation models, which are also an integral part of the Bank’s risk management framework. Risk segmentation aims to group homogenous exposures together to allow for collective assessment of expected losses. Expected Loss estimation under collective assessment, is primarily based on Probability of Default (“PD”), Loss given Default (“LGD”) and Exposure at Default (“EAD”) estimates. The Bank has modeled its PD estimates at the aforementioned granularity for its retail and wholesale portfolios and has also created the remaining expected life structure of the same for computation of credit losses. The Bank’s off-balance sheet credit exposures include unfunded loan commitments, financial guarantees, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, the Bank recognizes an allowance for credit loss (“ACL”) associated with the unfunded amounts. The Bank does not recognize an ACL for commitments that are unconditionally cancellable at the Bank’s discretion. ACL for off-balance sheet credit exposures are reported as a liability in accrued expenses and other liabilities on the consolidated balance sheet. ACL in such cases is measured for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. Collective and individual assessments Management estimates the allowance balance using relevant available information, from internal and external sources, relating to historical experience, current conditions, and reasonable and supportable forecasts. Historical loan default and loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information incorporate management’s view of current conditions and forecasts. The methodology for estimating the amount of credit losses reported in the allowance for credit losses has two basic components: first, a pooled component for expected credit losses for pools of loans that share similar risk characteristics and second an asset-specific component involving loans that do not share risk characteristics and the measurement of expected credit losses for such individual loans. As an integral part of the credit process, the Bank has a rating model appropriate to its retail and wholesale credit segments. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal rating (model scale) is updated at least annually. The majority of the Bank’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively assessed for allowance (“portfolio-based component”) by grouping them into homogeneous pools of loans. If an exposure does not share risk characteristics with other exposures, the Bank generally estimates expected credit losses on an individual basis, considering expected repayment and conditions impacting that individual exposure (“asset-specific component”). The asset-specific component covers loans modified or reasonably expected to be modified in a troubled debt restructuring (“TDR”), collateral-dependent loans, and borrowers with financial difficulties. Portfolio-based component (Pooled Loans) The portfolio-based component begins with a quantitative calculation that considers the likelihood of the borrower changing delinquency status or moving from one risk rating to another. The quantitative calculation covers expected credit losses over an instrument’s expected life and is estimated by applying credit loss factors to the Bank’s exposure at default. Apart from its historical experience, the Bank seeks to incorporate any reasonable and supportable information regarding the prevalent and future economic and operating conditions, and their impact on credit losses for the Bank into its allowance. The Bank therefore includes in its estimation the use of quantitative statistical models to predict the impact of macro-economic variables, on defaults. The Bank uses macro-economic variables that are relevant to the specific pool of loans to develop a reasonable and supportable forecast specific to the relevant macro-economic variable for the expected performance of the pool. In deploying these models, the Bank has assessed the impact of an exhaustive set of macro-economic variables on its expected losses, and uses macro-economic forecasts surveyed and published by the Reserve Bank of India: Centre for Monitoring Indian Economy for this assessment. As the macro-economic forecasts are published for a year the Bank reverts to the historical average default rate beyond this period over a straight-line basis. The Bank estimates its allowance for credit losses for pooled loans based on its PD and LGD, determined for the respective risk pools. The Bank estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses for the quantitative component of pooled loans is the product of multiplying the PD, LGD and EAD. Asset-specific component To determine the asset-specific component of the allowance, collateral-dependent loans (including those loans for which foreclosure is probable) and larger and non-accrual risk-rated loans in the wholesale portfolio segment are generally evaluated individually, while smaller loans (both scored and risk-rated) are aggregated for evaluation based on factors relevant for the respective class of assets. Loans are identified for individual assessment based on financial difficulty which includes nonperforming loans, labeled loans and loans identified based on management judgment. The Bank generally measures the asset-specific allowance as the difference between the amortized cost of the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment, including those related to the passage of time, are generally recognized as an adjustment to the allowance for credit losses. For collateral-dependent loans, the fair value of collateral less estimated costs to sell is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or the amount of the negative allowance that should be recognized (for recoveries of prior charge-offs associated with improvements in the fair value of collateral). The asset-specific component of the allowance for credit losses that have been or are expected to be modified in TDRs incorporates the effect of the modification on the loan’s expected cash flows (including forgone interest, principal forgiveness, and other concessions), and also the potential for redefault. For wholesale loans modified or expected to be modified in TDRs, expected losses incorporate management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly subject to judgment as these cash flow projections rely upon estimates such as loss severities, asset valuations, default rates (including redefault rates on modified loans), the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. j. Insurance Services i. Undistributed policyholders earnings account This separate line item appearing as a liability in the consolidated balance sheets is created/recognized to account for any surplus/deficit arising on policyholders’ adjustments under U.S. GAAP. The differential impact of adjustments related to the items identified below are disclosed separately under “Undistributed Policyholders Earnings Account” because this surplus does not belong to shareholders or policyholders. The impact of the adjustments listed below is taken to the separate line item through “(Surplus)/Deficit in P&L transferred to Undistributed Policyholders Earnings Account” in the consolidated statements of income and “(Surplus)/Deficit in OCI transferred to Undistributed Policyholders Earnings Account” in other comprehensive income. This includes:
ii. Liabilities on policies in force The Bank establishes liabilities for future policy benefit liabilities (“LFPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance contracts. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums. Contracts are grouped as cohorts when measuring LFPBs. The corresponding liabilities are established based on methods and underlying assumptions in accordance with US GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) are accrued each period as LFPBs. Cash flow assumptions are incorporated into the calculation of a cohort’s NPR and LFPB reserve. The Bank’s best estimate assumptions include mortality, persistency, morbidity, and expenses. All assumptions would be updated at each year end except for current discount rates, which will be updated at each valuation date. The impact of all assumption changes at locked in discount rates would flow through Statement of Income and the impact of discount rate update will be recognized in Other Comprehensive Income. For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process. Therefore, any gross premium received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The amortization basis is set to be the sum assured in-force for traditional policies and benefit outgo for annuities for each cohort, to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within “Claims and benefits paid pertaining to insurance business”. Consistent with the Bank’s measurement of traditional long-duration products, management also recognizes a LFPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefits and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The Bank establishes LFPBs for traditional participating contracts, using a net premium approach, similar to traditional non-participating contracts. For determining present value of benefits, the future reversionary bonus has not been considered. The bonuses will get factored in as and when they are declared. The discount rate and actuarial assumptions are locked-in at inception, and any the impact of discount rate update will be recognized in Other Comprehensive Income. Deposits related to universal life-type and investment products are credited to policyholder account balances. Policyholder Account Balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. Unearned revenue reserve primarily relates to the universal Life-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue are generally amortized over the expected life of the contract similar to DAC. iii. Separate Account Assets and Liabilities Separate account assets represents segregated funds that are invested for certain unit-linked life and pension policyholders. The assets consist primarily of equity securities including exchange traded fund, government securities including state government securities, debt securities and reverse repurchase agreements including tri-party repos and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Bank. Investment risks associated with market value changes are borne by the customers. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Bank’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Premium and other operating income from insurance business”. Asset management fees charged to the accounts are included in “Premium and other operating income from insurance business”. Separate account liabilities primarily represent the policyholder’s account balances in separate account assets and will be equal and offsetting to total separate account assets. iv. Deferred Acquisition Costs (“DAC”) Acquisition costs directly related to successful contract acquisitions of products have been deferred to the extent recoverable. Such acquisition costs are capitalized in the period they are incurred, and primarily include initial commission, employees remuneration and welfare benefits, medical fees, stamp duty and goods and services tax. All other acquisition-related costs including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales, and underwriting efforts as well as all indirect costs are expensed as incurred. DAC is amortized on a constant level basis that approximates straight line amortization using the following amortization basis:
Amortization of DAC is included in “Administrative and other expense”. v. Reinsurance For prospective reinsurance of short duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded premium and ceded unearned premiums. Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. The reinsurance recoverable for long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies. Amounts currently recoverable under reinsurance agreements are included in “Other assets”. The assessment of recoverability of reinsurance recoverable balances in each reporting period, is carried out through either historical trend of disputes and credit events or financial analysis of the credit quality of the reinsurer. These adjustments are recorded to reflect the results of these assessments through an allowance for credit losses and disputes that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheet. The estimate requires significant judgement for which key considerations include paid and unpaid recoverable, whether the balance is in dispute or subject to legal collection, the relative financial health of the reinsurer and whether collateral and collateral arrangement exist. An estimate of the reinsurance recoverable lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the insurer’s risk rating. The allowance for credit losses excludes disputed amounts. vi. Premium Deficiency Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for IBNR (Incurred but Not Reported) claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Bank. If loss recognition exists, to write off DAC to the extent required for eliminating losses. If loss recognition still exists after DAC write-off, then a loss recognition liability would be established. For universal life-type contracts, a premium deficiency reserve may be established when existing contract liabilities, together with the present value of future fees and/or premiums, are not sufficient to cover the present value of future benefits and settlement costs. Loss recognition would be charged to net income by an increase in the liability for future benefits presented separately as loss recognition liability. k. Sales/transfer of receivables The Bank enters into assignment transactions, which are similar to asset-backed securitization transactions through the special purpose entities (“SPEs”) route, except that such portfolios of receivables are assigned directly to the purchaser and are not represented by pass-through certificates. The Bank also sells finance receivables to SPEs, formerly qualifying special purpose entities (“QSPEs”) in securitization transactions. Recourse is in the form of the Bank’s investment in subordinated securities issued by these SPEs, cash collateral and other credit and liquidity enhancements. The receivables are derecognized in the balance sheet when they are sold and consideration has been received by the Bank. Sales and transfers that do not meet the criteria for surrender of control are accounted for as secured borrowings. The Bank first makes a determination as to whether the securitization entity would be consolidated. Second, it determines whether the transfer of financial assets is considered a sale. Furthermore, former qualifying special purpose entities (QSPEs) are now considered VIEs and are no longer exempt from consolidation. The Bank consolidates VIEs when it has both: (1) power to direct activities of the VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses or right to receive benefits from the entity that could potentially be significant to the VIE. The scope conditions examined include whether the entities’ equity investment at risk is insufficient to finance the activities without subordinated financial support and whether the holders of equity lack the characteristics of a financial interest. A controlling financial interest includes characteristics such as ability to make decisions through voting or similar rights, unlimited obligation to absorb the entities expected losses, and unlimited rights to receive the entities expected residual returns. Gains or losses from the sale of receivables are recognized in the consolidated statement of income in the period the sale occurs based on the relative fair value of the portion sold and the portion allocated to retained interests, and are reported net of the estimated cost of servicing by the Bank. Fair values are determined based on the present value of expected future cash flows, using best estimates for key assumptions, such as prepayment and discount rates, commensurate with the risk involved. l. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is provided over the estimated useful lives of property and equipment on a straight-line basis at the following rates:
For assets purchased and sold during the year, depreciation is provided on a pro rata basis by the Bank and capital advances are included in other assets. Improvements to leasehold premises are charged off over the remaining primary period of the lease. m. Lease accounting The Bank recognizes its lease liabilities measured as the present value of lease payments not yet paid, discounted using the incremental borrowing rate. The right-of-use asset includes an initial measurement of the lease liabilities adjusted for accrued lease liabilities. At the inception of the contract, the Bank assesses whether the contract is, or contains, a lease. The Bank’s assessment is based on whether (1) the contract involves the use of distinct identified assets, (2) the Bank has the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Bank has the right to direct the use of the asset. Leases are examined for classification as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria is met (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for the major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet the above criteria. The Banks’s lessee arrangements consist of operating leases. The Bank records right-of-use assets and lease liabilities at the lease commencement date. Right-of-use assets are reported in other assets on the Consolidated Balance Sheets, and the related lease liabilities are reported in accrued expenses and other liabilities. The Bank has elected not to record right-of- use assets for short-term leases that have a lease term of 12 months or less and thus, all leases with a lease term exceeding 12 months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term and is recorded in non-interest expense-premises and equipment in the consolidated statements of income. The Bank made an accounting policy decision not to separate lease and non-lease components of a contract that is or contains a lease. At the lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the incremental borrowing rate as of the date of the lease commencement. Right-of-use assets initially equal the lease liabilities, adjusted for any lease payments made prior to lease commencement and for any lease incentives. The Bank assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized. As lessor, the Bank recognizes its lease arrangements, where risks and rewards incidental to ownership of an asset substantially vest with the lessor as operating leases. Lease rental income under operating lease is recognized in profit/ loss over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. n. Impairment or disposal of tangible long-lived assets Whenever events or circumstances indicate that the carrying amount of tangible long-lived assets may not be recoverable, the Bank subjects such long-lived assets to a test of recoverability based on the undiscounted cash flows from use or disposition of the asset. Such events or circumstances would include changes in the market, technology obsolescence, adverse changes in profitability or regulation. If the asset is impaired, the Bank recognizes an impairment loss estimated as the difference between the carrying value and the net realizable value. o. Income tax Income tax expense/benefit consists of the current tax expense and the net change in deferred tax assets or liabilities during the year. Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying values of assets and liabilities for financial reporting purposes and their respective tax bases, and for operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance to the amount that is more likely than not to be realized based on management’s judgment. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Income tax benefits are recognized and measured based upon a two-step model: 1) a tax position must be more-likely-than-not to be sustained based on its technical merits in order to be recognized, and 2) the benefit is measured as the largest amount of that position that is greater than 50 percent likely of being realized upon settlement. The difference between the benefit recognized for a position in accordance with this model and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit. The Bank’s policy is to include interest income, interest expense and penalties on overpayments and underpayment of income taxes within income tax expense in the consolidated statement of income. Interest income on overpayments of income taxes is recognized when the related matter is resolved. The Bank follows specific identification method for releasing income tax effects from AOCI. p. Revenue recognition Interest income from loans and from investments is recognized on an accrual basis using the effective interest method when earned except in respect of loans or investments placed on non-accrual status, where it is recognized when received. Fees and commissions from guarantees issued are amortized over the contractual period of the commitment. Commission, Fees , Charges for rendering services such as Investment Management fees are recognized on an accrual basis as per the terms of service / agreement as applicable and where there is reasonable certainty of ultimate collection Dividends from investments are recognized when declared. Realized gains and losses on sale of securities are recorded on the trade date and are determined using the weighted average cost method. Premiums related to traditional long-duration products are recognized as revenues when due from policyholders. Premiums related to short-duration products are recognized on a pro-rata basis over the applicable contract term. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL. The DPL is also recognized on the premiums received on the business acquired as on the PGAAP date. The DPL is amortized or recognized as earnings based on the amortization basis as mentioned in deferred acquisition cost. Premiums related to short-duration products are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned. Deposits related to universal life and investment-type products are credited to “Premium and other operating income from insurance business”. Revenues from such contracts consist of fees for mortality, policy administration, fund management charges, surrender charges and other charges as applicable are recorded in universal life and investment-type line of business in the period in which services are provided. All revenues and expenses are presented net of reinsurance, as applicable. Other fees and income are recognized when earned, which is when the service that results in the income has been provided. The Bank amortizes annual fees on credit cards over the contractual period of the fees. q. Foreign currency transactions The Bank’s functional currency is the Indian Rupee, except for the Bank’s foreign branches. Foreign currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are converted into respective functional currency using exchange rates prevailing on the balance sheet dates. Gains and losses arising on conversion of foreign currency denominated monetary assets and liabilities and on foreign currency transactions are included in the determination of net income under foreign exchange transactions. For the foreign branches, the assets, liabilities and operations are translated, for consolidation purposes, from functional currency of the foreign branch to the Indian Rupee reporting currency at period-end rates for assets and liabilities and at average rates for operations. The resulting unrealized gains or losses are reported as a component of AOCI. r. Stock-based compensation The Bank measures the cost of equity-settled transactions at fair value on the grant date. The fair value is determined by using either the Binomial or Black-Scholes option pricing model taking into account the terms and conditions upon which the equity-settled transactions were granted. The costs of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. For further information, see note 23. s. Debt issuance costs Issuance costs of long-term debt are amortized over the tenure of the debt. t. Earnings per share Basic earnings per equity share have been computed by dividing net income by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share has been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period, using the treasury stock method, except where the result would be anti-dilutive. The Bank also reports basic and diluted earnings per ADS, where each ADS represents three equity shares. Earnings per ADS have been computed as earnings per equity share multiplied by the number of equity shares per ADS. A reconciliation of the number of shares used in computing earnings per share has been provided in note 30. u. Segment information The Bank operates in five reportable segments, namely retail banking, wholesale banking, treasury services , insurance services and others. Segment-wise information has been provided in note 27 . v. Derivative financial instruments The Bank recognizes all derivative instruments, including certain derivative instruments embedded in other contracts, as assets or liabilities in the balance sheet and measures them at fair value. The Bank has not designated any derivatives as hedges. As such, all changes in fair value of derivative instruments are recognized in net income under derivative gain/(loss) in the period of change. The Bank enters into forward exchange contracts, currency swaps and currency options with its customers and typically transfers such customer exposures in the inter-bank foreign exchange markets. The Bank also enters into such instruments to cover its own foreign exchange exposures. All such instruments are carried at fair value, determined based on market quotations or market-based inputs. The Bank enters into interest rate swaps for its own account. The Bank also enters into interest rate currency swaps and cross currency interest rate swaps with its customers and typically offsets these risks in the inter-bank market. Such contracts are carried on the balance sheet at fair value, or priced using market determined yield curves. w. Business combination The Bank accounts for acquired businesses using the acquisition method of accounting which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair value. The application of the acquisition method requires certain estimates and assumptions, especially concerning the determination of the fair value of the acquired intangible and tangible assets, as well as the liabilities assumed at the date of the acquisition. The judgments made in the context of the purchase price allocation can materially impact the Bank’s future results of operations. The valuations are based on information available at the acquisition date. Purchase consideration in excess of the Bank’s interest and the acquiree’s net fair value of identifiable assets and liabilities is recognized as goodwill. x. Goodwill Under applicable accounting guidance, goodwill is reviewed at the reporting unit level for potential impairment at least on an annual basis at the end of the reporting period, or more frequently if events or circumstances indicate a potential impairment. The Bank tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. y. Intangible Assets The Bank’s identifiable intangible assets consists of, Brand, Investment Management Contract, Value of Business Acquired (“VOBA”), Distribution Network, Customer Relationship and Transferable Development Rights acquired in Business Combination. All intangible assets except Brand and Investment Management Contract are definite-lived intangible assets and are recorded at acquisition date fair value. The Bank’s definite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently, if necessary.
The Bank reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future net cash flows is less than the carrying value of the asset. z. Recently adopted accounting standards As a result of the merger of HDFC Limited with HDFC Bank Limited, HDFC Life Insurance Company Limited became a subsidiary of HDFC Bank. As per Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts is applicable to HDFC Life Insurance Company Limited. In August 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance companies with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; and (3) enhance certain qualitative and quantitative disclosures. ASU No. 2018-12 was applied using a modified retrospective approach that requires restatement of prior periods presented, including a cumulative adjustment to accumulated other comprehensive income as of January 1, 2021 (the transition date). The Bank acquired from eHDFC group an insurance business which has been included in the Bank’s financial results from July 01, 2023. The standard has, among other things, impacted the discount rate used in estimating reserves for the Bank’s life and annuity reinsurance portfolio, which is in runoff. In March 2022, the FASB issued ASU No. 2022-01 “Fair Value Hedging—Portfolio Layer Method (Topic 815)”. This ASU expands the portfolio layer method of hedge accounting prescribed in ASU 2017-12 to allow multiple hedged layers of a single closed portfolio and to include portfolios of both prepayable and non-prepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same accounting method to similar hedging strategies. This ASU also specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on accounting and disclosure of hedge basis adjustments and specifies how hedge basis adjustments should be considered in determining credit losses for assets in the designated closed portfolio. This ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2022. The Bank adopted the ASU effective April 1, 2023. The adoption of this guidance did not have a material impact on the Bank’s consolidated financial position or results of operation. In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40 “Receivables—Troubled Debt Restructurings by Creditors”. This ASU enhances disclosure requirements for certain loan refinancing and restructuring activity by creditors when a borrower is experiencing financial difficulty, updates certain requirements related to accounting for credit losses under ASC 326 and requires disclosure of current-period gross write offs of financing receivables by year of origination. The ASU is effective for the Bank for interim and annual periods in fiscal years beginning after December 15, 2022. The Bank adopted the ASU effective April 1, 2023. The adoption of this guidance did not have a material impact on the Bank’s consolidated financial position or results of operation. aa. Recently issued accounting pronouncements not yet effective In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. The Bank does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires enhanced annual disclosures for specific categories in the rate reconciliation and income taxes paid disaggregated by federal, state and foreign taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Bank does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. ab. Convenience translation The accompanying financial statements have been expressed
in Indian Rupees (“Rs.”), the Bank’s functional currency. For the convenience of the reader, the financial statements as of and for the fiscal year ended March 31, 2024 have been translated into U.S. dollars at US$1.00 = Rs. 83.34 as published by the Federal Reserve Board of New York on March 29, 2024. Such translation should not be construed as a representation that the rupee amounts have been or could be converted into United States dollars at that or any other rate, or at all. |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | 3 . Business Combination During the year, on July 01, 2023, the Bank completed acquisition of 100% equity interest in eHDFC a housing finance company in India providing housing loans to individuals as well as corporates, undertaking lease rental discounting and construction finance. Post-acquisition, all the subsidiaries and affiliates of eHDFC (eHDFC and its subsidiaries and affiliates together referred to as “eHDFC group”) became subsidiaries and affiliates of the Bank. Pursuant to the Scheme of Amalgamation dated April 04, 2022 (“Scheme”) and as amended , eHDFC shareholders received 42 shares(face value Rs.1 each) the Bank, as consideration, for every 25 shares (face value Rs.2 each) held in eHDFC. The scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of July 01, 2023the Bank held on November 25, 2022. The NCLT, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed Form INC 28 with Registrar of Companies (“ROC”) on July 01, 2023 and accordingly, the Scheme became effective on (“Effective date”), resulting in the Bank obtaining control Total purchase consideration was Rs. 5,337,741.5 million (US$ 64,047.9 million) the Bank’s closing price of Rs. 1701.40 (US$ 20.4) The Bank has allotted 3,110,396,492 common equity shares o n completing the transaction. Share based compensation held by eHDFC’s employees were converted into Bank’s equity shares post acquisition and fair valued using the binomial method. Share and fair valued using the Black and Scholes method. i ncrease revenue opportunities through cross-selling of products leveraging the extensive customer base, offering a comprehensive suite of financial services, and tapping into operational efficiencies by streamlining back-office functions and benefiting from economies of scale. Additionally, the merger is expected to improve The results of operations acquired from eHDFC group have been included in the Bank’s financial statements since July 01, 2023. The business combination has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at their estimated fair value on the acquisition date. The determination of estimated fair values required management to exercise judgment and make estimates concerning discount rates, anticipated future cash flows, prevailing market conditions, among others at the time of the merger, and other forthcoming events that are highly sensitive in nature. The following table provides a purchase price allocation to the identifiable assets acquired and liabilities assumed of eHDFC group and the noncontrolling interest at their estimated fair values as of the acquisition date.
Above identifiable net assets includes assets and liabilities of the disposal group classified as held for sale as on date of acquisition i.e., HDFC Credila Financial Services Limited and HDFC Education and Development Services Limited amounting to Rs.103,500 million (US$ 1,241.9 million) [includes goodwill amounting to Rs.73,576.1 million (US$ 882.8 million)] and Rs.1,976.0 million (US$ 23.7 million), respectively. Total amount of 1,628,148.5g oodwill is Rs. million (US$ 19,536.2million). None of the goodwill recognized is expected to be deductible for income tax purpose. The recorded goodwill of Rs. 1,628,148.5 million (US$ 19,536.2 million) resulting from the acquisition primarily reflects the anticipated synergies and economies of scale derived from the integration of operations between the Bank and eHDFC group. Additionally, a portion of this goodwill is attributable to intangible assets that do not meet the criteria for separate recognition as per ASC 805, Business Combinations. Goodwill is allocated among the Cash Generating Units (CGUs) as per assignment method where goodwill is derived from the residual amount on the relative excess of the fair value of the CGUs over the net assets of the CGUs. The assignment of Goodwill recorded as a result of the acquisition to the Bank’s reportable segments is as follows:
Valuation methodology adopted for estimation of fair values of significant assets acquired and liabilities assumed: Cash and : Given the short-term nature of assets, the carrying amount was determined to be reasonable estimate for fair value. due from Investment in securities : Includes Investments held for trading, Investments available for sale debt securities and securities purchased under agreements to resell. The carrying amount of these assets is a reasonable estimate of its fair value which are based on market quotations, where market quotations are available or otherwise based on present values at current interest rates for such investments. Loans : The loan asset was segmented into two categories i.e. retail loans and wholesale loans. The present value of retail loans is determined by considering the exposure at default (“EAD”), weighted average interest rate, and remaining tenure for each segment. This involves calculating the monthly equated monthly instalments (“EMI”), interest, principal payments, and accounting for prepayments. Discount rates are then applied to the projected cash flows to derive the present value. The valuation methodology of wholesale loans involves computing yields using base rates and spreads to derive yield curves. Monthly cash flows are calculated based on the repayment schedule, with present values derived using the yields as discount rates. The total present value is the sum of the discounted cash flows over the loan’s tenure. Property and Equipment : Other assets : Other assets substantially includes investments in affiliate valued at fair value based on the latest transaction price. Separate account assets and liabilities : The carrying amount of these assets and liabilities are reasonable estimates of fair value. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, short-term investments and derivative instruments and are reported at fair value. The liabilities primarily represent the policyholder’s account balances in separate account assets and will be equal and offsetting to total separate account assets. Deposits : The fair value of deposits, including public individual, public trust, recurring deposit, and compounding instruments, is estimated using the discounted cash flow method. This approach applies cumulative interest rates from the respective rate cards, which are determined based on a market participant perspective, and considers the remaining tenure for each deposit category. Borrowings : The fair value of borrowings comprising commercial papers, non-convertible debentures (“NCDs”), subordinate debt issued are estimated by discounting the estimated future cash flows using rates currently available to the Bank for debt with similar remaining maturities. As deemed appropriate proxy discount rates reflecting market yields on commercial papers, zero rates (zero rates are interpolated to map the timing of the interest and notional amounts) of the benchmark curve sourced from Bloomberg for external commercial borrowings (“ECBs”) and bonds, Fixed Income Money Market and Derivatives Association of India (“ FIMMDA”) AAA rate yields for non-banking financial companies for NCDs and other borrowings have been used for the purpose of discounting the cashflows to arrive at the fair value. Liabilities on policies in force : Liabilities for future policy benefits (LFPBs) for traditional and limited-payment long -duration insurance contracts have been established based on the present value of expected future benefits and expenses, adjusted for net premiums and updated assumptions per U.S. GAAP. Noncontrolling interest : The fair value of noncontrolling interest was calculated after determination of fair value of the subsidiaries of eHDFC. The noncontrolling interest associated with HDFC Life Insurance Company Limited and HDFC Asset Management Company Limited was determined using the market approach while the portion of noncontrolling interest attributable to HDFC Capital Advisors Limited was recorded at its historical carrying amount. Intangible assets disclosure The Bank has assigned Rs. 1,434,818.1 million (US$ 17,216.4 million) of the purchase price to identifiable intangible assets consisting of brand, investment management contract, value of business acquired, distribution network, customer relationship and transferable development rights . The following table summarizes the major class of identifiable acquired intangible assets and estimated period of amortization-
Above intangible assets includes Brand amounting to Rs. 8,527.5 million (US $ 102.3 million ) o Rs. 8,972.4 million (US $ 107.6 million) (a) Relief from royalty method: The principle of the relief-from-royalty-method asserts that the value of an intangible asset is what the owner would pay to licence of the asset if he did not own it. In other words, the value equates to the avoided cost of not having to pay a royalty. (b) Multi-period excess earnings Method (MEEM): The MEEM method is predicted on the basis that the value of the intangible asset is the present value of the earnings it generates, net of a reasonable return on the other assets also contributing to the stream of earnings. Valuation of Investment Management Contract, Distribution Network and Customer Relationship is done under Income Approach. (c) Difference between the estimated Fair Value of liabilities (FVL) and the value of Liabilities (GVL). The FVL is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”). GVL is derived as the liability for future policy benefits (“LFPB”) plus other liability items less reinsurance recoverable (refer note 20). Brand : Brand value has been estimated using income approach with the relief from royalty method. This method considers the projected revenue for the future periods multiplied by the royalty rate and is discounted using appropriate risk adjusted discount rate and the sum of present value of the above is considered as the value of the brand. As the brand is expected to contribute to cashflows indefinitely, it would be considered to have an indefinite useful life. Significant assumptions in the valuation include royalty rates, projected revenue growth rates and periods, and the risk adjusted discount rate. Investment management contract (the “Contract”) : The fair value of the Contract was estimated using the income approach with the MEEM method. This method considers future earnings generated by the Contract along with the contribution of other relevant assets (tangible and intangible) needed for its operation. A detailed financial projection was used and notional charges (fair value, return and risk associated with such assets) were factored in to take into account for the economic contribution of these supporting assets. The final fair value of the Contract reflects the present value of its projected earnings after considering taxes and the contribution of other assets by discounting using an appropriate risk adjusted discount rate. The Contract is not expected to be terminated and will contribute to cashflows indefinitely and it would be considered to have an indefinite useful life. Significant assumptions included future period post-tax earnings and projection period, rate of return and the risk adjusted discount rate. Value of business acquired (“VOBA”) : VOBA is valued as the difference between the estimated fair value of liabilities (“FVL”) and the carrying value of those same insurance contract liabilities. The FVL for the acquired business is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”) calculated using the same best estimate assumptions as those used in deriving the company’s Indian embedded value (“IEV”) as at 30 June 2023. The carrying value of those same insurance contract liabilities is derived as the liability for future policy benefits (“LFPB”) plus other liability items (reserves for unmodelled products, sales inducement liability, time value of options and guarantees, and additional reserves) less reinsurance recoverable. Cash flow assumptions including mortality, morbidity, persistency, and discount rates for fair value of liabilities were considered. Distribution network & Customer relationship : The fair value of the distribution network and customer relationship was estimated using the income approach with the MEEM method. The method requires estimating future excess earnings from acquiring new customers through existing channels of distribution and future excess earnings from existing customers. An attrition rate, derived from historical data, was used to derive the annualized premium equivalent (“APE”) corresponding to such channels of distribution existing as on the Effective Date. Projected profits, based on expected value of new business (“VNB”) margins, were considered for new business. Notional charges (fair value, return and risk associated with contributory assets) for the economic contribution of other assets were considered. Finally, a risk-adjusted discount rate was applied to the projected excess earnings to determine the present value, resulting in the fair value of the distribution network and customer relationship. Transferable development rights (“TDR”) : TDR is valued using comparison method, a comparison is made with similar properties that have recently been quoted/sold in the market and thus have a quoting/transaction price. The comparison approach is the preferred approach when comparable instances are available. Unaudited Pro forma Financial Information: Following is the unaudited pro forma financial information for the year s ended March 31, 2023 and March 31, 2024 as if the acquisition of eHDFC group were completed on the same terms at the beginning i.e. April 01, 2022. The unaudited pro forma information should not be relied upon as being indicative of the historical results of operations that would have occurred had the acquisition taken place on April 01, 2022.
(a) Revenue includes net interest revenue and non-interest revenue. Acquisition costs are included in the periods where such expenses are incurred The unaudited pro forma financial information presented includes the estimated business combination accounting effects resulting from the acquisition, notably acquisition related cost amounting to Rs. 1,900.0 million (US$ 22.8 million), and amortization expense from the intangible assets, advances and debt including its related tax effects amounting to Rs. 41,204.20 million (US$ 494.4 million) and Rs. 36,984.3 million (US$ 443.8 million) for the period ended March 31, 2023 and March 31, 2024 respectively. It does not include any anticipated synergies or other expected benefits of the acquisition. Actual results may differ from the unaudited pro forma information presented below and the differences could be significant. The Bank’s operating results for the year ended March 31, 2024, includes the operating results of acquired assets and assumed liabilities of eHDFC group subsequent to the merger on July 1, 2023. Due to the various conversions of eHDFC systems during the year ended March 31, 2024, as well as other streamlining and integration of operating activities into those of the Bank, the Bank is unable to report separately eHDFC and its subsidiaries’ operations after July 01, 2023 despite making every reasonable effort to do so and thus disclosures of eHDFC’s revenue and earnings since the merger effective date that are included in the accompanying consolidated statements of income for the reporting period is impracticable. Certain acquired receivables: The Bank identifies purchased financial assets with credit deterioration (“PCD”) loans as those that have experienced a more-than-insignificant deterioration in credit quality since origination. The Bank considers a variety of factors to evaluate and identify whether acquired loans are PCD loans, including but not limited to, nonaccrual status, delinquency, decreases in credit scores and other factors. Upon acquisition, current expected credit losses are added to the fair value of individual PCD loans to determine the amortized cost basis. After initial recognition, any changes to the estimate of expected credit losses, favorable or unfavorable, are recorded as a provision for credit loss during the period of change. Following are the details of PCD of eHDFC acquired.
Contingencies: eHDFC group had contingent liabilities on account of disputed dues towards service tax and goods & service tax. The Bank recognizes a loss contingency in accordance with ASC 450 when it is probable that a liability has been incurred and the amount can be reasonably estimated. If both conditions are not met, the Bank discloses the contingency if there is at least a reasonable possibility that a loss may have been incurred. The contingent liabilities are in the nature of statutory demands and liabilities in dispute related to service tax and goods & service tax amounting to Rs. 11,063.0 million 132.7(US$ million). Separately accounted for transactions, including Following are the details of pre-exiting relationship between HDFC Bank group (“the Bank and its subsidiaries”) and eHDFC group:
The pre-existing relationship between the Bank and eHDFC has been legally extinguished upon the business combination and is effectively settled as part of the acquisition. As of the effective date, pre-existing relationship between the Bank group and eHDFC subsidiaries is an intercompany relationship and is subsequently eliminated during the consolidation process. Investment in the Bank by eHDFC eHDFC held a 20.8% equity interest in the Bank. Upon the acquisition of eHDFC by the Bank, this equity interest was cancelled through a share cancellation process, effectively eliminating the shares that eHDFC held in the Bank. Acquisition cost Acquisition related cost amounts to Rs. 1,900.0 million (US$ 22.8 million),comprises of expenses recognized separately from the acquisition of assets and assumptions of liabilities in the business combination, the same is recognized as an expense in “Non-interest expense- Administrative and other” in the consolidated statements of income. |
Cash and due from banks, and restricted cash |
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Cash and due from banks, and restricted cash | 4. Cash and due from banks, and restricted cash The Bank is required to maintain a specific percentage of its demand and time liabilities by way of a balance in a current account with the RBI. This is to maintain the solvency of the banking system. As prescribed by the RBI, the cash reserve ratio has to be maintained on an average basis for a two-week period. The average balance maintained for such two-week period should not fall below the prescribed threshold limit. Non-maintenance of the requisite balance is subject to levy of penalty. The Bank has classified the cash reserve maintained with the RBI as restricted cash or restricted cash equivalents (restricted cash). The cash and due from banks, and restricted cash consist of restricted cash of Rs. 902,006.6 million and Rs. 1,182,004.6 million (US$ 14,182.9 million) as of March 31, 2023 and March 31, 2024, respectively.
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Held for Trading | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | 5. Investments, held for trading The portfolio of trading securities as of March 31, 2023 and March 31, 2024 was as follows:
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Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | 6. Investments, AFS debt securities The portfolio of AFS debt securities as of March 31, 2023 and March 31, 2024 was as follows:
AFS investments of Rs. 4,199,442.3 million and Rs. 6,340,926.3 million (US$ 76,085 million) as of March 31, 2023 and March 31, 2024, respectively, are eligible towards the Bank’s statutory liquidity reserve requirements. These balances are subject to withdrawal and usage restrictions towards the reserve requirements, but may be freely traded by the Bank. Of these investments, Rs. 2,070,953.6 million as of March 31, 2023 and Rs. 1,792,147.6 million (US$ 21,504.1 million) as of March 31, 2024, were kept as margins for clearing, collateral borrowing and lending obligation (“CBLO”) and real time gross settlement (“RTGS”), with the RBI and other financial institutions. Amortized cost is net of Rs.70.9 million and nil as allowance for credit losses as for the fiscal years ended March 31, 2023 and March 31, 2024, respectively. 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, 2023:
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, there were 344 AFS investments in Government of India securities, State government securities and Government securities outside India with unrealized losses totalling Rs. Allowances for AFS debt securities as of March 31, 2023 are as follows:
Allowances for AFS debt securities as of March 31, 2024 are as follows:
Credit Quality Indicators The Bank monitors the credit quality of its investment securities through various risk management procedures, including the monitoring of credit ratings. A majority of the debt securities in the Bank’s investment portfolio were issued by the Government of India or State governments or entities or agencies that are either explicitly or implicitly guaranteed by such governments. The Bank believes the long history of no credit losses on these securities indicates that the expectation of non-payment of the amortized cost basis is zero, even if such governments were to technically default. Therefore, for the aforementioned securities, the Bank does not assess, or record expected credit losses due to the zero loss assumption. The Bank monitors the credit quality of its remaining AFS investment portfolio which is updated periodically. Such of the remaining AFS investment portfolio in an unrealized loss position are evaluated to determine if the loss is attributable to credit related factors and if an allowance for credit loss is needed. The average credit rating of the securities comprising the mortgage-backed securities and asset-backed securities was AAA (based upon external ratings where available) as of March 31, 2024.The contractual residual maturity of AFS debt securities other than asset and mortgage-backed securities as of March 31, 2024 is set out below:
The contractual residual maturity of AFS mortgage-backed and asset-backed debt securities as of March 31, 2024 is set out below:
Gross realized gains and gross realized losses from sale of AFS debt securities and dividends and interest on such securities are set out below:
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Investments | 7. Investments, held to maturity There were no HTM securities as of March 31, 2023 and March 31, 2024. |
Credit substitutes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2023 and March 31, 2024 were as follows:
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:
The following table provides information on non-performing credit substitutes as of March 31, 2023 and March 31, 2024:
As of March 31, 2024, the Bank has no additional funds committed to borrowers whose credit
substitutes were non-performing. |
Repurchase and resell agreements |
12 Months Ended |
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Mar. 31, 2024 | |
Repurchase and resell agreements | 9. Repurchase and resell agreements Securities sold under agreements to repurchase (“repos”) and securities purchased under agreements to resell (“reverse repos”) generally do not constitute a sale for accounting purposes of the underlying securities, and so are treated as collateralized transactions. There were no such transactions accounted for as sales during the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024. Interest paid or received on all repo and reverse repo transactions is recorded in Interest expense or Interest revenue at the contractually specified rate. a. Securities purchased under agreements to resell Securities purchased under agreements to resell are classified separately from investments and generally mature within 14 days of the transaction date. Such resell transactions are recorded at the amount of cash advanced on the transaction. Resell transactions outstanding as of March 31, 2023 and March 31, 2024 were Rs. 455,275.4 million and Rs. 34,178.3 million (US$ 410.1 million), respectively (see note 2 5 ). b. Securities sold under repurchase agreements Securities sold under agreements to repurchase are classified separately under liabilities and generally mature within 14 days of the transaction date. Such repurchase transactions are recorded at the amount of cash received on the transaction. Repurchase transactions outstanding as of March 31, 2023 and March 31, 2024 were nil and Rs. 56,541 million
(US$ 678.4 million), respectively. The Government of India securities are pledged as collateral (see note 25 ). |
Loans |
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Loans | 10. Loans Loan balances included Rs. 1,927,514.2 million and Rs. 2,288,842.6 million (US$ 27,463.9 million) as of March 31, 2023 and March 31, 2024, respectively, which have been provided as collateral for borrowings and are therefore restricted. Loans by facility as of March 31, 2023 and March 31, 2024 were as follows:
Loans, other than crop-related agricultural loans, are generally placed on non-accrual status and considered non-performing if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Crop-related agricultural loans are generally placed on non-accrual status and considered non-performing if principal or interest payments become 366 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current. The maturity of gross loans as of March 31, 2024 is set out below:
The followi ng table provides details of age analysis of loans and finance receivable on non-accrual status a s of March 31, 2023 and March 31, 2024.
From fiscal year 2020 the Bank has implemented the packages announced by RBI on account of the COVID-19 pandemic which grants temporary extensions in repayment obligations to the borrowers without any interest or financial concessions. While the moratorium allowed customers (from March to August 2020) to temporarily freeze loan repayments, the loan restructuring packages eased the burden of monthly repayments. The total balance outstanding of loan facilities restructured was Rs. 86.1 billion as of March 31, 2023 and Rs. 72.9 billion (US$ 0.9 billion) as of March 31, 2024. These restructured facilities as of March 31, 2023 included retail loans and wholesale loans of Rs. 81.4 billion and Rs. 4.7 billion, respectively, and as of March 31, 2024 included retail loans and wholesale loans of Rs. 68.6 billion and Rs. 4.3 billion respectively. As stipulated by regulatory guidance, the Bank does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual and thus considered in the allowance for loan losses. For retail loans, the policy and approval processes are designed to account for the Bank’s high volumes of relatively homogeneous, small value transactions in retail loans. There are product programs for each of these products, which define the target markets, credit philosophy and process, detailed underwriting criteria for evaluating individual credits, exception reporting systems and individual loan exposure caps. The quantitative parameters considered include income, residence stability and the nature of the employment/business, while the qualitative parameters include accessibility, contractibility and profile. The credit policies/product programs are based on a statistical analysis of the Bank’s experience and industry data, in combination with the judgment of the Bank’s senior officers. The Bank regularly mines data on its borrower account behavior as well as static data to monitor the portfolio performance of each product segment and uses these as inputs for revising the Bank’s product programs, target market definitions and credit assessment criteria to meet the Bank’s twin objectives of combining volume growth and maintenance of asset quality. As an integral part of the credit process, the Bank has a credit rating model for its wholesale and retail credit segments. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal grading is updated at least annually. Disbursals under one-time restructurings are also included. The amount of purchased financing receivables outstanding as of March 31, 2023 and March 31, 2024 was Rs. 1,024,684.4 million and Rs. 2,600.7 million, respectively. The following table provides information on primary credit quality indicators as of March 31, 2023:
The following table provides information on primary cre dit quality indicators as of March 31, 2024:
Wholesale Loans The Bank has a process in place for grading each borrower according to its financial health and the performance of its business and each borrower is graded as pass/labeled/non-performing. Wholesale loans that are not non-performing are disclosed as pass or labeled and considered to be performing. Labeled loans are those with evidence of weakness where such exposures indicate deteriorating trends which if not corrected could adversely impact repayment of the obligations. The Bank’s model assesses the overall risk over four major categories: industry risk, business risk, management risk and financial risk. The inputs in each of the categories are combined to provide an aggregate numerical rating, which is a function of the aggregate weighted scores based on the assessment under each of these four risk categories. The following table provides information on primary credit quality indicators as of March 31, 2023.
The following table provides information on primary credit quality indi cators as of March 31, 2024.
Non-performing loans by industry as of March 31, 2023 and March 31, 2024 are as follows:
Summary information relating to interest income recognized on non-performing loans during the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 is as follows:
A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is dependent on the sale or operation of the underlying collateral. Such loans are carried at fair value based on current values determined by either independent appraisals or internal evaluations, adjusted for selling costs or other amounts to be deducted when estimating expected net sales proceeds. For the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, the Bank did not have collateral-dependent loans wherein the borrower is experiencing financial difficulty and the repayment of the loan is dependent on the sale of the underlying collateral. Allowances for credit losses as of March 31, 2022 are as follows:
Allowances for credit losses as of March 31, 2023 are as follows:
Allowances for credit losses as of March 31, 2024 are as follows:
The allowance for credit losses is assessed at each period end and the increase/(decrease), as the case may be, is recorded in the consolidated statement of income under allowance for credit losses net of recoveries against write-offs. Interest on loan s by facility are as follows:
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Concentrations of credit risk |
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Concentrations of credit risk | 11. Concentrations of credit risk Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counterparties whose aggregate credit exposure is material in relation to the Bank’s total credit exposure. The Bank manages its credit risk collectively for its loan portfolio and credit substitute securities as these instruments are invested in as part of an overall lending program for corporate customers; accordingly, information on concentrations of credit risk has been provided for these exposures together. In the case of wholesale loans, while the Bank generally lends on a cash-flow basis, it also requires collateral which consists of liens on inventory, receivables and other current assets, and in some cases, charges on fixed assets, such as property, movable assets (such as vehicles) and financial assets (such as marketable securities) from a large number of the Bank’s borrowers. The Bank’s retail loans are generally secured by a charge on the asset financed (vehicle loans, property loans and loans against gold and securities). Retail business banking loans are secured with current assets as well as immovable property and fixed assets in some cases. However, collateral securing each individual loan may not be adequate in relation to the value of the loan. If the customer fails to pay, the Bank would, as applicable, liquidate collateral and/or set off accounts. The maximum estimated loss that would be incurred under severe, hypothetical circumstances, for which the Bank believes the possibility is extremely remote, such as where the value of the Bank’s interests and any associated collateral declines to zero, without any consideration of recovery or offset is determined as the carrying values of the instruments as given in the below table. The Bank’s portfolio of loans, credit substitute securities and non- funded exposure (including derivatives) is broadly diversified along industry and product lines, and as of March 31, 2023 and March 31, 2024, the exposures are as set forth below.
The Bank’s ten largest exposures as of March 31, 2023 and March 31, 2024, based on the higher of the outstanding balance or the limit on loans, investments (including credit substitutes) and non-funded exposures (including derivatives), are as follows:
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Property and equipment | 12. Property and equipment Property and equipment by asset category is as follows:
Depreciation and amortization charged for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 was Rs. 16,816.9 million, Rs. 23,489.7 million and Rs. 31,147.3 million (US$ 373.7 million), respectively. |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible assets | 13. Goodwill and Intangible assets Goodwill arising from a business combination is not amortized but is tested for impairment. The Bank tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. We examined 1,629,510.3 million (US$ 19,552.6 the goodwill that had arisen on acquisition of erstwhile Centurion Bank of Punjab (“eCBoP”) and eHDFC for possible impairment as of March 31, 2024. There were no changes in the carrying amount of goodwill of Rs. 74,937.9 million for the fiscal year ended March 31, 2023. During the fiscal year ended March 31, 2024, the carrying amount of goodwill increased by Rs. 1,628,148.5 million (US$ 19,536.2 million) as a result of the merger of eHDFC Group with HDFC Bank. On March 19, 2024, following the sale of HDFC Credila Financial Services Limited, goodwill amounting to Rs. 73,576.1 million (US$ 882.9 million) was derecognized. No impairment charges were recorded against goodwill during the period. Accordingly, the carrying amount of goodwill was Rs.million) as on March 31, 2024.” The following table represents the changes in the carrying amount of goodwill reported in the consolidated balance sheets for the year ended March 31, 2023 and March 31, 2024:
Intangible assets, net, consists of the following:
Amortization expense related to intangible assets was Rs. 21,201.0 million for the year ended March 31, 2024. These amounts are included in Non-Interest Expense - Amortization of intangible assets in the consolidated financial statements. At March 31, 2024, the expected future amortization of finite-lived intangible assets is as follows:
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Other assets |
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Other assets | 14. Other assets Other assets include the following:
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Deposits |
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Deposits | 15. Deposits Deposits include demand deposits, which are non-interest-bearing, and savings and time deposits, which are interest-bearing. Deposits as of March 31, 2023 and March 31, 2024 were as follows:
As of March 31, 2023 and March 31, 2024, time deposits of Rs. 7,121,444.9 million and Rs. 10,598,905.6 million, respectively, had a residual maturity of one year or less. The remaining deposits mature between and ten years. As of March 31, 2023 and March 31, 2024, time deposits in excess of Rs.0.5 million aggregated Rs. 9,127,675.3 million and Rs. 12,777,915.1 million, respectively. As of March 31, 2024, the scheduled maturities for total time deposits were as follows:
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Short-term borrowings |
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Short-term borrowings | 16. Short-term borrowings Short-term borrowings mainly comprised of money market borrowings which are unsecured and are utilized by the Bank for its operations. Short-term borrowings as of March 31, 2023 and March 31, 2024 comprised the following:
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Long-term debt |
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Long-term debt | 17. Long-term debt Long-term debt as of March 31, 2023 and March 31, 2024 was comprised of the following:
The below table presents the balance of long-term debt as of March 31, 2023 and March 31, 2024 and the related contractual rates and maturity dates:
The scheduled maturities of long-term debt are set out below:
During the fiscal year ended March 31, 2024 the Bank issued subordinated debt amounting to Rs. 20,000.0 million (previous period Rs. 200,000.0 million) and perpetual debt amounting to Rs. 3,500.0 million (previous period Rs. 30,000.0 million). During the fiscal year ended March 31, 2024, the Bank also raised other long-term debt amounting to Rs. 1,132,275.2 million (previous period Rs. 792,933.1 million). As of March 31, 2023 and March 31, 2024, other long-term debt includes foreign currency borrowings from other banks aggregating to Rs. 157,092.6 million and Rs. 693,914.0 million, respectively, and functional currency borrowings aggregating to Rs. 1,524,494.6 million and Rs. 5,550,217.6 million, respectively.
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Accrued expenses and other liabilities | 18. Accrued expenses and other liabilities Accrued expenses and other liabilities include the amounts set forth below:
The Bank amortizes annual fees on credit cards over the contractual period of the fees. The unamortized annual fees as of March 31, 2023 and March 31, 2024 were Rs. 1,194.7 million and Rs. 1,649.9 million (US$ 19.8 million), respectively. |
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Accumulated other comprehensive income | 19. Accumulated other comprehensive income The below table presents the changes in AOCI after income tax for the fiscal years ended March 31, 2023 and March 31, 2024.
The below table presents the reclassification out of AOCI by income line item and the related income tax effect for the fiscal years ended March 31, 2023 and March 31, 2024.
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Separate Accounts Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance services | 20. Insurance services: Separate accounts assets and liabilities: Separate account assets consist of investment accounts established and maintained by the Bank. The investment objectives of these assets are directed by the contract holder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities. The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. The separate account liabilities are primarily comprised of the following Unit-Linked Life, Unit-Linked Pension and Group Linked contracts. The balances of and changes in separate account liabilities were as follows:
The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows:
Liabilities on policies in force The Bank’s Liabilities on policies in force on the consolidated balance sheets was as follows:
Liability for future policy benefits The Bank’s liability for future policy benefits on the consolidated balance sheets was as follows:
The following information about the liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable.
The principal inputs used in the establishment of the LFPB for the Traditional and Limited-Payment products include premiums, guaranteed benefits, claim-related expense projected on the best estimate assumptions basis. The cash flows are discounted using upper-medium grade discount rate at the balance sheet date. The best estimate assumptions include mortality, persistency, morbidity and expenses. For each of the years ended March 31, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in best estimate assumptions. For the year ended March 31, 2024, the net effect of actual variances from expected experience was primarily driven by difference between actual cash flows for premiums and benefits and those assumed in the calculation of LFPB. The Bank’s gross premiums and interest accretion recognised in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, were as follows:
Policyholder Account Balances The Bank establishes liabilities for policyholder account balances (PAB) which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender. The Bank’s policyholder account balances on the consolidated balance sheets was as follows:
Reinsurance The Bank has primarily two types of reinsurance treaties, auto and facultative reinsurance. The primary reason is to diversify the pool of risk covered by the insurance company, and to limit the liability along with ensuring solvency of the Bank. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The effect of all reinsurance agreements on the consolidated statements of financial income were as follows:
The effects of reinsurance on the consolidated statements of income were as follows:
Deferred policy acquisition costs: Information regarding total DAC was as follows:
Value of Business Acquired (VOBA) VOBA, an intangible asset, has been valued as the difference between the estimated Fair Value of liabilities (“FVL”) and the carrying value of those same insurance contract liabilities. The FVL for the acquired business is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”) calculated using the same best estimate assumptions as those used in deriving the Bank’s Indian embedded value (“IEV”) as at June 30, 2023. The carrying value of those same insurance contract liabilities is derived as the LFPB plus other liability items (reserves for unmodelled products, sales inducement liability, time value of options and guarantees, and additional reserves) less reinsurance recoverable. The LFPB is determined using actuarial methodologies as the present value of expected future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Bank’s insurance contracts. Future policy benefits including bonuses paid to participating policyholders are calculated using actuarial assumptions and estimates such as mortality, morbidity, persistency and discount rates. Cash flow assumptions (mortality, morbidity and persistency) are established at the policy inception and are evaluated annually to determine if an update is needed. Discount rates used to calculate net premiums are locked in at the policy inception and represent the basis to recognize interest expense in the consolidated statement of income. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheet are updated at each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income / (loss). The Bank applies significant judgment in determining these assumptions and estimates. Information regarding movement of total VOBA contracts from July 1, 2023 (acquisition date) to March 31, 2024 was as follows:
VOBA would be amortized on a constant level basis that approximates straight line amortization using the following amortization basis. This is the same as the basis of amortization used for DAC.
Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:
The Bank amortizes DAC and VOBA on a ‘constant-level basis’ that approximates straight-line amortization on an individual contract basis sum assured for traditional products and number of policies in-force for universal life type, investment products and annuity products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a half-yearly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities. |
Non-interest revenue |
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Non-interest revenue | 21. Non-interest revenue Revenue Recognition Deposit-related fees Deposit-related fees consist of fees earned on consumer deposit activities and are generally recognized when the transaction occurs or as the service is performed. Consumer fees are earned on consumer deposit accounts for account maintenance and various transaction-based services, such as ATM transactions, wire transfer activities, check and money order processing, standing instruction processing, cash management services, etc. Lending-related fees Lending-related fees generally represent transactional fees earned from certain loan related services, guarantees and letters of credit (“LCs”). Third-party products-related fees Third-party products related fees consist of fees earned from distribution of third-party products such as insurance and mutual funds. Payments and cards business fees Payments and cards business fees include fees earned from merchant acquiring business and on Credit, Debit, Prepaid or Forex cards, among others. Cards business income includes annual and renewal fees, late and over-limit fees, currency conversion fees, as well as fees earned from interchange, cash advances and other miscellaneous transactions fees. Interchange fees are recognized upon settlement of the credit and debit card payment transactions and are generally determined on a percentage basis for credit and debit cards based on the corresponding payment network’s rates. Substantially all cards business related fees are recognized at the transaction date, except for certain time-based fees such as annual fees, which are recognized over 12 months. Payments business fees include fees earned from merchants net of interchange expenses paid to issuing banks, rentals from point-of-sale machines and merchant service charges. Investment Management Fees Investment management fees from the Mutual fund consists of fees from various schemes which invest in different categories of securities like Equity, Debt etc. received from asset management business. The table below presents the fees and commissions disaggregated by revenue source for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024.
The table below presents the fees and commission disaggregated by segment for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024.
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Income taxes |
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Income taxes | 22. Income taxes Income tax expense is comprised of the following:
Income tax (expense)/ benefit recorded in other comprehensive income was Rs. 15,129.2, Rs. 16,980.0 million and Rs. (17,828.6) million for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, respectively.Income before income tax expense and income tax expense are substantially all from India. Taxes at the Indian statutory income tax rate, the income tax rate of the Bank’s country of domicile, to income tax expense as reported:
The tax effects of significant temporary differences are as follows:
Management believes that the realization of the recognized deferred tax assets is more likely than not and the realization is based on a combination of reversing taxable temporary differences and expectations as to future pre-tax income.The total unrecognized tax benefit as of March 31, 2023 and March 31, 2024 is Rs. 48,792.1 million and Rs. 22,042.3 million, respectively. The major income tax jurisdiction for the Bank is India. The open tax years (first assessment by the taxing authorities) are pending from fiscal year 2019 onwards. However, appeals filed by the Bank are pending with various local tax authorities in India for earlier tax years. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
The Bank’s total unrecognized tax benefits, if recognized, would reduce the income tax expense by Rs. 48,792.1 million and Rs. 22,042.3 million as of March 31, 2023 and March 31, 2024, respectively, and thereby would affect the Bank’s effective tax rate. All of the Bank’s unrecognized tax benefits are presented as unrecognized refund claims. Significant changes in the amount of unrecognized tax benefits within the next 12 months cannot be reasonably estimated as the changes would depend upon the progress of tax examinations with various tax authorities.
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Stock |
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Stock-based compensation | 23. Stock Stock-based compensation The stock-based compensation plans of the Bank are as follows: Employees Stock Option Scheme (“ESOP”) The shareholders of the Bank approved in January 2000 Plan “A”, in June 2003 Plan “B”, in June 2005 Plan “C”, in June 2007 Plan “D”, in June 2010 Plan “E”, in June 2013 Plan “F” and in July 2016 Plan “G” of the Employees’ Stock Option Scheme (the “Plan”). The Bank reserved 100.0 million equity shares, with an aggregate nominal value of Rs.100.0 million, for issuance under each Plan “A”, “B” and “C”. Under Plan “D”, the Bank reserved 150.0 million equity shares with an aggregate nominal value of Rs.150.0 million. The Bank reserved 200.0 million equity shares with an aggregate nominal value of Rs. 200.0 million, for issuance under each of Plan “E”, “F” and “G”. Under the terms of each of these Plans, the Bank may issue stock options to employees and whole-time directors of the Bank, each of which is convertible into one equity share. Plan A provides for the issuance of options at the recommendation of the Nomination and Remuneration Committee of the Board (the “NRC”) at an average of the daily closing prices on the BSE Limited during the 60 days preceding the date of grant of options, which was the minimum prescribed option price under regulations then issued by the Securities and Exchange Board of India (“SEBI”). Plan B, Plan C, Plan D, Plan E, Plan F and Plan G provide for the issuance of options at the recommendation of the NRC at the closing price on the working day immediately preceding the date when options are granted. For Plan B the price is that quoted on an Indian stock exchange with the highest trading volume during the preceding two weeks, while for Plan C, Plan D, Plan E, Plan F and Plan G, the price is that quoted on an Indian stock exchange with the highest trading volume as of the working day preceding the date of grant. Such options vest at the discretion of the NRC. These options are exercisable for a period following vesting at the discretion of the NRC, subject to a maximum of five years, as set forth at the time of the grant. Presently, there are no stock options issued and outstanding under Plan A to Plan D . On July 31, 2021 and November 25, 2021 , the NRC approved, under Plan G, the grant of 25,390,600 options (Scheme XXXVI) and the grant of 238,000 options (Scheme XXXVII), respectively, to the employees of the Bank. During fiscal year ended March 31, 2023, the NRC approved, under Plan G, the grant of 30,480,145 options (Schemes XXXVIII to XLIV). During fiscal year ended March 31, 2024, the NRC approved, under Plan E, Plan F and Plan G, the grant of 5,075,360, 12,533,590 and 6,775,740 options respectively (Schemes XLV to LV). In terms of the Amalgamation agreement, on merger of eHDFC, 48,559,681 options of equity shares having face value of Rs. 1.0 each were granted to the merged employees as replacement of their options with eHDFC. Restricted Stock Units (“RSUs”) On May 14, 2022, the shareholders of the Bank approved the Employees Stock Incentive Master Scheme 2022 (“ESIS-2022”). The Bank reserved 100.0 million equity shares with an aggregate nominal value of Rs.100.0 million, for the grant of Restricted Stock Units (“RSUs”). Grants under ESIS-2022 can be made over a period of four years from the date of approval by the NRC i.e., until May 13, 2026. Under the terms of ESIS-2022, the Bank may issue RSUs, each of which is convertible into one equity share, to employees and whole-time directors of the Bank. ESIS-2022 provides for issuance of RSUs at a face value of Rs.1.0 at the recommendation of the NRC. Such RSUs vest at the discretion of the NRC and are exercisable for a period following the vesting at the discretion of the NRC, subject to a maximum period of four years, as During the fiscal year ended March 31, 2023 , the NRC approved, under ESIS-2022, the grant of 2,891,000 RSUs (scheme RSU 001 to RSU 003) to the employees of the Bank. During the fiscal year ended March 31, 2024, the NRC approved, under ESIS-2022, the grant of 9,354,224 RSUs (scheme RSU 004 to RSU 006) to the employees of the Bank. Modification of employee stock option schemes During the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, there were no other modifications to employee stock option schemes. Assumptions used The fair value of employee stock option schemes has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:
The fair value of restricted stock units has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:
The Bank recognizes compensation expense related to stock-based compensation plans over the requisite service period, generally based on the instruments’ grant-date fair value, reduced by expected forfeitures. Ultimately, the compensation cost for all awards that vest is recognized. Activity and other details Activity in the options available to be granted under the employee stock option scheme is as follows:
Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as of March 31, 2024:
Activity in the options outstanding under the employee stock option scheme is as follows:
Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as at March 31, 2024:
The following summarizes information about stock options outstanding as of March 31, 2024:
The following summarizes information about RSUs outstanding as of March 31, 2024:
The intrinsic value, of options exercised during the years ended March 31, 2022, March 31, 2023 and March 31, 2024 at the grant date was nil, Rs. 0.5 million and Rs. 5,249.6 million and at the exercise date was Rs. 22,077.7 million, Rs. 20,891.2 million and Rs. 14,548.0 million, respectively. The aggregate intrinsic value as of the grant date and as of March 31, 2024 attributable to options which are outstanding as on March 31, 2024 was Rs. 22,732.3 million (previous year Rs. 13.3 million) and Rs. 28,677.5 million (previous year Rs. 52,286.4 million), respectively. The aggregate intrinsic value as of the grant date and as of March 31, 2024 attributable to options exercisable as on March 31, 2024 was Rs. 20,373.6 million (previous year Rs. 0.5 million) and was Rs. 24,363.8 million (previous year Rs. 29,084.2 million), respectively. Total stock compensation cost recognized for the ESOP’s under these plans was Rs. 13,874.5 million, Rs. 13,132.8 million and Rs. 17,379.5 million during the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, respectively. Income tax benefit of Rs 5,062.8 million was recognized with respect to stock compensation costs recognized during the fiscal year March 31, 2024. The tax benefit from options exercised during the fiscal year March 31, 2024 is Rs. 5,561.5 million. As of March 31, 2024, there were 76,731,732 unvested options (previous year 86,557,545 ) with weighted average exercise price of Rs. 1,446.2 (previous year Rs. 1,341.5 ) The intrinsic value, of RSUs exercised during the fiscal year ended March 31, 2024 at the grant date was 441.6 million. The aggregate intrinsic value as of the grant date and as of March 31, 2024 attributable to RSUs which are outstanding as on March 31, 2024 was Rs. 18,122.0 million and Rs. 16,960.3 million, respectively. The aggregate intrinsic value as of the grant date and as of March 31, 2024 attributable to RSUs exercisable as on March 31, 2024 was Rs. 525.9 million andRs. million, respectively. Total stock compensation cost recognized for the RSUs under these plans was Rs. million during the fiscal year ended March 31, 2024. As of March 31, 2024, there were 11,345,734 unvested RSUs with weighted average exercise price of Rs. 1.0 and the aggregate intrinsic value at the grant date and as of March 31, 2024 was Rs. 17,596.1 million and Rs. 16,416.1 million, respectively. As of March 31, 2024, the total estimated compensation cost for the RSUs to be recognized in future periods was Rs. 13,329.4 million. This is expected to be recognized over a weighted average period of 1.93 years. HDFC Life Insurance Company Limited HDFC Life has granted options of its equity shares to employees under the various schemes and certain schemes are administered under HDFC Life employee stock option trust and certain schemes by the company. The exercise price of the options granted is defined in respective ESOS schemes. Total number of outstanding options is as of March 31, 2024 of which 6,935,731 are exercisable. HDFC Asset Management Company Limited HDFC AMC has granted options of its equity shares to employees and directors of company under the various schemes. The exercise price of the options granted was based on latest available closing price of the shares of the HDFC AMC on National Stock Exchange of India Limited. Total number of outstanding options is 31, HDFC Capital Advisors Limited HDFC Capital Advisors has granted options of its equity shares to employees under the schemes ESOP-2021. The exercise price of the options granted was determined by an independent valuer appointed by the Board of Directors . Total number of outstanding options is 141,008 as on March 31, 2024 of which 141,008 are exercisable. HDFC Securities Limited The shareholders of the HDFC Securities Limited (“HSL”) approved a stock option scheme (viz., ESOS - II) in February 2017 (“Company Options”). Under the terms of the scheme, HSL issues stock options of its equity shares to employees, whole time director, managing director and directors (excluding Independent Directors) of HSL, each of which is convertible into one equity share. ESOS – II provides issuance of the options at the recommendation of compensation committee of the Board of Directors. The exercise price of the options granted was determined by considering the average price of two independent valuer reports. Total number of outstanding options is 561,930 as on March 31, 2024 out of which 46,875 are exercisable. HDB Financial Services Limited The shareholders of HDB Financial Services have approved issuance of options under Employee Stock Option (ESOP) Scheme. Under the term of scheme the company may issue stock options of its equity shares to employees and directors of the company based on approval from Nomination and Remuneration Committee (NRC), Total
number of outstanding options is 8,728,798 as on March 31, 2024 out of which 1,676,263 are exercisable. |
Retirement benefits |
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Retirement benefits | 24. Retirement benefits Gratuity In accordance with Indian law, the Bank provides for gratuity, a defined benefit retirement plan, covering eligible employees. The plan provides for lump sum payments to vested employees at retirement, resignation, death while in employment or on termination of employment in an amount equivalent to 15 days’ eligible salary ( 30 days for eHDFC employees until the date of the merger) payable for each completed year of service. Vesting occurs upon completion of five years of service. The Bank makes annual contributions to funds administered by trustees and managed by insurance companies for amounts notified by said insurance companies, and in respect of certain employees, the Bank makes contributions to a fund set up for the purpose and administered by the board of trustees. The contributions are invested in specific designated instruments as permitted by Indian law. The Bank accounts for the liability for future gratuity benefits using the projected unit cost method based on an actuarial valuation done on March 31 of every year. The following table sets out the funded status of the gratuity plan and the amounts recognized in the Bank’s consolidated financial statements as of March 31, 2023 and March 31, 2024:
The Bank’s expected contribution to the gratuity fund for the next fiscal year is estimated at Rs. 1,746.9 million. The accumulated benefit obligation as of March 31, 2023 and March 31, 2024 was Rs. 8,294.7 million and Rs. 12,858.7 million, respectively. The vested accumulated benefit obligation as on March 31, 2023 and March 31, 2024 was Rs. 7,519.8 million and Rs. 11,691.6 million, respectively. Net gratuity cost for the years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:
The assumptions used in accounting for the gratuity plan are set out below:
The rate of return on plan assets is based on historical returns, the current market conditions, anticipated future assets allocation and expected future returns. The rate of return on plan assets represents a long-term average view of the expected return. The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.
The expected benefit payments are based on the same assumptions used to measure the Bank’s benefit obligations as of March 31, 2024. The gratuity contributions of the Bank which are administered by a trust set up for the purpose are managed by two insurance companies, and, in respect of certain employees, the funds are invested by the trust set up for said purpose. The overall asset allocation of the gratuity fund by the two insurance companies is structured so as to provide stable earnings while still allowing for potentially higher returns through an investment in equity securities. As of March 31, 2024, the plan assets as a percentage of the total funds were as follows:
Pension In respect of pensions payable to certain eCBoP employees, which are payable pursuant to a defined benefit scheme, the Bank contributes 10% of basic salary to a pension fund set up by the Bank and administered by the board of trustees, and the balance amount is provided based on an actuarial valuation at the balance sheet date conducted by an independent actuary. In respect of employees who have moved to a cost to company (“CTC”) driven compensation structure and have completed services up to 15 years as on the date of movement to a CTC driven compensation structure, any contribution made until such date, and any additional one-time contribution made for employees (who have completed more than 10 years but less than 15 years) stand frozen and will be converted into an annuity on separation after a lock-in-period of two years. Hence, for this category of employees, liability stands frozen and no additional provision is required except for interest, if any. In respect of employees who accepted the offer and have completed services for more than 15 years, the pension would be paid based on the employee’s salary as of the date of movement to a CTC driven compensation structure and a provision is made based on an actuarial valuation at the balance sheet date conducted by an independent actuary. The following table sets out the funded status of the pension plan and the amounts recognized in the Bank’s consolidated financial statements as of March 31, 2023 and March 31, 2024:
The Bank’s expected contribution to the pension fund for the next fiscal year is estimated at Rs. 73.3 million. The accumulated benefit obligation as of March 31, 2023 and March 31, 2024 was Rs. 528.6 million and Rs. 637.6 million, respectively. The vested accumulated benefit obligation as of March 31, 2023 and March 31, 2024 was Rs. 527.5 million and Rs. 352.4 million, respectively. Net pension cost for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:
The assumptions used in accounting for the pension plan are set out below:
The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.
The expected benefits are based on the same assumptions used to measure the Bank’s benefit obligations as of March 31, 2024. The retirement funds of a section of the employees are managed by a trust set up for the purpose. The trust essentially manages the defined retirement benefit plans belonging to certain employees. The funds are mainly invested in government securities and other corporate bonds. The weighted-average asset allocation of said plan assets for the pension benefits as of March 31, 2024 is as follows:
For information on fair value measurements, including descriptions of Levels 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by the Bank, see note 3 2 —Fair value measurements. Plan investment assets for gratuity funds and the pension fund measured at fair value by level and in total as of March 31, 2023 and March 31, 2024 are summarized in the table below.
The table below presents a reconciliation of all Plan investment assets measured at fair value using significant unobservable inputs (Level 3) during the fiscal years ended March 31, 2023 and March 31, 2024.
Superannuation Eligible employees of the Bank are entitled to receive retirement benefits under the Bank’s superannuation fund. The superannuation fund is a defined contribution plan under which the Bank annually contributes a sum equivalent to 13% of the employee’s eligible annual salary ( 15% for the Managing Director, Executive Directors and for certain employees of eCBoP) to the insurance companies in India, which administer the fund. The Bank has no liability for future superannuation fund benefits other than its annual contribution, and recognizes such contributions as an expense in the year incurred. The Bank incurred Rs. 1,795.3 million, Rs. 2,322.0 million and Rs. 3,106.6 million towards superannuation expense for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, respectively. Provident fund In accordance with Indian law, eligible employees of the Bank are entitled to receive benefits under the provident fund, a defined contribution plan in which both the employee and the Bank contribute monthly at a determined rate (currently 12% of an employee’s eligible salary). These contributions are made to a fund set up by the Bank and administered by a board of trustees, except that, out of the employer’s contribution, an amount equal to 8.33% of the lower of employee’s monthly eligible salary or Rs. 0.015 million, is contributed by the Bank to the Pension Scheme administered by the Regional Provident Fund Commissioner. Employees are credited with interest, which is subject to a government specified minimum rate. The Bank has no liability for future provident fund benefits other than its annual contribution and the shortfall, if any, between the government-specified minimum rate and the yield on the fund’s assets, and recognizes such contributions as an expense in the year incurred. The amount contributed being Rs. 6,844.7 million, Rs. 8,238.2 million and Rs. 11,683.9 million to the Provident Fund Trust and Regional Provident Fund Commissioner for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024, respectively. National Pension Scheme In respect of employees who opt for contribution to the National Pension Scheme, the Bank contributes a certain percentage of the basic salary of employees to the aforesaid scheme, a defined contribution plan, which is managed and administered by pension fund management companies. The Bank has no liability other than its contribution, and recognizes such contributions as an expense in the year incurred. The amount contributed being Rs. 57.2 million, Rs. 2022, March 31, Compensated absences The Bank has provided for unutilized leave balances as on March 31, 2024 standing to the credit of each employee on an actuarial valuation conducted by an independent actuary.
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Financial instruments |
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Financial instruments | 2 5 . Financial instruments Foreign exchange and derivative contracts The Bank enters into forward exchange contracts, currency options, forward rate agreements, currency swaps and rupee interest rate swaps, interest rate futures with inter-bank participants on its own account and for customers. These transactions enable customers to transfer, modify or reduce their foreign exchange and interest rate risks. Forward exchange contracts are commitments to buy or sell foreign currency at a future date at the contracted rate. Currency swaps are commitments to exchange cash flows by way of interest in one currency against another currency and exchange of principal amount at maturity based on predetermined rates. Interest rate swaps are commitments to exchange fixed and floating rate interest cash flows. A forward rate agreement gives the buyer the ability to determine the underlying rate of interest for a specified period commencing on a specified future date (the settlement date) when the settlement amount is determined as the difference between the contracted rate and the market rate on the settlement date. Currency options give the buyer the right, but not an obligation, to buy or sell specified amounts of currency at agreed rates of exchange on or before a specified future date. Interest rate futures are a futures contract with an interest-paying underlying product. A contract is an agreement between a buyer and a seller for the delivery of an interest-bearing asset in the future. The market and credit risk associated with these products, as well as the operating risks, are similar to those relating to other types of financial instruments. Market risk is the exposure created by movements in interest rates and exchange rates during the tenure of the transaction. The extent of market risk affecting such transactions depends on the type and nature of the transaction, the value of the transaction and the extent to which the transaction is uncovered. Credit risk is the exposure to loss in the event of default by counterparties. The extent of loss on account of a counterparty default will depend on the replacement value of the contract at the ongoing market rates. The Bank uses its pricing models to determine the fair value of its derivative financial instruments. The Bank records credit risk valuation adjustments on derivative financial instruments in order to reflect the credit quality of the counterparties and its own credit quality. The Bank calculates valuation adjustments on derivatives based on observable market credit risk spreads. The following table presents the aggregate notional principal amounts of the Bank’s outstanding forward exchange and other derivative contracts as of March 31, 2023 and March 31, 2024, together with the fair value on each reporting date.
The Bank has not designated the above contracts as accounting hedges and, accordingly, the contracts are recorded at fair value on the balance sheet with changes in fair value recorded in net income. The gross assets and the gross liabilities are recorded in “other assets” and “accrued expenses and other liabilities”, respectively. The following table summarizes certain information related to derivative amounts recognized in income:
Offsetting The following table shows the impact of netting arrangements on derivative financial instruments, repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements, but are not offset in accordance with ASC 210-20-45 and ASC 815-10-45. The Bank enters into International Swaps and Derivatives Association , Inc. (“ISDA”) master netting agreements or similar agreements with substantially all of the Bank’s foreign exchange and derivative contract counterparties. These master netting agreements, give the Bank, in the event of default by the counterparty, the right to liquidate collaterals held or placed and to offset receivables and payables with the same counterparty. In the table below, the Bank has presented the gross derivative assets and liabilities adjusted for the effects of master netting agreements and collaterals received or pledged. Transactions with counterparties for Securities sold under agreements to repurchase (“repos”) and Securities purchased under agreements to resell (“reverse repos”) are settled through the Clearing Corporation of India Limited (“CCIL”), a centralized clearinghouse. Collaterals received or pledged are comprised of highly liquid investments. For undertaking the above transactions, power of attorney is executed by the Bank and the counterparties in favor of CCIL to liquidate the securities pledged in the event of default.
Guarantees As a part of its commercial banking activities, the Bank has issued guarantees and documentary credits, such as letters of credit, to enhance the credit standing of its customers. These generally represent irrevocable assurances that the Bank will make payments in the event that the customer fails to fulfil its financial or performance obligations. Financial guarantees are obligations to pay a third-party beneficiary where a customer fails to make payment towards a specified financial obligation. Performance guarantees are obligations to pay a third-party beneficiary where a customer fails to perform a non-financial contractual obligation. The tenure of the guarantees issued or renewed by the Bank is normally in line with requirements on a case-by-case basis as may be assessed by the Bank. The remaining tenure of guarantees issued by the Bank and outstanding ranges from one day to 30.3 years. The credit risk associated with these products, as well as the operating risks, is similar to those relating to other types of financial instruments. In accordance with FASB ASC 460-10, the Bank has recognized a liability of Rs. 7,041.8 million as of March 31, 2023 and of Rs. 9,066.2 million as of March 31, 2024, in respect of guarantees issued or modified. Details of guarantees and documentary credits outstanding are set out below:
As part of its risk management activities, the Bank continuously monitors the creditworthiness of customers as well as guarantee exposures. If a customer fails to perform a specified obligation, a beneficiary may draw upon the guarantee by presenting documents in compliance with the guarantee. In that event, the Bank makes payment on account of the defaulting customer to the beneficiary up to the full notional amount of the guarantee. The customer is obligated to reimburse the Bank for any such payment. If the customer fails to pay, the Bank liquidates any collateral held and sets off accounts; if insufficient collateral is held, the Bank recognizes a loss. Margins in the form of cash and fixed deposit available to the Bank to reimburse losses realized under guarantees amounted to Rs. 222.0 billion and Rs. 298.5 billion as of March 31, 2023 and March 31, 2024, respectively. Other property or security may also be available to the Bank to cover losses under these guarantees. Undrawn commitments The Bank has outstanding undrawn commitments to provide loans and financing to customers. These commitments aggregated to Rs. 372.3 billion and Rs. 1,175.5 billion (US$ 14.1 billion) as of March 31, 2023 and March 31, 2024, respectively. Among other things, the making of a loan is subject to a review of the creditworthiness of the customer at the time the customer seeks to borrow, at which time the Bank has the unilateral right to decline to make the loan. If the Bank were to make such loans, the interest rates would be dependent on the lending rates in effect when the loans were disbursed. Further, the Bank has unconditional cancellable commitments aggregating to Rs. 7,273.0 billion and Rs. 9,108.6 billion (US$ 109.3 billion) as of March 31, 2023 and March 31, 2024, respectively. The allowance for credit losses included in accrued expenses and other liabilities on off-balance sheet credit exposures and undrawn commitments is as follows:
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Estimated fair value of financial instruments |
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Estimated fair value of financial instruments | 26. Estimated fair value of financial instruments The Bank’s financial instruments include financial assets and liabilities recorded on the balance sheet, including instruments such as foreign exchange and derivative contracts. Management uses its best judgment in estimating the fair value of the Bank’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of all the amounts the Bank could have realized in a sales transaction as of March 31, 2023 and March 31, 2024, respectively. The estimated fair value amounts as of March 31, 2023 and March 31, 2024 have been measured as of the respective year ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair value of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year end. Financial instruments valued at carrying value The respective carrying values of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash and amounts due from banks, non-interest-bearing deposits in banks, securities purchased and sold under resale and repurchase agreements, accrued interest receivable, accrued interest payable, and certain other assets and liabilities that are considered financial instruments. Carrying values were assumed to approximate fair values for these financial instruments as they are short-term in nature and their recorded amounts approximate fair values or are receivable or payable on demand. Trading securities Trading securities are carried at fair value based on quoted market prices or market observable inputs. Available for sale securities AFS debt securities are carried at fair value. Such fair values were based on quoted market prices, where available. If quoted market prices did not exist, fair values were estimated using the market yield on the balance period to maturity on similar instruments and similar credit risks. The fair value of asset-backed and mortgage-backed securities is estimated based on revised estimated cash flows at each balance sheet date, discounted at current market pricing for transactions with similar risk. A reduction in the estimated cash flows of these instruments will adversely impact the value of these securities. A change in the timing of these estimated cash flows will also impact the value of these securities. Loans The fair values of consumer instalment loans and other consumer loans that do not reprice or mature frequently are estimated using discounted cash flow models. The discount rates are based on internal models. The fair value of loans would decrease (increase) in value based upon an increase (decrease) in discount rate. Since substantially all individual lines of credit and other variable rate consumer loans reprice frequently, with interest rates reflecting current market pricing, the carrying values of these loans approximate their fair values. The fair values of commercial loans that do not reprice or mature within relatively short time frames are estimated using discounted cash flow models. The discount rates are based on internal models. The fair value of loans would decrease (increase) in value based upon an increase (decrease) in discount rate. For commercial loans that reprice within relatively short time frames, the carrying values approximate their fair values. For purposes of these fair value estimates, the fair values of impaired loans were computed by deducting an estimated market discount from their carrying values to reflect the uncertainty of future cash flows. The fair values of loans that do not reprice or mature within relatively short time frames are estimated using discounted cash flow models and are classified as Level 3 as the input used for the valuation is internal credit spreads which is based on internal models and is considered unobservable. Loans that reprice within relatively short time frames, the carrying values approximate their fair values, accordingly it is classified as Level 2. Deposits The fair value of demand deposits, savings deposits, and money market deposits without defined maturities are the amounts payable on demand. For deposits with defined maturities, the fair values were estimated using discounted cash flow models that apply market interest rates corresponding to similar deposits and timing of maturities. The fair value of demand deposits, savings deposits, and money market deposits without defined maturities are the amounts payable on demand, carrying value reflects the fair value of the instruments and hence classified as level 2. Deposits with defined maturities, the fair values have been estimated using discounted cash flow models that apply market interest rates corresponding to similar deposits and timing of maturities currently offered for such deposits as the valuation input is considered observable. These are classified as level 2. Short-term borrowings The fair values of the Bank’s short-term debt were calculated based on a discounted cash flow model. The discount rates were based on yield curves appropriate for the remaining maturities of the instruments. Input used for fair valuation of the financial instrument is considered observable and hence the instruments are classified as level 2. Long-term debt The fair values of the Bank’s unquoted long-term debt instruments were calculated based on a discounted cash flow model. The discount rates were based on yield curves appropriate for the remaining maturities of the instruments. Input used for fair valuation of the financial instrument is considered observable and hence the instruments are classified as level 2. Term placements The fair values of term placements were estimated using discounted cash flow models. The discount rates were based on current market pricing for placements with similar characteristics and risk factors and hence the instruments are classified as level 2. Derivatives See note 25 Accrued interest receivable /payable. Considering short term nature of accrued interest receivable, carrying value is considered to approximate the fair value accordingly they are classified as level 2. Other Assets / Accrued expenses and other liabilities. Securities carried at fair value based on quoted market prices are classified as Level 1; other items in the nature of financial instruments are classified as level 2 as carrying value is reasonable estimate of fair value or the valuation input used is observable. Securities purchased under agreements to resell / Securities sold under repurchase agreements. Resale and repurchase agreements are classified as Level 2 because they are generally short -dated instruments collateralized by Government securities. A comparison of the fair value and carrying value of financial instruments is set out below:
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Segment information | 2 7 . Segment information The Bank operates in five reportable segments: wholesale banking, retail banking, insurance The retail banking segment serves retail customers through a branch network and other delivery channels. This segment raises deposits from customers and grant loans, provides credit cards and debit cards, and distributes third-party financial products, such as mutual funds and insurance to such customers. Revenues of the retail banking segment are derived from interest earned on retail loans, fees for banking services, profit from foreign exchange and derivative transactions and interest earned from other segments for surplus funds placed with those segments. Expenses of this segment are primarily comprised of interest expense on deposits, infrastructure and premises expenses for operating the branch network and other delivery channels, personnel costs, other direct overheads and allocated expenses. The Bank’s retail banking loan products also include loans to small and medium enterprises for commercial vehicles, construction equipment and other business purposes. Such grouping ensures optimum utilization and deployment of specialized resources in the retail banking business. The wholesale banking segment provides loans and transaction services to corporate customers. As discussed above, loans to small and medium enterprises for commercial vehicles, construction equipment and other business purposes are included in the retail banking segment. Revenues of the wholesale banking segment consist of interest earned on loans given to corporate customers, investment income from credit substitutes, interest earned on the cash float arising from transaction services, fees from such transaction services and profits from foreign exchange and derivative transactions with wholesale banking customers. The principal expenses of the segment consist of interest expense on funds borrowed from other segments, premises expenses, personnel costs, other direct overheads and allocated expenses. The treasury services segment undertakes trading operations on proprietary account (including investments in government securities), foreign exchange operations and derivatives trading both on proprietary account and customer flows and borrowings. Revenues of the treasury services segment primarily consist of fees and gains and losses from trading operations and of net interest revenue/expense from investments in government securities and borrowings. Revenues from foreign exchange and derivative operations and customer flows are classified under the retail or wholesale segments depending on the profile of the customer. The insurance services segment comprises the Life Insurance business which offers a wide range of individual and group insurance solutions such as Protection, Pension, Savings, Investment, Annuity and Health. Revenues from the insurance segment consists of premiums, investment income from managed assets, linked income (fund management charges, policy administration charges, mortality charges, surrender charge, discontinuance charges, reinstatement fees, etc) and other miscellaneous income. Expenses of this segment primarily comprise commission expenses, operating expenses related to insurance business, benefits paid, changes in valuation of actuarial liability and other direct overheads and allocated expenses. The others segment comprises businesses other than retail banking segment, wholesale banking segment, treasury services segment and insurance services segment. Segment income and expenses include certain allocations. Interest income is charged by a segment that provides funding to another segment, based on yields benchmarked to an internally developed composite yield curve which broadly tracks market-discovered interest rates. Directly identifiable overheads are attributed to a segment at actual amounts incurred. Indirect shared costs, principally corporate office expenses, are generally allocated to each segment on the basis of area occupied, number of staff, volume and nature of transactions. The wholesale banking segment includes unallocated tax balances and other items. Summarized segment information for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024:
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Commitments and contingencies |
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Commitments and contingencies | 2 8 . Commitments and contingencies Commitments and contingent liabilities other than for off balance sheet financial instruments (see note 2 5 ) are as follows: Capital commitments The Bank has entered into committed capital contracts, principally for branch expansion and technology upgrades. The estimated amounts of contracts remaining to be executed on the capital account as of March 31, 2023 and March 31, 2024 aggregated Rs. 25,666.0 million and Rs. 45,346.5 million, respectively. Contingencies The Bank is party to various legal proceedings in the normal course of business. The Bank estimates the provision for contingencies which primarily include indirect taxes since no precedents exist which could be used as points of reference. The amount of claims against the Bank towards indirect taxes and other claims which are not acknowledged as debts as of March 31, 2024 amounted to Rs. 38,498.3 million (previous year Rs. 9,456.9 million). The Bank does not expect the outcome of these proceedings to have a material adverse effect on the Bank’s results of operations, financial condition or cash flows. The Bank intends to vigorously defend these claims. Although the results of other legal actions cannot be predicted with certainty, it is the opinion of management, after taking appropriate legal advice, that the likelihood of these claims becoming obligations of the Bank is remote and hence the resolution of these actions will not have a material adverse effect, if any, on the Bank’s business, financial condition or results of operations. Lease commitments The Bank is party to operating leases for certain of its office premises and employee residences, with a renewal at the option of the Bank. Operating lease right-of-use assets and lease liabilities were as follows:
The total lease expenses were as follows:
The total operating cash flow for operating lease expenses during the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 was Rs. 14,295.7 million, R s. 16,164.9 million and Rs. 25,447.4 million (US$ 305.3 million), respectively. The future minimum lease payments as of March 31, 2024 were as follows:
The Bank enters into lease agreements to obtain the right-of-use assets for its business operations, substantially all of which are premises. Lease liabilities and right-of-use assets are recognized when the Bank enters into operating leases and represent obligations and rights to use these assets over the period of the leases and are re-measured for modifications. Operating lease liabilities include fixed payments for the contractual duration of the lease, adjusted for renewals or terminations. The lease agreements entered into by the Bank do not include any material residual value guarantees and material restrictive covenants. The lease payments are discounted using a rate determined when the lease is recognized. In general, the Bank does not know the discount rate implicit in the lease, and so the Bank estimates a discount rate that the Bank believes approximates a collateralized borrowing rate for the estimated duration of the lease term. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the incremental borrowing rate. Right-of-use assets are reported in other assets on the consolidated balance sheet and related lease liabilities are reported in accrued expenses and other liabilities. The amortization of operating lease right-of-use assets and the accretion of operating lease liabilities are reported together as fixed lease expenses and are included in non-interest expense- premises and equipment. The lease expense is recognized on a straight-line basis over the life of the lease. The lease agreements entered into by the Bank generally have renewal and escalation clauses. These agreements also in general permit the Bank to terminate the lease arrangement within a certain period of notice of termination. The Bank does not include renewal or termination options in the establishment of the lease term when it is not reasonably certain that it will exercise them. The Bank has elected to exclude leases with terms of less than one year from the operating lease right-of-use assets and lease liabilities. The related short-term lease expense is included in non-interest expense- premises and equipment. The Bank accounted for lease-related concessions obtained as a result of the COVID-19 pandemic in accordance with guidance in Topic 842. As of March 31, 2024, the Bank had additional undiscounted operating lease commitments of Rs. 1,002.6 million, predominantly for premises, with leases which have not yet commenced. These leases are expected to commence by April 2024 and have lease terms ranging from 2 to 21 years. Reward points The movement in provision for credit card and debit card reward points as of March 31, 2023 and March 31, 2024 is as follows:
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Related party transactions | 2 9 . Related party transactions Until eHDFC share capital of eHDFC by way of amalgamation at the acquisition date (the “Transaction”). Consequently, subsidiaries of eHDFC became subsidiaries/ associate of HDFC Bank. The Bank enters into transactions with its related parties, such as providing banking services, sharing costs and service providers, purchasing services, making joint investments, and borrowing from related parties and subletting premises. The Bank is prohibited from making loans to companies with which it has directors in common. The Bank, being an authorized dealer, deals in foreign exchange and derivative transactions with certain parties which include the principal owner and related companies. The foreign exchange and derivative transactions are undertaken in line with the RBI guidelines. The Bank’s related party balances and transactions are in the normal course of business and are summarized as follows: Balances payable to related parties are as follows:
Balances receivable from related parties are as follows:
Purchase of property and equipment from related parties for the fiscal years ended March 31, 2023 and 2024 were nil. Purchase and sale of investments from Others for the fiscal year ended March 31, 2024 were Rs. 316.7 million (previous year Rs. 256.8 million) and Rs. 8,859.5 million (previous year Rs. 20,447.7 million), respectively. Investments of Others in the Bank’s subordinated debt for the fiscal year ended March 31, 2024 were Rs. 10,241 million (previous year Rs. 7,850.0 million). Included in the determination of net income are the following significant transactions with related parties:
Other transactions with the Bank’s principal owner are as follows: During the fiscal years ended March 31, 2023 and March 31, 2024, the Bank purchased loans from the principal owner aggregating Rs. 369,101.3 million and Rs. 116,320.0 million, respectively. Dividends paid to the principal owner during the fiscal years ended March 31, 2023 and March 31, 2024 were Rs. 13,401.5 million and nil, respectively. The Bank also enters into foreign exchange and derivative transactions with its principal owner. The notional principal amount and the mark-to-market gains in respect of foreign exchange and derivative contracts outstanding as of March 31, 2024 was nil (previous year Rs. 94,451.2 million) and nil (previous year Rs. 2,081.2 million), respectively. During the fiscal year ended March 31, 2024, the Bank issued Guarantees on behalf of its Principal owner and Others for nil (previous year Rs. 3.5 million) and for Rs. 2.5 million (previous year Rs. 5.1 million), respectively. For contributions made to provident funds and pension funds set up by the Bank, see note 2 4 —Retirement benefits.Bank has issued a financial guarantee on behalf of HDFC ERGO, with a total amount guaranteed of
Rs. 2.5 million ($0.03 million). This guarantee is provided to cover any potential breaches of regulatory requirements by HDFC ERGO over a period of 10 years. As of the March1 , 2024, the guarantee remains active and carries a maximum potential liability of Rs. 2.5 million (US$ 0.03 million). |
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Earnings per equity share | 30 . Earnings per equity share A reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share has been provided below. Potential equity shares in the nature of ESOP with average outstanding balance of 19,064,987 ; 49,152,741 and 52,921,114 were excluded from the calculation of diluted earnings per share for the years ended March 31, 2022, March 31, 2023 and March 31, 2024, respectively, as these were anti-dilutive.
The following are reconciliations of basic and diluted earnings per equity share and earnings per ADS.
Dividends Any dividends declared by the Bank are based on the profit available for distribution as reported in the statutory financial statements of the Bank prepared in accordance with Indian GAAP. Additionally, the Banking Regulation Act and related regulations require the Bank to transfer 25% of its Indian GAAP profit after-tax to a non-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval. As per the RBI guidelines, the dividend payout cannot exceed 35% of net income as calculated under Indian GAAP. Accordingly, the net income reported in these consolidated financial statements may not be fully distributable in that year. Dividends declared for the fiscal years ended March 31, 2022 and March 31, 2023 were Rs. 15.5 per equity share and Rs.19.0 per equity share, respectively.
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Subsidiaries and Affiliates |
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Investments in and Advances to Affiliates [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries and Affiliates | 3 1 . Subsidiaries and Affiliates a. List of subsidiaries
b. List of affiliates
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Fair value measurement |
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Fair value measurement | 3 2 . Fair value measurement FASB ASC 820 Fair Value Measurement defines fair value, establishes a framework for measuring fair value in US GAAP, and expands disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. These valuation methodologies were applied to all of the Bank’s financial assets and financial liabilities carried at fair value. For Level 1 instruments, the valuation is based upon the unadjusted quoted prices of identical instruments traded in active markets. For Level 2 instruments, where such quoted market prices are not available, the valuation is based upon the quoted prices for similar instruments in active markets, the quoted prices for identical or similar instruments in markets that are not active, prices quoted by market participants and prices derived from standard valuation methodologies or internally developed models that primarily use certain inputs such as interest rates, yield curves, volatilities and credit spreads, which are available from public sources such as Reuters, Bloomberg and the Fixed Income Money Markets and Derivatives Association of India. The valuation methodology primarily includes discounted cash flow techniques. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Bank’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The valuation of Level 3 instruments is based on valuation techniques or models which use significant market unobservable inputs or assumptions. The Bank uses its quantitative pricing models to determine the fair value of its derivative instruments. These models use multiple market inputs, including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors to value the positions that are observable directly or indirectly. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Bank’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Financial assets and financial liabilities measured at fair value on a recurring basis: AFS debt securities: AFS debt securities are carried at fair value. Such fair values were based on quoted market prices, where available. If quoted market prices did not exist, fair values were estimated using the market yield on the balance period to maturity on similar instruments and similar credit risks. The fair value of asset-backed and mortgage-backed securities is estimated based on revised estimated cash flows at each balance sheet date, discounted at current market pricing for transactions with similar risk. A reduction in the estimated cash flows of these instruments will adversely impact the value of these securities. A change in the timing of these estimated cash flows will also impact the value of these securities. Trading securities: Trading securities are carried at fair value based on quoted market prices or market observable inputs. Equity securities: Marketable securities are measured at fair value. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Held to maturity securities: There were no HTM securities as of March 31, 2023 and March 31, 2024. Separate Account Assets: Separate account assets are carried at fair value based on quoted market prices or market observable inputs. Separate account liabilities: The portion of separate account assets representing contract holder’s funds shall be reported in the insurance entity’s financial statements as a summary total, with an equivalent summary total reported for related liabilities. Liabilities on policies in force: Liabilities on policies in force is calculated as the present value of expected benefits to be paid, less the present value of expected premiums. These liabilities are determined based on GAAP and actuarial standards, using assumptions such as mortality, policy lapse, investment returns, and expenses. Assumptions are set at policy issuance to estimate experience over the benefit period. Some assumptions such as mortality, morbidity and interest rates locked in for long-duration contracts and reassessed at every reporting period. The following table summarizes investments measured at fair value on a recurring basis as of March 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
The following table summarizes certain additional information about changes in the fair value of Level 3 assets pertaining to instruments carried at fair value for the fiscal years ended March 31, 2023 and March 31, 2024:
The transfers out of Level 3 occurred due to listing of previously unlisted equity shares, during the fiscal year ended March 31, 2024. This reclassification reflects the transition from using unobservable inputs to determine fair value to utilizing quoted prices in an active market. Derivatives: The Bank enters into forward exchange contracts, currency options, forward rate agreements, currency swaps and rupee interest rate swaps with inter-bank participants on its own account and for customers. These transactions enable customers to transfer, modify or reduce their foreign exchange and interest rate risks. Forward exchange contracts are commitments to buy or sell foreign currency at a future date at the contracted rate. Currency swaps are commitments to exchange cash flows by way of interest in one currency against another currency and exchange of principal amount at maturity based on predetermined rates. Rupee interest rate swaps are commitments to exchange fixed and floating rate cash flows in rupees. The Bank uses its pricing models to determine the fair value of its derivative instruments. These models use market inputs that are observable directly or indirectly. The following table summarizes derivative instruments measured at fair value on a recurring basis as of March 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy :
The following table summarizes derivative instruments measured at fair value on a recurring basis as of March 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy:
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Risk and uncertainties |
12 Months Ended |
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Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Risk and uncertainties | 3 3 . Risk and uncertainties The Bank continues to monitor the developments in the ongoing war between Russia and Ukraine and the recent the geo-political conflict between Israel and Hamas which complicates the geopolitical landscape. Following the Houthis group’s attack on international ships in the Red Sea, the United States and the United Kingdom launched a joint strike in Yemen. In April 2024, Iran was said to have launched a drone attack on Israel after the latter attacked Iran’s foreign consulate in Syria. While the conflict was contained at initial stages, a risk of further escalation still looms. The Bank seeks to manage the associated impacts on its customers and business. |
Subsequent events |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | 3 4 . Subsequent events In its meeting held on April 20, 2024, the Board of Directors of the Bank recommended a dividend of Rs. 19.5 per share for the fiscal year ended March 31, 2024 subject to approval of the shareholders at the next Annual General Meeting to be held. The amount of such dividend aggregated to Rs. 148,139.8 million as of March 31, 2024. |
Summary of significant accounting policies (Policies) |
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Principles of consolidation | a. Principles of consolidation The consolidated financial statements include the accounts of HDFC BANK LIMITED AND SUBSIDIARIES. The Bank consolidates subsidiaries in which, directly or indirectly, it holds more than 50% of the voting rights and/or has control. Entities where the Bank holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence are accounted for under the equity method. These investments are included in other assets and the Bank’s proportionate share of income or loss is included in non-interest revenue, other. The Bank consolidates Variable Interest Entities (“VIEs”) where the Bank is determined to be the primary beneficiary (see note 2k). All significant inter-company balances and transactions are eliminated on consolidation.
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Basis of presentation | b. Basis of presentation These consolidated financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). U.S. GAAP differs in certain material respects from Generally Accepted Accounting Principles in India, the requirements of India’s Banking Regulation Act 1949 and related regulations issued by the Reserve Bank of India (“RBI”), the guidelines issued by the Securities and Exchange Board of India (“SEBI”), and the guidelines issued by the Insurance Regulatory and Development Authority of India (“IRDAI”) (collectively “Indian GAAP”), which form the basis of the statutory general purpose consolidated financial statements of the Bank in India. Principal differences include the determination of the allowance for credit losses, classification and valuation of investments, classification and valuation of insurance contracts, accounting for deferred taxes, stock-based compensation, loan origination fees, derivative financial instruments, business combination, lease accounting and the presentation format and disclosures of the consolidated financial statements and
related notes. |
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Use of estimates | c. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses for the years presented. Actual results could differ from these estimates. Material estimates included in these consolidated financial statements that are susceptible to change include the allowance for credit losses, the valuation of investments, impairment in securities, valuation of derivatives, valuation of intangible assets acquired on acquisition of eHDFC, valuation of insurance policies liabilities, stock-based compensation, unrecognized tax benefits, valuation of lease liabilities and impairment assessment of recognized intangible assets and goodwill. |
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Cash and due from banks, and restricted cash | d. Cash and due from banks, and restricted cash Cash and due from banks comprise of cash and deposit with banks that have original maturities of 90 days or less. The Bank has captioned cash and cash equivalent as “cash and due from banks, and restricted cash” on the consolidated balance sheets. Cash and due from banks include restricted cash (see note 4). |
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Customer acquisition costs | e. Customer acquisition costs Customer acquisition costs principally consist of commissions paid to third-party referral agents who source retail loans and such costs are deferred and amortized as a yield adjustment over the life of the loans.
Advertising and marketing expenses incurred to solicit new business are expensed as incurred. |
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Investments in securities | f. Investments in securities Investments consist of securities purchased as part of the Bank’s treasury operations, such as government securities and other debt securities, and investments purchased as part of the Bank’s wholesale banking operations, such as credit substitute securities issued by the Bank’s wholesale banking customers. Credit substitute securities typically consist of commercial paper and debentures issued by the same customers with whom the Bank has a lending relationship in its wholesale banking business. Investment decisions for credit substitute securities are subject to the same credit approval processes as for loans, and the Bank bears the same customer credit risk as it does for loans extended to those customers. Additionally, the yield and maturity terms are generally directly negotiated by the Bank with the issuer. As the Bank’s exposures to such securities are similar to its exposures on its loan portfolio, additional disclosures have been provided on impairment status in note 8 and on concentrations of credit risk in note 11. All other securities, including mortgage-and asset-backed securities, are actively managed as part of the Bank’s treasury operations. The issuers of such securities are either government, public financial institutions or private issuers. These investments are typically purchased from the market, and debt securities are generally publicly-rated. Securities that are held principally for resale in the near term are classified as held for trading (“HFT”) and are carried at fair value, with changes in fair value recorded in net income. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity (“HTM”) and are carried at amortized cost. All debt securities that are not classified as HTM or HFT are classified as available for sale (“AFS”) debt securities and are carried at fair value. Unrealized gains and losses on such securities, net of applicable taxes, are reported in accumulated other comprehensive income/(loss), a separate component of shareholders’ equity. Equity securities are classified under other assets. Marketable securities are measured at fair value and any change in fair value is recorded in earnings. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer and impairment, if any. The Bank’s review for impairment for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, and the expectations of cash flows. Fair values are based on market quotations, where a market quotation is available or otherwise based on present values at current interest rates for such investments. Transfers between categories are recorded at fair value on the date of the transfer. For equity investments (“investee”) where control over an investee is typically determined by majority ownership; however, circumstances may arise where a majority-owned investment is not controlled. In such cases, equity method accounting is applied, particularly when the other shareholder(s) of the investee holds substantive participative rights granted by law or contract. The Bank’s consolidated net income incorporates its proportionate share of the net income or loss from equity method investees.
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Impairment of debt securities | g. Impairment of debt securities The Bank conducts a review of all AFS debt securities with fair value below their carrying value or with zero loss expectation. The Bank evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If the assessment indicates that a credit loss exists, the present value of cash flows to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through a provision for credit loss expense, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance is increased or decreased if credit conditions subsequently worsen or improve. A reversal of credit losses is recognized in net income. The Bank recognizes the entire difference between amortized cost basis and fair value in net income for impaired AFS debt securities that the Bank has an intent to sell or for which the Bank believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on debt securities in a timely manner in line with the Bank’s non-accrual and past due policies and on any debt security classified as non-performing. The Bank does not purchase debt securities with credit deterioration.
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Loans | h. Loans The Bank grants retail and wholesale loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances adjusted for an allowance for credit losses. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to net income over the lives of the related loans. Interest is accrued on the unpaid principal balance and is included in interest income. Loans are generally placed on “non-accrual” status when interest or principal payments are ninety days past due or if they are considered non-performing, at which time no further interest is accrued and any unrealized interest recognized in the consolidated statement of income is reversed. Interest income and principal payments on loans placed on non-accrual status are recognized when received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.
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Allowance for credit losses | i. Allowance for credit losses The Bank provides an allowance for credit losses based on management’s estimate of losses inherent in the loan portfolio which includes troubled debt restructuring. The allowance for credit losses consists of allowances for retail loans and wholesale loans. The Bank’s allowance for credit losses comprises of:
All changes in the allowance for credit losses are recognized in the consolidated statement of income. The Bank’s policies used to determine its allowance for credit losses and its allowance for lending-related commitments are described below: The Bank’s loan portfolio is bifurcated into Retail and Wholesale portfolios, wherein the Retail portfolio is segmented into homogenous pools using various factors such as nature of product, delinquencies, and other demographic and behavioral variables of the borrowers. The wholesale portfolio is segmented into various risk grades on the basis of a host of quantitative and qualitative factors including financial performance, industry risk, business risk and management quality. The allowance for loan-related losses and allowance for lending-related commitments represents expected credit losses over the remaining expected life of outstanding loans and lending-related commitments that are not unconditionally cancellable. The Bank does not record an allowance for future draws on unconditionally cancellable lending-related commitments (e.g., credit cards). The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on loans more than 90 days past due and in the case of agricultural loans more than 365 days past due, and also on any loans classified as non-performing. The expected life for retail loans and wholesale loans is determined based on their contractual terms and expected prepayments as applicable. The expected life of funded credit card loans is generally estimated by considering expected future payments on the credit card account. The Bank has an Unconditionally Cancellable Clause (“UCC”) for credit card lines and in accordance with the current expected credit loss (CECL) accounting guidance, the Bank makes an allowance only for debt drawn at the time of expected loss measurement. The Bank applies expected principal payments to the credit card receivable balances existing at the reporting date until the balance is exhausted. The estimate of expected credit losses includes expected recoveries of amounts previously charged off or expected to be charged off, even if such recoveries result in a negative allowance. The Retail loans are charged off against allowances typically when the account becomes 150 to 1,095 days past due depending on the type of loan. The defined delinquency levels at which major loan types are charged off are 150 days past due for personal loans and credit card receivables, 180 days for auto loans, commercial vehicle and construction equipment finance, 1,095 days past due for housing loans and on a customer by customer basis in respect of retail business banking when management believes that any future cash flows from these loans are remote including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. The Wholesale loans are charged off against the allowance when management believes that the loan balance may not be recovered, including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. Subsequent recoveries, if any, against write-off cases, are adjusted to provision for credit losses in the consolidated statement of income. Wholesale loans are considered non-performing when, based on current information and events, it is probable that the Bank will be unable to collect scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining non-performance include payment status, the financial condition of the borrower, the value of collateral held, and the probability of collecting scheduled principal and interest payments when due. Wholesale loans that experienced insignificant payment delays and payment shortfalls are generally not classified as non-performing but are placed on a surveillance watch list and closely monitored for deterioration. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, market information, and the amount of the shortfall in relation to the principal and interest owed. These factors are considered by the Bank for selection of loans for credit reviews and assessment of allowance. In order to estimate the allowance, the Bank primarily relies on its risk-segmentation models, which are also an integral part of the Bank’s risk management framework. Risk segmentation aims to group homogenous exposures together to allow for collective assessment of expected losses. Expected Loss estimation under collective assessment, is primarily based on Probability of Default (“PD”), Loss given Default (“LGD”) and Exposure at Default (“EAD”) estimates. The Bank has modeled its PD estimates at the aforementioned granularity for its retail and wholesale portfolios and has also created the remaining expected life structure of the same for computation of credit losses. The Bank’s off-balance sheet credit exposures include unfunded loan commitments, financial guarantees, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, the Bank recognizes an allowance for credit loss (“ACL”) associated with the unfunded amounts. The Bank does not recognize an ACL for commitments that are unconditionally cancellable at the Bank’s discretion. ACL for off-balance sheet credit exposures are reported as a liability in accrued expenses and other liabilities on the consolidated balance sheet. ACL in such cases is measured for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. Collective and individual assessments Management estimates the allowance balance using relevant available information, from internal and external sources, relating to historical experience, current conditions, and reasonable and supportable forecasts. Historical loan default and loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information incorporate management’s view of current conditions and forecasts. The methodology for estimating the amount of credit losses reported in the allowance for credit losses has two basic components: first, a pooled component for expected credit losses for pools of loans that share similar risk characteristics and second an asset-specific component involving loans that do not share risk characteristics and the measurement of expected credit losses for such individual loans. As an integral part of the credit process, the Bank has a rating model appropriate to its retail and wholesale credit segments. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal rating (model scale) is updated at least annually. The majority of the Bank’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively assessed for allowance (“portfolio-based component”) by grouping them into homogeneous pools of loans. If an exposure does not share risk characteristics with other exposures, the Bank generally estimates expected credit losses on an individual basis, considering expected repayment and conditions impacting that individual exposure (“asset-specific component”). The asset-specific component covers loans modified or reasonably expected to be modified in a troubled debt restructuring (“TDR”), collateral-dependent loans, and borrowers with financial difficulties. Portfolio-based component (Pooled Loans) The portfolio-based component begins with a quantitative calculation that considers the likelihood of the borrower changing delinquency status or moving from one risk rating to another. The quantitative calculation covers expected credit losses over an instrument’s expected life and is estimated by applying credit loss factors to the Bank’s exposure at default. Apart from its historical experience, the Bank seeks to incorporate any reasonable and supportable information regarding the prevalent and future economic and operating conditions, and their impact on credit losses for the Bank into its allowance. The Bank therefore includes in its estimation the use of quantitative statistical models to predict the impact of macro-economic variables, on defaults. The Bank uses macro-economic variables that are relevant to the specific pool of loans to develop a reasonable and supportable forecast specific to the relevant macro-economic variable for the expected performance of the pool. In deploying these models, the Bank has assessed the impact of an exhaustive set of macro-economic variables on its expected losses, and uses macro-economic forecasts surveyed and published by the Reserve Bank of India: Centre for Monitoring Indian Economy for this assessment. As the macro-economic forecasts are published for a year the Bank reverts to the historical average default rate beyond this period over a straight-line basis. The Bank estimates its allowance for credit losses for pooled loans based on its PD and LGD, determined for the respective risk pools. The Bank estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses for the quantitative component of pooled loans is the product of multiplying the PD, LGD and EAD. Asset-specific component To determine the asset-specific component of the allowance, collateral-dependent loans (including those loans for which foreclosure is probable) and larger and non-accrual risk-rated loans in the wholesale portfolio segment are generally evaluated individually, while smaller loans (both scored and risk-rated) are aggregated for evaluation based on factors relevant for the respective class of assets. Loans are identified for individual assessment based on financial difficulty which includes nonperforming loans, labeled loans and loans identified based on management judgment. The Bank generally measures the asset-specific allowance as the difference between the amortized cost of the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment, including those related to the passage of time, are generally recognized as an adjustment to the allowance for credit losses. For collateral-dependent loans, the fair value of collateral less estimated costs to sell is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or the amount of the negative allowance that should be recognized (for recoveries of prior charge-offs associated with improvements in the fair value of collateral). The asset-specific component of the allowance for credit losses that have been or are expected to be modified in TDRs incorporates the effect of the modification on the loan’s expected cash flows (including forgone interest, principal forgiveness, and other concessions), and also the potential for redefault. For wholesale loans modified or expected to be modified in TDRs, expected losses incorporate management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly subject to judgment as these cash flow projections rely upon estimates such as loss severities, asset valuations, default rates (including redefault rates on modified loans), the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. |
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Insurance Services | j. Insurance Services i. Undistributed policyholders earnings account This separate line item appearing as a liability in the consolidated balance sheets is created/recognized to account for any surplus/deficit arising on policyholders’ adjustments under U.S. GAAP. The differential impact of adjustments related to the items identified below are disclosed separately under “Undistributed Policyholders Earnings Account” because this surplus does not belong to shareholders or policyholders. The impact of the adjustments listed below is taken to the separate line item through “(Surplus)/Deficit in P&L transferred to Undistributed Policyholders Earnings Account” in the consolidated statements of income and “(Surplus)/Deficit in OCI transferred to Undistributed Policyholders Earnings Account” in other comprehensive income. This includes:
ii. Liabilities on policies in force The Bank establishes liabilities for future policy benefit liabilities (“LFPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance contracts. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums. Contracts are grouped as cohorts when measuring LFPBs. The corresponding liabilities are established based on methods and underlying assumptions in accordance with US GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) are accrued each period as LFPBs. Cash flow assumptions are incorporated into the calculation of a cohort’s NPR and LFPB reserve. The Bank’s best estimate assumptions include mortality, persistency, morbidity, and expenses. All assumptions would be updated at each year end except for current discount rates, which will be updated at each valuation date. The impact of all assumption changes at locked in discount rates would flow through Statement of Income and the impact of discount rate update will be recognized in Other Comprehensive Income. For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process. Therefore, any gross premium received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The amortization basis is set to be the sum assured in-force for traditional policies and benefit outgo for annuities for each cohort, to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within “Claims and benefits paid pertaining to insurance business”. Consistent with the Bank’s measurement of traditional long-duration products, management also recognizes a LFPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefits and the present value of expected future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The Bank establishes LFPBs for traditional participating contracts, using a net premium approach, similar to traditional non-participating contracts. For determining present value of benefits, the future reversionary bonus has not been considered. The bonuses will get factored in as and when they are declared. The discount rate and actuarial assumptions are locked-in at inception, and any the impact of discount rate update will be recognized in Other Comprehensive Income. Deposits related to universal life-type and investment products are credited to policyholder account balances. Policyholder Account Balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. Unearned revenue reserve primarily relates to the universal Life-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue are generally amortized over the expected life of the contract similar to DAC. iii. Separate Account Assets and Liabilities Separate account assets represents segregated funds that are invested for certain unit-linked life and pension policyholders. The assets consist primarily of equity securities including exchange traded fund, government securities including state government securities, debt securities and reverse repurchase agreements including tri-party repos and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Bank. Investment risks associated with market value changes are borne by the customers. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Bank’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Premium and other operating income from insurance business”. Asset management fees charged to the accounts are included in “Premium and other operating income from insurance business”. Separate account liabilities primarily represent the policyholder’s account balances in separate account assets and will be equal and offsetting to total separate account assets. iv. Deferred Acquisition Costs (“DAC”) Acquisition costs directly related to successful contract acquisitions of products have been deferred to the extent recoverable. Such acquisition costs are capitalized in the period they are incurred, and primarily include initial commission, employees remuneration and welfare benefits, medical fees, stamp duty and goods and services tax. All other acquisition-related costs including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales, and underwriting efforts as well as all indirect costs are expensed as incurred. DAC is amortized on a constant level basis that approximates straight line amortization using the following amortization basis:
Amortization of DAC is included in “Administrative and other expense”. v. Reinsurance For prospective reinsurance of short duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded premium and ceded unearned premiums. Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. The reinsurance recoverable for long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies. Amounts currently recoverable under reinsurance agreements are included in “Other assets”. The assessment of recoverability of reinsurance recoverable balances in each reporting period, is carried out through either historical trend of disputes and credit events or financial analysis of the credit quality of the reinsurer. These adjustments are recorded to reflect the results of these assessments through an allowance for credit losses and disputes that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheet. The estimate requires significant judgement for which key considerations include paid and unpaid recoverable, whether the balance is in dispute or subject to legal collection, the relative financial health of the reinsurer and whether collateral and collateral arrangement exist. An estimate of the reinsurance recoverable lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the insurer’s risk rating. The allowance for credit losses excludes disputed amounts. vi. Premium Deficiency Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for IBNR (Incurred but Not Reported) claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Bank. If loss recognition exists, to write off DAC to the extent required for eliminating losses. If loss recognition still exists after DAC write-off, then a loss recognition liability would be established. For universal life-type contracts, a premium deficiency reserve may be established when existing contract liabilities, together with the present value of future fees and/or premiums, are not sufficient to cover the present value of future benefits and settlement costs. Loss recognition would be charged to net income by an increase in the liability for future benefits presented separately as loss recognition liability. |
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Sales/transfer of receivables | k. Sales/transfer of receivables The Bank enters into assignment transactions, which are similar to asset-backed securitization transactions through the special purpose entities (“SPEs”) route, except that such portfolios of receivables are assigned directly to the purchaser and are not represented by pass-through certificates. The Bank also sells finance receivables to SPEs, formerly qualifying special purpose entities (“QSPEs”) in securitization transactions. Recourse is in the form of the Bank’s investment in subordinated securities issued by these SPEs, cash collateral and other credit and liquidity enhancements. The receivables are derecognized in the balance sheet when they are sold and consideration has been received by the Bank. Sales and transfers that do not meet the criteria for surrender of control are accounted for as secured borrowings. The Bank first makes a determination as to whether the securitization entity would be consolidated. Second, it determines whether the transfer of financial assets is considered a sale. Furthermore, former qualifying special purpose entities (QSPEs) are now considered VIEs and are no longer exempt from consolidation. The Bank consolidates VIEs when it has both: (1) power to direct activities of the VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses or right to receive benefits from the entity that could potentially be significant to the VIE. The scope conditions examined include whether the entities’ equity investment at risk is insufficient to finance the activities without subordinated financial support and whether the holders of equity lack the characteristics of a financial interest. A controlling financial interest includes characteristics such as ability to make decisions through voting or similar rights, unlimited obligation to absorb the entities expected losses, and unlimited rights to receive the entities expected residual returns. Gains or losses from the sale of receivables are recognized in the consolidated statement of income in the period the sale occurs based on the relative fair value of the portion sold and the portion allocated to retained interests, and are reported net of the estimated cost of servicing by the Bank. Fair values are determined based on the present value of expected future cash flows, using best estimates for key assumptions, such as prepayment and discount rates, commensurate with the risk involved. |
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Property and equipment | l. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is provided over the estimated useful lives of property and equipment on a straight-line basis at the following rates:
For assets purchased and sold during the year, depreciation is provided on a pro rata basis by the Bank and capital advances are included in other assets. Improvements to leasehold premises are charged off over the remaining primary period of the lease. |
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Lease accounting | m. Lease accounting The Bank recognizes its lease liabilities measured as the present value of lease payments not yet paid, discounted using the incremental borrowing rate. The right-of-use asset includes an initial measurement of the lease liabilities adjusted for accrued lease liabilities. At the inception of the contract, the Bank assesses whether the contract is, or contains, a lease. The Bank’s assessment is based on whether (1) the contract involves the use of distinct identified assets, (2) the Bank has the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Bank has the right to direct the use of the asset. Leases are examined for classification as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria is met (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for the major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet the above criteria. The Banks’s lessee arrangements consist of operating leases. The Bank records right-of-use assets and lease liabilities at the lease commencement date. Right-of-use assets are reported in other assets on the Consolidated Balance Sheets, and the related lease liabilities are reported in accrued expenses and other liabilities. The Bank has elected not to record right-of- use assets for short-term leases that have a lease term of 12 months or less and thus, all leases with a lease term exceeding 12 months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term and is recorded in non-interest expense-premises and equipment in the consolidated statements of income. The Bank made an accounting policy decision not to separate lease and non-lease components of a contract that is or contains a lease. At the lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the incremental borrowing rate as of the date of the lease commencement. Right-of-use assets initially equal the lease liabilities, adjusted for any lease payments made prior to lease commencement and for any lease incentives. The Bank assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized. As lessor, the Bank recognizes its lease arrangements, where risks and rewards incidental to ownership of an asset substantially vest with the lessor as operating leases. Lease rental income under operating lease is recognized in profit/ loss over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. |
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Impairment or disposal of tangible long-lived assets | n. Impairment or disposal of tangible long-lived assets Whenever events or circumstances indicate that the carrying amount of tangible long-lived assets may not be recoverable, the Bank subjects such long-lived assets to a test of recoverability based on the undiscounted cash flows from use or disposition of the asset. Such events or circumstances would include changes in the market, technology obsolescence, adverse changes in profitability or regulation. If the asset is impaired, the Bank recognizes an impairment loss estimated as the difference between the carrying value and the net realizable value. |
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Income tax | o. Income tax Income tax expense/benefit consists of the current tax expense and the net change in deferred tax assets or liabilities during the year. Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying values of assets and liabilities for financial reporting purposes and their respective tax bases, and for operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance to the amount that is more likely than not to be realized based on management’s judgment. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income statement in the period of enactment of the change. Income tax benefits are recognized and measured based upon a two-step model: 1) a tax position must be more-likely-than-not to be sustained based on its technical merits in order to be recognized, and 2) the benefit is measured as the largest amount of that position that is greater than 50 percent likely of being realized upon settlement. The difference between the benefit recognized for a position in accordance with this model and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit. The Bank’s policy is to include interest income, interest expense and penalties on overpayments and underpayment of income taxes within income tax expense in the consolidated statement of income. Interest income on overpayments of income taxes is recognized when the related matter is resolved. The Bank follows specific identification method for releasing income tax effects from AOCI. |
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Revenue recognition | p. Revenue recognition Interest income from loans and from investments is recognized on an accrual basis using the effective interest method when earned except in respect of loans or investments placed on non-accrual status, where it is recognized when received. Fees and commissions from guarantees issued are amortized over the contractual period of the commitment. Commission, Fees , Charges for rendering services such as Investment Management fees are recognized on an accrual basis as per the terms of service / agreement as applicable and where there is reasonable certainty of ultimate collection Dividends from investments are recognized when declared. Realized gains and losses on sale of securities are recorded on the trade date and are determined using the weighted average cost method. Premiums related to traditional long-duration products are recognized as revenues when due from policyholders. Premiums related to short-duration products are recognized on a pro-rata basis over the applicable contract term. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL. The DPL is also recognized on the premiums received on the business acquired as on the PGAAP date. The DPL is amortized or recognized as earnings based on the amortization basis as mentioned in deferred acquisition cost. Premiums related to short-duration products are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned. Deposits related to universal life and investment-type products are credited to “Premium and other operating income from insurance business”. Revenues from such contracts consist of fees for mortality, policy administration, fund management charges, surrender charges and other charges as applicable are recorded in universal life and investment-type line of business in the period in which services are provided. All revenues and expenses are presented net of reinsurance, as applicable. Other fees and income are recognized when earned, which is when the service that results in the income has been provided. The Bank amortizes annual fees on credit cards over the contractual period of the fees. |
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Foreign currency transactions | q. Foreign currency transactions The Bank’s functional currency is the Indian Rupee, except for the Bank’s foreign branches. Foreign currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are converted into respective functional currency using exchange rates prevailing on the balance sheet dates. Gains and losses arising on conversion of foreign currency denominated monetary assets and liabilities and on foreign currency transactions are included in the determination of net income under foreign exchange transactions. For the foreign branches, the assets, liabilities and operations are translated, for consolidation purposes, from functional currency of the foreign branch to the Indian Rupee reporting currency at period-end rates for assets and liabilities and at average rates for operations. The resulting unrealized gains or losses are reported as a component of AOCI. |
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Stock-based compensation | r. Stock-based compensation The Bank measures the cost of equity-settled transactions at fair value on the grant date. The fair value is determined by using either the Binomial or Black-Scholes option pricing model taking into account the terms and conditions upon which the equity-settled transactions were granted. The costs of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. For further information, see note 23. |
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Debt issuance costs | s. Debt issuance costs Issuance costs of long-term debt are amortized over the tenure of the debt.
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Earnings per share | t. Earnings per share Basic earnings per equity share have been computed by dividing net income by the weighted average number of equity shares outstanding for the period. Diluted earnings per equity share has been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period, using the treasury stock method, except where the result would be anti-dilutive. The Bank also reports basic and diluted earnings per ADS, where each ADS represents three equity shares. Earnings per ADS have been computed as earnings per equity share multiplied by the number of equity shares per ADS. A reconciliation of the number of shares used in computing earnings per share has been provided in note 30. |
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Segment information | u. Segment information The Bank operates in five reportable segments, namely retail banking, wholesale banking, treasury
services , insurance services and others. Segment-wise information has been provided in note 27 . |
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Derivative financial instruments | v. Derivative financial instruments The Bank recognizes all derivative instruments, including certain derivative instruments embedded in other contracts, as assets or liabilities in the balance sheet and measures them at fair value. The Bank has not designated any derivatives as hedges. As such, all changes in fair value of derivative instruments are recognized in net income under derivative gain/(loss) in the period of change. The Bank enters into forward exchange contracts, currency swaps and currency options with its customers and typically transfers such customer exposures in the inter-bank foreign exchange markets. The Bank also enters into such instruments to cover its own foreign exchange exposures. All such instruments are carried at fair value, determined based on market quotations or market-based inputs. The Bank enters into interest rate swaps for its own account. The Bank also enters into interest rate currency swaps and cross currency interest rate swaps with its customers and typically offsets these risks in the inter-bank market. Such contracts are carried on the balance sheet at fair value, or priced using market determined yield curves.
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Business combination | w. Business combination The Bank accounts for acquired businesses using the acquisition method of accounting which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair value. The application of the acquisition method requires certain estimates and assumptions, especially concerning the determination of the fair value of the acquired intangible and tangible assets, as well as the liabilities assumed at the date of the acquisition. The judgments made in the context of the purchase price allocation can materially impact the Bank’s future results of operations. The valuations are based on information available at the acquisition date. Purchase consideration in excess of the Bank’s interest and the acquiree’s net fair value of identifiable assets and liabilities is recognized as goodwill. |
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Goodwill | x. Goodwill Under applicable accounting guidance, goodwill is reviewed at the reporting unit level for potential impairment at least on an annual basis at the end of the reporting period, or more frequently if events or circumstances indicate a potential impairment. The Bank tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. |
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Intangible Assets | y. Intangible Assets The Bank’s identifiable intangible assets consists of, Brand, Investment Management Contract, Value of Business Acquired (“VOBA”), Distribution Network, Customer Relationship and Transferable Development Rights acquired in Business Combination. All intangible assets except Brand and Investment Management Contract are definite-lived intangible assets and are recorded at acquisition date fair value. The Bank’s definite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently, if necessary.
The Bank reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future net cash flows is less than the carrying value of the asset. |
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Recently adopted accounting standards | z. Recently adopted accounting standards As a result of the merger of HDFC Limited with HDFC Bank Limited, HDFC Life Insurance Company Limited became a subsidiary of HDFC Bank. As per Accounting Standards Update (ASU) 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts is applicable to HDFC Life Insurance Company Limited. In August 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The FASB subsequently issued several ASUs as amendments to ASU No. 2018-12. The standard requires insurance companies with long duration contracts to: (1) review and, if there is a change, update the assumptions used to measure expected cash flows at least annually; (2) update the discount rate assumption at each reporting date; and (3) enhance certain qualitative and quantitative disclosures. ASU No. 2018-12 was applied using a modified retrospective approach that requires restatement of prior periods presented, including a cumulative adjustment to accumulated other comprehensive income as of January 1, 2021 (the transition date). The Bank acquired from eHDFC group an insurance business which has been included in the Bank’s financial results from July 01, 2023. The standard has, among other things, impacted the discount rate used in estimating reserves for the Bank’s life and annuity reinsurance portfolio, which is in runoff. In March 2022, the FASB issued ASU No. 2022-01 “Fair Value Hedging—Portfolio Layer Method (Topic 815)”. This ASU expands the portfolio layer method of hedge accounting prescribed in ASU 2017-12 to allow multiple hedged layers of a single closed portfolio and to include portfolios of both prepayable and non-prepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same accounting method to similar hedging strategies. This ASU also specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on accounting and disclosure of hedge basis adjustments and specifies how hedge basis adjustments should be considered in determining credit losses for assets in the designated closed portfolio. This ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2022. The Bank adopted the ASU effective April 1, 2023. The adoption of this guidance did not have a material impact on the Bank’s consolidated financial position or results of operation. In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40 “Receivables—Troubled Debt Restructurings by Creditors”. This ASU enhances disclosure requirements for certain loan refinancing and restructuring activity by creditors when a borrower is experiencing financial difficulty, updates certain requirements related to accounting for credit losses under ASC 326 and requires disclosure of current-period gross write offs of financing receivables by year of origination. The ASU is effective for the Bank for interim and annual periods in fiscal years beginning after December 15, 2022. The Bank adopted the ASU effective April 1, 2023. The adoption of this guidance did not have a material impact on the Bank’s consolidated financial position or results of operation. |
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Recently issued accounting pronouncements not yet effective | aa. Recently issued accounting pronouncements not yet effective In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. The Bank does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires enhanced annual disclosures for specific categories in the rate reconciliation and income taxes paid disaggregated by federal, state and foreign taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Bank does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. |
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Convenience translation | ab. Convenience translation The accompanying financial statements have been expressed
in Indian Rupees (“Rs.”), the Bank’s functional currency. For the convenience of the reader, the financial statements as of and for the fiscal year ended March 31, 2024 have been translated into U.S. dollars at US$1.00 = Rs. 83.34 as published by the Federal Reserve Board of New York on March 29, 2024. Such translation should not be construed as a representation that the rupee amounts have been or could be converted into United States dollars at that or any other rate, or at all. |
Summary of significant accounting policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composite depreciation rate | Property and equipment are stated at cost, less accumulated depreciation. Depreciation is provided over the estimated useful lives of property and equipment on a straight-line basis at the following rates:
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Schedule of intangible assets and basis of amortization | Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently, if necessary.
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Business Combination (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset acquired liabilities assumed In business combination | The following table provides a purchase price allocation to the identifiable assets acquired and liabilities assumed of eHDFC group and the noncontrolling interest at their estimated fair values as of the acquisition date.
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Goodwill recorded as a result of the acquisition to the Bank's reportable segments | The assignment of Goodwill recorded as a result of the acquisition to the Bank’s reportable segments is as follows:
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Major class of identifiable acquired intangible assets and estimated period of amortisation | The following table summarizes the major class of identifiable acquired intangible assets and estimated period of amortization-
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Pro forma financial information | The unaudited pro forma information should not be relied upon as being indicative of the historical results of operations that would have occurred had the acquisition taken place on April 01, 2022.
(a) Revenue includes net interest revenue and non-interest revenue. Acquisition costs are included in the periods where such expenses are incurred |
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Details of PCD of eHDFC | Following are the details of PCD of eHDFC acquired.
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Details of pre-exiting relationship between HDFC Bank group ("the Bank and its subsidiaries") and eHDFC group | Following are the details of pre-exiting relationship between HDFC Bank group (“the Bank and its subsidiaries”) and eHDFC group:
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio of Trading Securities or Held for Trading Securities Amortized Cost Fair Value | The portfolio of trading securities as of March 31, 2023 and March 31, 2024 was as follows:
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Available for Sale Securities Amortized Cost and Fair Value | The fair value of credit substitutes by type of instrument as of March 31, 2023 and March 31, 2024 were as follows:
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Summary of Allowances for Available for sale debt securities | Allowances for AFS debt securities as of March 31, 2023 are as follows:
Allowances for AFS debt securities as of March 31, 2024 are as follows:
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Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities Amortized Cost and Fair Value | The portfolio of AFS debt securities as of March 31, 2023 and March 31, 2024 was as follows:
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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, 2023:
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:
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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, 2024 is set out below:
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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, 2024 is set out below:
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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:
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Credit substitutes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of credit substitutes | The fair value of credit substitutes by type of instrument as of March 31, 2023 and March 31, 2024 were as follows:
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Credit substitutes by bank's internal credit quality indicators | 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:
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Impaired credit substitutes | The following table provides information on non-performing credit substitutes as of March 31, 2023 and March 31, 2024:
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Loans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by Facility | Loans by facility as of March 31, 2023 and March 31, 2024 were as follows:
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Financing Receivable, by Maturity | The maturity of gross loans as of March 31, 2024 is set out below:
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Past Due Financing Receivables | The followi ng table provides details of age analysis of loans and finance receivable on non-accrual status a s of March 31, 2023 and March 31, 2024.
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Allowance for Credit Losses on Financing Receivables | Allowances for credit losses as of March 31, 2022 are as follows:
Allowances for credit losses as of March 31, 2023 are as follows:
Allowances for credit losses as of March 31, 2024 are as follows:
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Interest on Loans by Facility | Interest on loan s by facility are as follows:
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Retail Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following table provides information on primary credit quality indicators as of March 31, 2023:
The following table provides information on primary cre dit quality indicators as of March 31, 2024:
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Wholesale loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following table provides information on primary credit quality indicators as of March 31, 2023.
The following table provides information on primary credit quality indi cators as of March 31, 2024.
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Receivable By Industry | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing Financing Receivables | Non-performing loans by industry as of March 31, 2023 and March 31, 2024 are as follows:
Summary information relating to interest income recognized on non-performing loans during the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 is as follows:
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Concentrations of credit risk (Tables) - Exposure to ten largest borrowers |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | The Bank’s portfolio of loans, credit substitute securities and non- funded exposure (including derivatives) is broadly diversified along industry and product lines, and as of March 31, 2023 and March 31, 2024, the exposures are as set forth below.
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Fair Value, Concentration of Risk | The Bank’s ten largest exposures as of March 31, 2023 and March 31, 2024, based on the higher of the outstanding balance or the limit on loans, investments (including credit substitutes) and non-funded exposures (including derivatives), are as follows:
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Property and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property and equipment by asset category is as follows:
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Goodwill and Intangible assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Goodwill | The following table represents the changes in the carrying amount of goodwill reported in the consolidated balance sheets for the year ended March 31, 2023 and March 31, 2024:
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Intangible Assets, Net | Intangible assets, net, consists of the following:
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Future Amortization of Finite Lived Intangible Assets | At March 31, 2024, the expected future amortization of finite-lived intangible assets is as follows:
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Other assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure | Other assets include the following:
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities Table Disclosures | Deposits include demand deposits, which are non-interest-bearing, and savings and time deposits, which are interest-bearing. Deposits as of March 31, 2023 and March 31, 2024 were as follows:
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Time Deposits By Maturity | As of March 31, 2024, the scheduled maturities for total time deposits were as follows:
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Short-term borrowings (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Short-term borrowings mainly comprised of money market borrowings which are unsecured and are utilized by the Bank for its operations. Short-term borrowings as of March 31, 2023 and March 31, 2024 comprised the following:
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Long-term debt (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The below table presents the balance of long-term debt as of March 31, 2023 and March 31, 2024 and the related contractual rates and maturity dates:
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Maturities of Long-Term Debt Disclosures | The scheduled maturities of long-term debt are set out below:
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Long-term Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt as of March 31, 2023 and March 31, 2024 was comprised of the following:
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Accrued expenses and other liabilities (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities include the amounts set forth below:
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Accumulated other comprehensive income (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income After Tax | The below table presents the changes in AOCI after income tax for the fiscal years ended March 31, 2023 and March 31, 2024.
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Reclassification Out of Accumulated Other Comprehensive Income (OCI) by Income line Item and the Related Tax Effect | The below table presents the reclassification out of AOCI by income line item and the related income tax effect for the fiscal years ended March 31, 2023 and March 31, 2024.
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Insurance services (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Accounts Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Balances of and Changes in Separate Account Liabilities | The balances of and changes in separate account liabilities were as follows:
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Summary of Bank's Aggregate Fair Value of Assets, by Major Investment Asset Category, Supporting Separate Accounts Liabilities | The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows:
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Summary of Bank's Liabilities on Policies | The Bank’s Liabilities on policies in force on the consolidated balance sheets was as follows:
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Summary of Bank's Liability for Future Policy Benefits on the Consolidated Balance Sheets | The Bank’s liability for future policy benefits on the consolidated balance sheets was as follows:
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Summary of Information About the Liability for Future Policy Benefits | The following information about the liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable.
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Summary of Bank's Gross Premiums or Assessments and Interest Expense Recognised | The Bank’s gross premiums and interest accretion recognised in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, were as follows:
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Summary of the Bank's Policyholder Account Balances on the Consolidated Balance |
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Summary of Bank's Primarily two types of Reinsurance Treaties, Auto and Facultative Reinsurance with Third Parties | The Bank has primarily two types of reinsurance treaties, auto and facultative reinsurance. The primary reason is to diversify the pool of risk covered by the insurance company, and to limit the liability along with ensuring solvency of the Bank. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The effect of all reinsurance agreements on the consolidated statements of financial income were as follows:
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Summary of Effect of Reinsurance | The effects of reinsurance on the consolidated statements of income were as follows:
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Summary of Information Regarding Total DAC | Information regarding total DAC was as follows:
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Summary of Information Regarding Movement of Total VOBA Contracts | Information regarding movement of total VOBA contracts from July 1, 2023 (acquisition date) to March 31, 2024 was as follows:
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Summary of Information Regarding the Estimated Future Amortisation of VOBA Intangibles Over the Next Five Years | Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:
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Non-interest revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disaggregation of Revenue | The table below presents the fees and commissions disaggregated by revenue source for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024.
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Summary of Disaggregation of Revenue from Business Segments | The table below presents the fees and commission disaggregated by segment for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024.
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Income taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | Income tax expense is comprised of the following:
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Reconciliation of Income Taxes at Indian Statutory Income Tax Rate to Income Tax Expense as Reported | Taxes at the Indian statutory income tax rate, the income tax rate of the Bank’s country of domicile, to income tax expense as reported:
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Tax Effects of Significant Temporary Differences | The tax effects of significant temporary differences are as follows:
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Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
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Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of employee stock option schemes has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:
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Schedule of Share-based Compensation, Stock Options, Activity | Activity in the options available to be granted under the employee stock option scheme is as follows:
Activity in the options outstanding under the employee stock option scheme is as follows:
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following summarizes information about stock options outstanding as of March 31, 2024:
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Schedule of Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions | The fair value of restricted stock units has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:
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Schedule Of Movement In Restricted Stock Units | Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as of March 31, 2024:
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Schedule of Share-based Compensation, Restricted Stock Units, Activity | Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as at March 31, 2024:
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Schedule of Share-based Compensation, Shares Authorized under Restricted Stock Units Plans, by Exercise Price Range | The following summarizes information about RSUs outstanding as of March 31, 2024:
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Retirement benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and March 31, 2024 are summarized in the table below.
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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 the fiscal years ended March 31, 2023 and March 31, 2024.
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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 consolidated financial statements as of March 31, 2023 and March 31, 2024:
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Schedule of Net Benefit Costs | Net gratuity cost for the years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:
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Schedule of Assumptions Used | The assumptions used in accounting for the gratuity plan are set out below:
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Schedule of Expected Benefit Payments | The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.
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Schedule of Allocation of Plan Assets | As of March 31, 2024, the plan assets as a percentage of the total funds were as follows:
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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 consolidated financial statements as of March 31, 2023 and March 31, 2024:
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Schedule of Net Benefit Costs | Net pension cost for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:
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Schedule of Assumptions Used | The assumptions used in accounting for the pension plan are set out below:
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Schedule of Expected Benefit Payments | The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.
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Schedule of Allocation of Plan Assets | The weighted-average asset allocation of said plan assets for the pension benefits as of March 31, 2024 is as follows:
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Financial instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table presents the aggregate notional principal amounts of the Bank’s outstanding forward exchange and other derivative contracts as of March 31, 2023 and March 31, 2024, together with the fair value on each reporting date.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes certain information related to derivative amounts recognized in income:
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Amounts Subject to Enforceable Netting Arrangements |
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Schedule of Guarantor Obligations | Details of guarantees and documentary credits outstanding are set out below:
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Summary of allowance for Credit Losses on Off-Balance sheet credit exposures and undrawn commitments | The allowance for credit losses included in accrued expenses and other liabilities on off-balance sheet credit exposures and undrawn commitments is as follows:
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Estimated fair value of financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping |
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Segment information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized segment information for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024:
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Operating Lease Right Of Use Asset And Lease Liability | The Bank is party to operating leases for certain of its office premises and employee residences, with a renewal at the option of the Bank. Operating lease right-of-use assets and lease liabilities were as follows:
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Operating Leases of Lessee Disclosure | The total lease expenses were as follows:
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Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease payments as of March 31, 2024 were as follows:
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Movement in Provision for Reward Points | The movement in provision for credit card and debit card reward points as of March 31, 2023 and March 31, 2024 is as follows:
|
Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Balances payable to related parties are as follows:
Balances receivable from related parties are as follows:
Included in the determination of net income are the following significant transactions with related parties:
|
Earnings per equity share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average number of shares |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings Per Share | The following are reconciliations of basic and diluted earnings per equity share and earnings per ADS.
|
Subsidiaries and Affiliates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
List of Subsidiaries | a. List of subsidiaries
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
List of Affiliates | b. List of affiliates
|
Fair value measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Changes in Fair Value of Level 3 Assets Pertaining to Instruments Carried at Fair Value | The following table summarizes certain additional information about changes in the fair value of Level 3 assets pertaining to instruments carried at fair value for the fiscal years ended March 31, 2023 and March 31, 2024:
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Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measured on Recurring Basis | The following table summarizes investments measured at fair value on a recurring basis as of March 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
|
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Derivative | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measured on Recurring Basis | The following table summarizes derivative instruments measured at fair value on a recurring basis as of March 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy :
The following table summarizes derivative instruments measured at fair value on a recurring basis as of March 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy:
|
Bank Overview - Additional Information (Detail) |
Jun. 30, 2023 |
---|---|
Housing Development Finance Corporation Limited | |
Nature Of Business [Line Items] | |
Equity ownership interest of the bank's largest shareholder | 20.80% |
Summary of Significant Accounting Policies - Additional Information (Detail) |
12 Months Ended |
---|---|
Mar. 31, 2024
Segment
| |
Significant Accounting Policies [Line Items] | |
Reportable segments | 5 |
Financial statements translation rate, Indian rupees (Rs.) equivalence of U.S. $1 | 83.34 |
HDFC Group [Member] | Minimum | |
Significant Accounting Policies [Line Items] | |
Percentage of voting rights in which bank consolidates subsidiary | 50.00% |
HDFC Group [Member] | Minimum | HDFC Bank Limited | |
Significant Accounting Policies [Line Items] | |
Bank voting rights | 20.00% |
HDFC Group [Member] | Maximum | HDFC Bank Limited | |
Significant Accounting Policies [Line Items] | |
Bank voting rights | 50.00% |
Property and Equipment Depreciation Rate Over Estimated Useful Lives of Property and Equipment on Straight-Line Basis (Detail) |
12 Months Ended |
---|---|
Mar. 31, 2024 | |
Premises | |
Property, Plant and Equipment [Line Items] | |
Rate of depreciation | 1.67% |
Software and systems | |
Property, Plant and Equipment [Line Items] | |
Rate of depreciation | 20.00% |
Equipment and furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Rate of depreciation | 10.00% |
Equipment and furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Rate of depreciation | 33.33% |
Business Combination - Additional Information (Detail) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Millions |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 19, 2024
INR (₨)
|
Mar. 19, 2024
USD ($)
|
Jul. 01, 2023
INR (₨)
shares
|
Jul. 01, 2023
USD ($)
|
Jun. 30, 2023
INR (₨)
₨ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jul. 01, 2023
USD ($)
shares
|
Jun. 30, 2023
$ / shares
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Apr. 04, 2022
₨ / shares
shares
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2022
USD ($)
|
|
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | ₨ 1,629,510,300 | $ 19,552.6 | ₨ 74,937,900 | $ 899.3 | ₨ 74,937,900 | $ 899.3 | ||||||||||
Goodwill written off related to sale of business unit | 73,576,100 | $ 882.9 | ||||||||||||||
HDFC Credila Financial Services Limited [Member] | Brand [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Indefinite lived intangible assets written off related to sale of business unit | 8,527,500 | 102.3 | ||||||||||||||
HDFC Credila Financial Services Limited [Member] | Distribution Service [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Indefinite lived intangible assets written off related to sale of business unit | 8,972,400 | $ 107.6 | ||||||||||||||
eHDFC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||||||||||||||
Number of shares received | 42 | |||||||||||||||
Number of shares held for each set of shares received | 25 | |||||||||||||||
Business acquisition, effective date of acquisition | Jul. 01, 2023 | Jul. 01, 2023 | ||||||||||||||
Business combination, consideration transferred | ₨ 5,337,741,500 | $ 64,047.9 | ||||||||||||||
Business acquisition, share price | (per share) | ₨ 1,701.4 | $ 20.4 | ||||||||||||||
Business acquisition, equity interest issued or issuable, number of shares | 3,110,396,492 | 3,110,396,492 | ||||||||||||||
Share based compensation by share based award number of shares underlying such awards post business combination | 48,461,845 | 48,461,845 | ||||||||||||||
Class of warrants or rights outstanding | 24,792,768 | 24,792,768 | ||||||||||||||
Goodwill | ₨ 1,628,148,500 | 1,628,148,500 | 19,536.2 | $ 19,536.2 | ||||||||||||
Indefinite-lived intangible assets, purchase accounting adjustments | 1,434,818,100 | $ 17,216.4 | ||||||||||||||
Business acquisition, transaction costs | ₨ 1,900,000 | 22.8 | ||||||||||||||
Per share value of shares received | ₨ / shares | ₨ 1 | |||||||||||||||
Per share value of shares held for each set of shares received | ₨ / shares | ₨ 2 | |||||||||||||||
Pro forma Advances and debt including its related tax effects | ₨ 36,984,300 | $ 443.8 | ₨ 41,204,200 | $ 494.4 | ||||||||||||
eHDFC [Member] | Equity Interest [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity ownership interest of the bank's largest shareholder | 20.80% | 20.80% | ||||||||||||||
eHDFC [Member] | HDFC Credila Financial Services Limited [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Disposal group, including discontinued operation, assets | ₨ 103,500,000 | 1,241.9 | ||||||||||||||
Goodwill written off related to sale of business unit | ₨ 73,576,100 | $ 882.9 | 73,576,100 | $ 882.8 | ||||||||||||
eHDFC [Member] | HDFC Credila Financial Services Limited [Member] | Brand [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Indefinite lived intangible assets written off related to sale of business unit | 8,527,500 | 102.3 | ||||||||||||||
eHDFC [Member] | HDFC Credila Financial Services Limited [Member] | Distribution Service [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Indefinite lived intangible assets written off related to sale of business unit | 8,972,400 | $ 107.6 | ||||||||||||||
eHDFC [Member] | HDFC Education and Development Services Limited [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Disposal group, including discontinued operation, assets | 1,976,000 | 23.7 | ||||||||||||||
Goods and Service Tax [Member] | eHDFC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business combination recognized identifiable asset acquired and liabilities assumed contingent liability | ₨ 11,063,000 | $ 132.7 |
Asset Acquired Liabilities Assumed in Business Combination (Detail) ₨ in Millions, $ in Millions |
Jul. 01, 2023
INR (₨)
|
Jul. 01, 2023
USD ($)
|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Jul. 01, 2023
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2022
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
B. Recognized amounts of identifiable liabilities assumed and Noncontrolling Interests | |||||||||
Goodwill | ₨ 1,629,510.3 | $ 19,552.6 | ₨ 74,937.9 | $ 899.3 | ₨ 74,937.9 | $ 899.3 | |||
eHDFC [Member] | |||||||||
Consideration | |||||||||
Common equity share issued (3,110,396,492 shares of the Bank) | ₨ 5,292,028.6 | $ 63,499.3 | |||||||
Share-based compensation | 35,240.7 | 422.9 | |||||||
Share warrants | 10,472.2 | 125.7 | |||||||
Fair value of total consideration transferred | 5,337,741.5 | $ 64,047.9 | |||||||
Settlement of pre-existing relationship | (69,312.6) | (831.7) | |||||||
Investment in the Bank by eHDFC | (1,981,494.4) | (23,776.0) | |||||||
Fair value of net purchase consideration transferred | 3,286,934.5 | 39,440.2 | |||||||
Acquisition-related costs | 1,900.0 | $ 22.8 | |||||||
A. Recognised amounts of identifiable assets acquired | |||||||||
Cash and due from banks | 10,344.1 | 124.1 | |||||||
Investment securities | 2,842,356.2 | 34,105.5 | |||||||
Loans - Net | 6,428,635.4 | 77,137.5 | |||||||
Accrued interest receivable | 37,276.7 | 447.3 | |||||||
Property and equipment | 39,136.2 | 469.6 | |||||||
Identified intangibles assets | 1,434,818.1 | 17,216.4 | |||||||
Other assets | 622,978.8 | 7,475.1 | |||||||
Separate account assets | 857,528.7 | 10,289.5 | |||||||
Total estimated assets acquired | 12,273,074.2 | 147,265.0 | |||||||
B. Recognized amounts of identifiable liabilities assumed and Noncontrolling Interests | |||||||||
Deposits | 1,571,204.5 | 18,852.9 | |||||||
Accrued expenses and other liabilities | 781,742.3 | 9,380.0 | |||||||
Borrowings | 4,977,276.5 | 59,722.5 | |||||||
Separate account liabilities | 857,528.7 | 10,289.5 | |||||||
Liabilities on policies in force | 1,499,749.1 | 17,995.5 | |||||||
Noncontrolling Interest in eHDFC subsidiaries | 926,787.1 | 11,120.6 | |||||||
Total estimated liabilities assumed | 10,614,288.2 | 127,361.0 | |||||||
Goodwill | ₨ 1,628,148.5 | $ 19,536.2 |
Asset Acquired Liabilities Assumed in Business Combination (Parentheticals) (Detail) |
Jul. 01, 2023
shares
|
---|---|
eHDFC [Member] | |
Business Acquisition [Line Items] | |
Common equity share issued | 3,110,396,492 |
Goodwill Recorded as a Result of the Acquisition to the Bank's Reportable Segments (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Jul. 01, 2023
INR (₨)
|
Jul. 01, 2023
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2022
USD ($)
|
---|---|---|---|---|---|---|---|---|
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | ₨ 1,629,510.3 | $ 19,552.6 | ₨ 74,937.9 | $ 899.3 | ₨ 74,937.9 | $ 899.3 | ||
Retail Banking [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 443,017.5 | 74,937.9 | 74,937.9 | |||||
Wholesale Banking [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 71,617.3 | 0.0 | 0.0 | |||||
Insurance Services [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 959,080.0 | 0.0 | 0.0 | |||||
Others [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 155,795.5 | ₨ 0.0 | ₨ 0.0 | |||||
eHDFC [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | ₨ 1,628,148.5 | $ 19,536.2 | ₨ 1,628,148.5 | $ 19,536.2 | ||||
eHDFC [Member] | Retail Banking [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 368,079.6 | 4,416.6 | ||||||
eHDFC [Member] | Wholesale Banking [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 71,617.3 | 859.3 | ||||||
eHDFC [Member] | Insurance Services [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | 959,080.0 | 11,508.0 | ||||||
eHDFC [Member] | Others [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Goodwill | ₨ 229,371.6 | $ 2,752.3 |
Major Class of Identifiable Acquired Intangible Assets and Estimated Period of Amortisation (Detail) - Jul. 01, 2023 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total | ₨ 1,434,818.1 | $ 17,216.4 |
Brand [Member] | Relief from royalty method [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 750,758.2 | 9,008.4 |
Valuation Methodology | Relief from royalty method | |
Investment management contract [Member] | Multi-period excess earnings method [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 369,785.6 | 4,437.1 |
Valuation Methodology | Multi-period excess earnings method | |
Value of business acquired [Member] | Refer below [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 221,738.5 | 2,660.6 |
Valuation Methodology | Refer below | |
Distribution network [Member] | Multi-period excess earnings method [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 59,543.2 | 714.5 |
Useful lives (in years) | 17 years | |
Valuation Methodology | Multi-period excess earnings method | |
Customer relationship [Member] | Multi-period excess earnings method [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 29,874.9 | 358.4 |
Useful lives (in years) | 17 years | |
Valuation Methodology | Multi-period excess earnings method | |
Transferable development rights [Member] | Comparison method [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value | ₨ 3,117.7 | $ 37.4 |
Useful lives (in years) | 8 years | |
Valuation Methodology | Comparison method |
Pro Forma Financial Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
|
Business Combinations [Abstract] | ||||
Revenue | ₨ 2,303,956.6 | $ 27,645.3 | ₨ 2,147,961.5 | $ 25,773.5 |
Net Income | ₨ 645,526.0 | $ 7,745.7 | ₨ 636,783.4 | $ 7,640.8 |
Details of PCD of EHDFC (Detail) - Jul. 01, 2023 - eHDFC [Member] ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Disclosure Of Financing Receivable Purchased With Credit Deterioration [Line Items] | ||
Par value of PCD loans at acquisition | ₨ 116,646.3 | $ 1,399.6 |
Allowance for credit losses on PCD loans at acquisition | 39,415.2 | 472.9 |
Fair value of receivables at acquisition | 77,200.4 | 926.3 |
Non-credit discount/(premium) on PCD loans at acquisition | 30.7 | $ 0.4 |
Wholesale | ||
Disclosure Of Financing Receivable Purchased With Credit Deterioration [Line Items] | ||
Par value of PCD loans at acquisition | 72,684.7 | |
Allowance for credit losses on PCD loans at acquisition | 36,487.3 | |
Fair value of receivables at acquisition | 36,197.4 | |
Non-credit discount/(premium) on PCD loans at acquisition | 0.0 | |
Retail | ||
Disclosure Of Financing Receivable Purchased With Credit Deterioration [Line Items] | ||
Par value of PCD loans at acquisition | 43,961.6 | |
Allowance for credit losses on PCD loans at acquisition | 2,927.9 | |
Fair value of receivables at acquisition | 41,003.0 | |
Non-credit discount/(premium) on PCD loans at acquisition | ₨ 30.7 |
Details of Pre-Exiting Relationship Between HDFC Bank Group ("the Bank and its Subsidiaries") and eHDFC Group (Detail) - Jul. 01, 2023 - eHDFC [Member] ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Disclosure In Tabular Form Of Prexisting Relationship With Acquiree And Its Subsidiaries [Line Items] | ||
Cash and due from Banks | ₨ 52,875.3 | $ 634.4 |
Investments, available for sale, at market | 18,407.5 | 220.9 |
Accrued expenses and other liabilities | (5,777.5) | (69.3) |
Other assets | 3,807.3 | 45.7 |
Net Assets | ₨ 69,312.6 | $ 831.7 |
Cash and Due From Banks, and Restricted Cash - Additional Information (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | ₨ 1,182,004.6 | $ 14,182.9 | ₨ 902,006.6 |
Portfolio of Trading Securities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Amortized Cost | ₨ 392,828.3 | $ 4,713.5 | ₨ 135,480.2 |
Gross Unrealized Gains | 76,054.3 | 912.6 | 376.6 |
Gross Unrealized Losses | 7,637.3 | 91.6 | 25.7 |
Fair Value | 461,245.3 | $ 5,534.5 | 135,831.1 |
Debt Securities | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Amortized Cost | 103,506.9 | 127,313.8 | |
Gross Unrealized Gains | 136.1 | 122.6 | |
Gross Unrealized Losses | 205.0 | 25.7 | |
Fair Value | 103,438.0 | 127,410.7 | |
Debt Securities | Government of India securities | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Amortized Cost | 71,673.0 | 106,952.3 | |
Gross Unrealized Gains | 58.8 | 103.6 | |
Gross Unrealized Losses | 0.0 | 23.2 | |
Fair Value | 71,731.8 | 107,032.7 | |
Debt Securities | Other corporate/financial institution securities | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Amortized Cost | 31,833.9 | 20,361.5 | |
Gross Unrealized Gains | 77.3 | 19.0 | |
Gross Unrealized Losses | 205.0 | 2.5 | |
Fair Value | 31,706.2 | 20,378.0 | |
Other securities (including mutual fund units) | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Amortized Cost | 289,321.4 | 8,166.4 | |
Gross Unrealized Gains | 75,918.2 | 254.0 | |
Gross Unrealized Losses | 7,432.3 | 0.0 | |
Fair Value | ₨ 357,807.3 | ₨ 8,420.4 |
Portfolio of AFS Debt Securities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | ₨ 8,306,160.5 | $ 99,666.0 | ₨ 4,979,205.7 |
Gross Unrealized Gains | 65,491.0 | 785.8 | 6,552.9 |
Gross Unrealized Losses | 76,164.4 | 913.9 | 106,914.6 |
Fair Value | 8,295,487.1 | 99,537.9 | 4,878,844.0 |
Debt securities, other than asset and mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 8,167,306.7 | 4,828,914.5 | |
Gross Unrealized Gains | 65,153.1 | 6,497.7 | |
Gross Unrealized Losses | 75,520.9 | 105,021.4 | |
Fair Value | 8,156,938.9 | $ 97,875.5 | 4,730,390.8 |
Debt securities, other than asset and mortgage-backed securities | Government of India securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,105,313.9 | 3,860,431.8 | |
Gross Unrealized Gains | 41,090.5 | 4,656.4 | |
Gross Unrealized Losses | 52,213.3 | 80,344.5 | |
Fair Value | 6,094,191.1 | 3,784,743.7 | |
Debt securities, other than asset and mortgage-backed securities | State government securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,188,315.0 | 428,980.9 | |
Gross Unrealized Gains | 7,600.4 | 1,322.5 | |
Gross Unrealized Losses | 12,234.4 | 15,604.8 | |
Fair Value | 1,183,681.0 | 414,698.6 | |
Debt securities, other than asset and mortgage-backed securities | Government securities outside India | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3,556.3 | 819.0 | |
Gross Unrealized Gains | 3.9 | 0.0 | |
Gross Unrealized Losses | 18.4 | 21.8 | |
Fair Value | 3,541.8 | 797.2 | |
Debt securities, other than asset and mortgage-backed securities | Credit substitutes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 133,197.8 | 511,161.4 | |
Gross Unrealized Gains | 321.7 | 505.4 | |
Gross Unrealized Losses | 2,032.6 | 8,479.0 | |
Fair Value | 131,486.9 | 503,187.8 | |
Debt securities, other than asset and mortgage-backed securities | Other corporate/financial institution bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 736,923.7 | 27,521.4 | |
Gross Unrealized Gains | 16,136.6 | 13.4 | |
Gross Unrealized Losses | 9,022.2 | 571.3 | |
Fair Value | 744,038.1 | 26,963.5 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 78.1 | 19.3 | |
Gross Unrealized Gains | 2.3 | 0.0 | |
Gross Unrealized Losses | 1.2 | 1.8 | |
Fair Value | 79.2 | 17.5 | |
Asset-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 138,775.7 | 150,271.9 | |
Gross Unrealized Gains | 335.6 | 55.2 | |
Gross Unrealized Losses | 642.3 | 1,891.4 | |
Fair Value | 138,469.0 | 148,435.7 | |
Securities with gross unrealized losses | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | 3,706,475.3 | 3,220,573.8 | |
Securities with gross unrealized gains | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | ₨ 4,589,011.8 | ₨ 1,658,270.2 |
Investments, Available for Sale Debt Securities - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Investments available for sale, at fair value, restricted investments | ₨ 1,792,147.6 | ₨ 2,070,953.6 | $ 21,504.1 | |
Debt Securities, Available-for-sale, Unrealized Loss | 64,466.1 | |||
Net allowance for credit losses | (70.9) | $ (0.9) | 70.9 | |
Available-for-Sale Debt Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale investments, amount eligible towards the Bank's statutory liquidity reserve requirements | 6,340,926.3 | 4,199,442.3 | 76,085.0 | |
Investments available for sale, at fair value, restricted investments | 1,792,147.6 | 2,070,953.6 | $ 21,504.1 | |
Available-for-Sale Debt Securities | Accounting Guidance [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net allowance for credit losses | 0.0 | ₨ 70.9 | ||
HDB Debt Securities Other Than Asset And Mortgage Backed Securities | Government Issued or Backed Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net allowance for credit losses | ₨ 0.0 | |||
Mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Average credit rating | AAA | AAA | ||
Asset-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Average credit rating | AAA | AAA |
Gross Unrealized Losses and Fair Value of Available for Sale Debt Securities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | ₨ 688,638.6 | $ 8,263.0 | ₨ 1,500,675.9 |
Less Than 12 Months Unrealized Losses | 835.6 | 10.0 | 19,859.2 |
12 Months or Greater Fair Value | 3,017,836.7 | 36,211.1 | 1,719,897.9 |
12 Months or Greater Unrealized Losses | 75,328.8 | 903.9 | 87,055.4 |
Fair Value | 3,706,475.3 | 44,474.1 | 3,220,573.8 |
Unrealized Losses | 76,164.4 | $ 913.9 | 106,914.6 |
Debt securities, other than asset and mortgage-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 688,638.6 | 1,390,130.2 | |
Less Than 12 Months Unrealized Losses | 835.6 | 18,781.9 | |
12 Months or Greater Fair Value | 2,956,555.9 | 1,693,782.3 | |
12 Months or Greater Unrealized Losses | 74,685.3 | 86,239.5 | |
Fair Value | 3,645,194.5 | 3,083,912.5 | |
Unrealized Losses | 75,520.9 | 105,021.4 | |
Debt securities, other than asset and mortgage-backed securities | Government of India securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 566,117.5 | 1,038,004.8 | |
Less Than 12 Months Unrealized Losses | 177.4 | 12,622.5 | |
12 Months or Greater Fair Value | 2,179,342.3 | 1,266,775.4 | |
12 Months or Greater Unrealized Losses | 52,035.9 | 67,722.0 | |
Fair Value | 2,745,459.8 | 2,304,780.2 | |
Unrealized Losses | 52,213.3 | 80,344.5 | |
Debt securities, other than asset and mortgage-backed securities | State government securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 103,876.2 | 75,707.7 | |
Less Than 12 Months Unrealized Losses | 199.2 | 1,923.6 | |
12 Months or Greater Fair Value | 440,474.4 | 270,099.2 | |
12 Months or Greater Unrealized Losses | 12,035.2 | 13,681.2 | |
Fair Value | 544,350.6 | 345,806.9 | |
Unrealized Losses | 12,234.4 | 15,604.8 | |
Debt securities, other than asset and mortgage-backed securities | Government securities outside India | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 0.0 | 797.2 | |
Less Than 12 Months Unrealized Losses | 0.0 | 21.8 | |
12 Months or Greater Fair Value | 814.3 | 0.0 | |
12 Months or Greater Unrealized Losses | 18.4 | 0.0 | |
Fair Value | 814.3 | 797.2 | |
Unrealized Losses | 18.4 | 21.8 | |
Debt securities, other than asset and mortgage-backed securities | Credit substitutes | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 5,745.3 | 254,023.6 | |
Less Than 12 Months Unrealized Losses | 293.3 | 3,771.0 | |
12 Months or Greater Fair Value | 97,997.4 | 152,702.6 | |
12 Months or Greater Unrealized Losses | 1,739.3 | 4,708.0 | |
Fair Value | 103,742.7 | 406,726.2 | |
Unrealized Losses | 2,032.6 | 8,479.0 | |
Debt securities, other than asset and mortgage-backed securities | Other corporate/financial institution bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 12,899.6 | 21,596.9 | |
Less Than 12 Months Unrealized Losses | 165.7 | 443.0 | |
12 Months or Greater Fair Value | 237,927.5 | 4,205.1 | |
12 Months or Greater Unrealized Losses | 8,856.5 | 128.3 | |
Fair Value | 250,827.1 | 25,802.0 | |
Unrealized Losses | 9,022.2 | 571.3 | |
Mortgage-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 0.0 | 0.0 | |
Less Than 12 Months Unrealized Losses | 0.0 | 0.0 | |
12 Months or Greater Fair Value | 13.5 | 17.5 | |
12 Months or Greater Unrealized Losses | 1.2 | 1.8 | |
Fair Value | 13.5 | 17.5 | |
Unrealized Losses | 1.2 | 1.8 | |
Asset-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less Than 12 Months Fair Value | 0.0 | 110,545.7 | |
Less Than 12 Months Unrealized Losses | 0.0 | 1,077.3 | |
12 Months or Greater Fair Value | 61,267.3 | 26,098.1 | |
12 Months or Greater Unrealized Losses | 642.3 | 814.1 | |
Fair Value | 61,267.3 | 136,643.8 | |
Unrealized Losses | ₨ 642.3 | ₨ 1,891.4 |
Investments, Available for Sale Debt Securities -Summary of Allowances for Available for sale debt Securities (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning of the period | ₨ 70.9 | $ 0.9 | ₨ 0.0 |
Write- offs | 0.0 | 0.0 | 0.0 |
Net allowance for credit losses | (70.9) | (0.9) | 70.9 |
Allowance for credit losses, end of the period | 0.0 | $ 0.0 | 70.9 |
Credit Substitutes | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning of the period | 70.9 | 0.0 | |
Write- offs | 0.0 | 0.0 | |
Net allowance for credit losses | (70.9) | 70.9 | |
Allowance for credit losses, end of the period | 0.0 | 70.9 | |
Other corporate/financial institution bonds | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses, beginning of the period | 0.0 | 0.0 | |
Write- offs | 0.0 | 0.0 | |
Net allowance for credit losses | 0.0 | 0.0 | |
Allowance for credit losses, end of the period | ₨ 0.0 | ₨ 0.0 |
Contractual Residual Maturity of Available for Sale Debt Securities Other Than Asset and Mortgage Backed Securities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Fair Value | |||
Total | ₨ 8,295,487.1 | $ 99,537.9 | ₨ 4,878,844.0 |
Debt securities, other than asset and mortgage-backed securities | |||
Amortized Cost | |||
Within one year | 1,216,195.2 | ||
Over one year through five years | 1,704,481.9 | ||
Over five years through ten years | 2,910,153.3 | ||
Over ten years | 2,336,476.3 | ||
Amortized Cost | 8,167,306.7 | ||
Fair Value | |||
Within one year | 1,213,814.5 | 14,564.6 | |
Over one year through five years | 1,693,976.3 | 20,326.1 | |
Over five years through ten years | 2,895,370.6 | 34,741.7 | |
Over ten years | 2,353,777.5 | 28,243.1 | |
Total | ₨ 8,156,938.9 | $ 97,875.5 | ₨ 4,730,390.8 |
Contractual Residual Maturity of Available for Sale Mortgage-Backed and Asset-Backed Debt Securities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Fair Value | |||
Total | ₨ 8,295,487.1 | $ 99,537.9 | ₨ 4,878,844.0 |
Asset and Mortgage Backed Securities | |||
Amortized Cost | |||
Within one year | 61,860.3 | ||
Over one year through five years | 76,625.4 | ||
Over five years through ten years | 315.6 | ||
Over ten years | 52.5 | ||
Amortized Cost | 138,853.8 | ||
Fair Value | |||
Within one year | 61,602.9 | 739.2 | |
Over one year through five years | 76,564.7 | 918.7 | |
Over five years through ten years | 326.2 | 3.9 | |
Over ten years | 54.4 | 0.6 | |
Total | ₨ 138,548.2 | $ 1,662.4 |
Gross Realized Gains and Gross Realized Losses from Sales of Available for Sale Debt Securities and Dividends and Interest on Such Securities (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross realized gains on sale | ₨ 3,592.4 | $ 43.1 | ₨ 259.1 | ₨ 18,604.5 |
Gross realized losses on sale | (2,765.7) | (33.2) | (979.4) | (1,858.7) |
Realized gains/ (losses), net | 826.7 | 9.9 | (720.3) | 16,745.8 |
Dividends and interest | 516,550.0 | 6,198.1 | 304,566.7 | 240,943.0 |
Total | ₨ 517,376.7 | $ 6,208.0 | ₨ 303,846.4 | ₨ 257,688.8 |
Fair Value of Credit Substitutes by Type of Instrument (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | ₨ 8,295,487.1 | $ 99,537.9 | ₨ 4,878,844.0 |
Debt securities, other than asset and mortgage-backed securities | Credit Substitutes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 133,197.8 | 1,598.2 | 511,161.4 |
Fair Value | 131,486.9 | $ 1,577.7 | 503,187.8 |
Debt securities, other than asset and mortgage-backed securities | Credit Substitutes | Debentures | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 132,926.5 | 510,880.4 | |
Fair Value | 131,458.6 | 503,187.6 | |
Debt securities, other than asset and mortgage-backed securities | Credit Substitutes | Preference shares | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 271.3 | 281.0 | |
Fair Value | 28.3 | 0.2 | |
Debt securities, other than asset and mortgage-backed securities | Credit Substitutes | Commercial paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 0.0 | 0.0 | |
Fair Value | ₨ 0.0 | ₨ 0.0 |
Fair Value of Credit Substitutes (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | |||
Pass | ₨ 131,486.9 | $ 1,577.7 | ₨ 503,187.8 |
Non-performing—gross balance | 0.0 | 0.0 | 0.0 |
Less: Non-performing losses | 0.0 | 0.0 | 0.0 |
Non-performing credit substitutes, net | 0.0 | 0.0 | 0.0 |
Total credit substitutes, net | ₨ 131,486.9 | $ 1,577.7 | ₨ 503,187.8 |
Impaired Credit Substitutes (Detail) - Debt securities, other than asset and mortgage-backed securities ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Average non-performing credit substitutes | ₨ 0 | $ 0 | ₨ 0 | |
Interest income recognized on non-performing credit substitutes | 0 | $ 0 | 0 | |
Credit Substitutes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross non-performing credit substitutes | 0 | 0 | $ 0 | |
Credit Substitutes by Industry | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross non-performing credit substitutes | ₨ 0 | ₨ 0 | $ 0 |
Repurchase and Resell Agreements - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Repurchase Agreement and Resale Agreement Counterparty [Line Items] | |||
Securities purchased under agreements to resell | ₨ 34,178.3 | $ 410.1 | ₨ 455,275.4 |
Securities sold under repurchase agreements, amount outstanding | ₨ 56,541.0 | $ 678.4 | ₨ 0.0 |
Maximum | |||
Repurchase Agreement and Resale Agreement Counterparty [Line Items] | |||
Securities purchased under agreements to resell, maturity (days) | 14 days | ||
Securities sold under repurchase agreements, maturity (days) | 14 days |
Loans - Additional Information (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans provided as collateral for borrowings | ₨ 2,288,842.6 | $ 27,463.9 | ₨ 1,927,514.2 |
Purchased financing receivable outstanding | 2,600.7 | 1,024,684.4 | |
Loans receivable restructured due to unexpected event | 72,900.0 | $ 900.0 | 86,100.0 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable restructured due to unexpected event | 81,400.0 | 68,600.0 | |
Wholesale Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable restructured due to unexpected event | ₨ 4,700.0 | ₨ 4,300.0 | |
Current Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of days past due up to which loans | 90 days | 90 days | |
Crop related agricultural loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of days past due up to which loans | 366 days | 366 days |
Loans by Facility (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2021
INR (₨)
|
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | ₨ 26,793,047.4 | $ 321,490.8 | ₨ 17,418,092.4 | |||
Less: Allowance for credit losses | 457,346.5 | 5,487.7 | 365,164.5 | $ 4,381.6 | ₨ 372,671.8 | ₨ 343,528.7 |
Total | 26,335,700.9 | 316,003.1 | 17,052,927.9 | |||
Auto loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 29,948.9 | 33,835.5 | 41,769.4 | 39,396.1 | ||
Personal loans/Credit card | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 116,999.6 | 99,634.4 | 111,566.4 | 110,081.0 | ||
Retail business banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 75,300.5 | 63,974.8 | 49,055.0 | 42,288.4 | ||
Commercial vehicle and construction equipment finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 32,096.1 | 31,130.6 | 31,750.9 | 26,356.7 | ||
Housing loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 9,906.8 | 3,269.9 | 2,692.2 | 4,578.0 | ||
Other retail loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | 80,453.8 | 72,012.4 | 61,437.0 | 49,229.2 | ||
Retail Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 19,590,408.1 | 235,066.1 | 11,506,580.3 | |||
Retail Loans | Auto loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,378,523.1 | 16,541.0 | 1,221,097.6 | |||
Retail Loans | Personal loans/Credit card | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 3,119,246.7 | 37,428.0 | 2,782,828.5 | |||
Retail Loans | Retail business banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 4,207,836.2 | 50,490.0 | 3,378,625.2 | |||
Retail Loans | Commercial vehicle and construction equipment finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,619,602.9 | 19,433.7 | 1,285,887.8 | |||
Retail Loans | Housing loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 6,993,168.0 | 83,911.3 | 1,020,901.6 | |||
Retail Loans | Other retail loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 2,272,031.2 | 27,262.1 | 1,817,239.6 | |||
Wholesale loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 7,202,639.3 | $ 86,424.7 | 5,911,512.1 | |||
Less: Allowance for credit losses | ₨ 112,640.8 | ₨ 61,306.9 | ₨ 74,400.9 | ₨ 71,599.3 |
Maturity of Gross Loans (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | ₨ 26,793,047.4 | $ 321,490.8 | ₨ 17,418,092.4 |
Wholesale loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 7,202,639.3 | 86,424.7 | 5,911,512.1 |
Retail loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 19,590,408.1 | 235,066.1 | ₨ 11,506,580.3 |
Gross Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Within one year | 6,203,404.9 | ||
Over one year through five years | 13,668,029.7 | ||
Over five years | 6,921,612.8 | ||
Total gross loans | 26,793,047.4 | 321,490.8 | |
Gross Loans | Wholesale loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Within one year | 2,011,692.4 | ||
Over one year through five years | 3,675,651.9 | ||
Over five years | 1,515,295.0 | ||
Total gross loans | 7,202,639.3 | 86,424.7 | |
Gross Loans | Retail loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Within one year | 4,191,712.5 | ||
Over one year through five years | 9,992,377.8 | ||
Over five years | 5,406,317.8 | ||
Total gross loans | ₨ 19,590,408.1 | $ 235,066.1 |
Loan Delinquency and Non-Accrual Loans (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | ₨ 26,793,047.4 | $ 321,490.8 | ₨ 17,418,092.4 | |||||||||
Finance receivable on non-accrual status | 327,443.9 | 3,929.0 | 200,708.8 | |||||||||
Retail Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 19,590,408.1 | 235,066.1 | 11,506,580.3 | |||||||||
Retail Loans | Auto loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 1,378,523.1 | 16,541.0 | 1,221,097.6 | |||||||||
Finance receivable on non-accrual status | 14,998.0 | 15,941.6 | ||||||||||
Retail Loans | Personal loans/Credit card | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 3,119,246.7 | 37,428.0 | 2,782,828.5 | |||||||||
Finance receivable on non-accrual status | 25,466.5 | 22,770.1 | ||||||||||
Retail Loans | Retail business banking | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 4,207,836.2 | 50,490.0 | 3,378,625.2 | |||||||||
Finance receivable on non-accrual status | 53,355.4 | 43,937.8 | ||||||||||
Retail Loans | Commercial vehicle and construction equipment finance | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 1,619,602.9 | 19,433.7 | 1,285,887.8 | |||||||||
Finance receivable on non-accrual status | 21,563.6 | 21,823.8 | ||||||||||
Retail Loans | Housing loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 6,993,168.0 | 83,911.3 | 1,020,901.6 | |||||||||
Finance receivable on non-accrual status | 43,712.7 | 5,900.3 | ||||||||||
Retail Loans | Other Retail | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 2,272,031.2 | 27,262.1 | 1,817,239.6 | |||||||||
Finance receivable on non-accrual status | 61,520.0 | 56,822.9 | ||||||||||
Wholesale loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 7,202,639.3 | 86,424.7 | 5,911,512.1 | |||||||||
Finance receivable on non-accrual status | 106,827.7 | 33,512.3 | ||||||||||
31 to 90 days past due | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 161,159.9 | 1,933.8 | 100,768.4 | |||||||||
31 to 90 days past due | Retail Loans | Auto loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 6,083.8 | 5,738.3 | ||||||||||
31 to 90 days past due | Retail Loans | Personal loans/Credit card | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 24,446.2 | 20,871.1 | ||||||||||
31 to 90 days past due | Retail Loans | Retail business banking | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 12,571.8 | 21,241.0 | ||||||||||
31 to 90 days past due | Retail Loans | Commercial vehicle and construction equipment finance | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 19,351.4 | 15,089.3 | ||||||||||
31 to 90 days past due | Retail Loans | Housing loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 37,025.6 | 3,916.0 | ||||||||||
31 to 90 days past due | Retail Loans | Other Retail | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 26,479.0 | 30,007.7 | ||||||||||
31 to 90 days past due | Wholesale loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 35,202.1 | 3,905.0 | ||||||||||
Non-accrual/ 91 days or more past due | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 327,443.9 | 3,929.0 | 200,708.8 | |||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Auto loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 14,998.0 | 15,941.6 | ||||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Personal loans/Credit card | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 25,466.5 | 22,770.1 | ||||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Retail business banking | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 53,355.4 | 43,937.8 | ||||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Commercial vehicle and construction equipment finance | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 21,563.6 | 21,823.8 | ||||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Housing loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 43,712.7 | 5,900.3 | ||||||||||
Non-accrual/ 91 days or more past due | Retail Loans | Other Retail | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 61,520.0 | 56,822.9 | ||||||||||
Non-accrual/ 91 days or more past due | Wholesale loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | 106,827.7 | 33,512.3 | ||||||||||
Total current | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 26,304,443.6 | [1] | $ 315,628.0 | [1] | 17,116,615.2 | [3] | |||||
Total current | Retail Loans | Auto loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 1,357,441.3 | [1] | 1,199,417.7 | [3] | |||||||
Total current | Retail Loans | Personal loans/Credit card | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 3,069,334.0 | [1] | 2,739,187.3 | [3] | |||||||
Total current | Retail Loans | Retail business banking | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 4,141,909.0 | [1] | 3,313,446.4 | [3] | |||||||
Total current | Retail Loans | Commercial vehicle and construction equipment finance | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 1,578,687.9 | [1] | 1,248,974.7 | [3] | |||||||
Total current | Retail Loans | Housing loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 6,912,429.7 | [1] | 1,011,085.3 | [3] | |||||||
Total current | Retail Loans | Other Retail | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | 2,184,032.2 | [1] | 1,730,409.0 | [3] | |||||||
Total current | Wholesale loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Gross loans | [2] | ₨ 7,060,609.5 | [1] | ₨ 5,874,094.8 | [3] | |||||||
|
Loan Delinquency and Non-Accrual Loans (Parenthetical) (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | ₨ 26,793,047.4 | $ 321,490.8 | ₨ 17,418,092.4 |
Current loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable period past due | 30 days | 30 days | 30 days |
Agricultural Loan | Not Impaired or Less Than 366 days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | ₨ 35,400.0 | ₨ 31,800.0 |
Summary of Gross Loans Origination and Internally Assigned Credit Risk Ratings (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Retail loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | ₨ 1,517,172.2 | $ 18,204.6 | ₨ 510,417.8 |
Before four years | 737,926.2 | 8,854.4 | 320,947.2 |
Before three years | 1,063,060.5 | 12,755.7 | 507,416.1 |
Before two years | 2,153,627.5 | 25,841.5 | 775,037.4 |
Before one years | 3,726,120.8 | 44,709.9 | 1,818,009.0 |
Current | 5,536,503.1 | 66,432.7 | 3,600,410.4 |
Revolving Loans | 4,489,936.0 | 53,874.9 | 3,658,893.5 |
Revolving loans converted to term loans | 366,061.8 | 4,392.4 | 315,448.9 |
Total | 19,590,408.1 | 235,066.1 | 11,506,580.3 |
Retail loans | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 18,759.7 | 225.1 | |
Before four years | 14,440.6 | 173.3 | |
Before three years | 8,618.8 | 103.4 | |
Before two years | 16,233.9 | 194.8 | |
Before one years | 24,209.1 | 290.5 | |
Current | 3,632.3 | 43.6 | |
Revolving Loans | 25,837.7 | 310.0 | |
Revolving loans converted to term loans | 13,679.9 | 164.1 | |
Total | 125,412.0 | 1,504.8 | |
Retail loans | Auto loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 17,086.4 | 15,517.1 | |
Before four years | 42,112.7 | 39,749.6 | |
Before three years | 88,862.3 | 94,007.2 | |
Before two years | 201,625.1 | 163,319.0 | |
Before one years | 402,140.9 | 310,066.9 | |
Current | 541,384.9 | 526,442.7 | |
Revolving Loans | 85,310.8 | 71,995.1 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 1,378,523.1 | 1,221,097.6 | |
Retail loans | Auto loans | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,376.8 | ||
Before four years | 1,913.2 | ||
Before three years | 1,683.1 | ||
Before two years | 1,835.8 | ||
Before one years | 1,688.5 | ||
Current | 150.7 | ||
Revolving Loans | 0.0 | ||
Revolving loans converted to term loans | 0.0 | ||
Total | 8,648.1 | ||
Retail loans | Personal loans/Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 4,925.6 | 2,778.0 | |
Before four years | 29,598.6 | 22,113.3 | |
Before three years | 64,272.4 | 89,549.8 | |
Before two years | 240,817.4 | 158,430.1 | |
Before one years | 648,273.2 | 494,010.7 | |
Current | 1,195,151.2 | 1,209,127.8 | |
Revolving Loans | 570,146.5 | 491,369.9 | |
Revolving loans converted to term loans | 366,061.8 | 315,448.9 | |
Total | 3,119,246.7 | 2,782,828.5 | |
Retail loans | Personal loans/Credit card | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,681.8 | ||
Before four years | 4,635.9 | ||
Before three years | 3,526.2 | ||
Before two years | 10,050.8 | ||
Before one years | 17,073.2 | ||
Current | 2,838.5 | ||
Revolving Loans | 21,307.8 | ||
Revolving loans converted to term loans | 13,679.9 | ||
Total | 74,794.1 | ||
Retail loans | Retail business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 96,212.4 | 80,434.7 | |
Before four years | 64,673.1 | 61,911.5 | |
Before three years | 111,742.4 | 97,219.4 | |
Before two years | 319,787.1 | 189,834.9 | |
Before one years | 528,704.6 | 413,863.3 | |
Current | 701,737.8 | 600,365.7 | |
Revolving Loans | 2,384,978.8 | 1,934,995.7 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 4,207,836.2 | 3,378,625.2 | |
Retail loans | Retail business banking | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,163.3 | ||
Before four years | 298.8 | ||
Before three years | 138.6 | ||
Before two years | 19.7 | ||
Before one years | 0.2 | ||
Current | 0.0 | ||
Revolving Loans | 9.5 | ||
Revolving loans converted to term loans | 0.0 | ||
Total | 1,630.1 | ||
Retail loans | Commercial vehicle and construction equipment finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 12,612.6 | 4,379.3 | |
Before four years | 17,986.3 | 22,200.6 | |
Before three years | 36,439.4 | 53,522.0 | |
Before two years | 159,942.5 | 97,469.8 | |
Before one years | 461,582.2 | 280,514.9 | |
Current | 723,662.0 | 630,169.3 | |
Revolving Loans | 207,377.9 | 197,631.9 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 1,619,602.9 | 1,285,887.8 | |
Retail loans | Commercial vehicle and construction equipment finance | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,547.1 | ||
Before four years | 2,379.5 | ||
Before three years | 1,597.7 | ||
Before two years | 2,231.2 | ||
Before one years | 1,935.0 | ||
Current | 104.3 | ||
Revolving Loans | 1.3 | ||
Revolving loans converted to term loans | 0.0 | ||
Total | 9,796.1 | ||
Retail loans | Housing loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,373,409.5 | 398,743.8 | |
Before four years | 572,124.7 | 161,654.0 | |
Before three years | 741,491.1 | 143,395.8 | |
Before two years | 1,175,303.7 | 120,395.0 | |
Before one years | 1,480,508.1 | 167,253.7 | |
Current | 1,650,330.9 | 29,459.3 | |
Revolving Loans | 0.0 | 0.0 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 6,993,168.0 | 1,020,901.6 | |
Retail loans | Housing loans | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 11,133.4 | ||
Before four years | 759.5 | ||
Before three years | 105.6 | ||
Before two years | 7.5 | ||
Before one years | 7.2 | ||
Current | 0.0 | ||
Revolving Loans | 0.0 | ||
Revolving loans converted to term loans | 0.0 | ||
Total | 12,013.2 | ||
Retail loans | Other retail loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 12,925.7 | 8,564.9 | |
Before four years | 11,430.8 | 13,318.2 | |
Before three years | 20,252.9 | 29,721.9 | |
Before two years | 56,151.7 | 45,588.6 | |
Before one years | 204,911.8 | 152,299.5 | |
Current | 724,236.3 | 604,845.6 | |
Revolving Loans | 1,242,122.0 | 962,900.9 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 2,272,031.2 | 1,817,239.6 | |
Retail loans | Other retail loans | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,857.3 | ||
Before four years | 4,453.7 | ||
Before three years | 1,567.6 | ||
Before two years | 2,088.9 | ||
Before one years | 3,505.0 | ||
Current | 538.8 | ||
Revolving Loans | 4,519.1 | ||
Revolving loans converted to term loans | 0.0 | ||
Total | 18,530.4 | ||
Retail loans | Performing | Auto loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 15,314.7 | 14,387.2 | |
Before four years | 40,203.8 | 37,425.2 | |
Before three years | 86,953.7 | 90,148.4 | |
Before two years | 198,895.3 | 160,443.6 | |
Before one years | 398,936.3 | 308,076.9 | |
Current | 540,605.2 | 525,693.8 | |
Revolving Loans | 82,616.1 | 68,980.9 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 1,363,525.1 | 1,205,156.0 | |
Retail loans | Performing | Personal loans/Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 4,198.8 | 2,431.4 | |
Before four years | 28,112.1 | 20,673.2 | |
Before three years | 62,604.2 | 86,038.7 | |
Before two years | 237,689.5 | 155,911.2 | |
Before one years | 642,360.7 | 490,598.8 | |
Current | 1,192,606.3 | 1,206,873.5 | |
Revolving Loans | 560,472.3 | 482,500.3 | |
Revolving loans converted to term loans | 365,736.3 | 315,031.3 | |
Total | 3,093,780.2 | 2,760,058.4 | |
Retail loans | Performing | Retail business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 88,129.0 | 75,583.1 | |
Before four years | 62,739.9 | 58,914.7 | |
Before three years | 108,288.3 | 94,372.2 | |
Before two years | 317,668.3 | 185,698.6 | |
Before one years | 527,853.5 | 412,305.0 | |
Current | 701,602.8 | 600,147.3 | |
Revolving Loans | 2,348,199.0 | 1,907,666.5 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 4,154,480.8 | 3,334,687.4 | |
Retail loans | Performing | Commercial vehicle and construction equipment finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 9,984.2 | 3,981.3 | |
Before four years | 16,357.7 | 19,618.5 | |
Before three years | 33,797.5 | 49,030.6 | |
Before two years | 156,354.0 | 92,773.8 | |
Before one years | 456,722.6 | 277,461.6 | |
Current | 722,457.1 | 629,405.5 | |
Revolving Loans | 202,366.2 | 191,792.7 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 1,598,039.3 | 1,264,064.0 | |
Retail loans | Performing | Housing loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,351,187.2 | 394,712.3 | |
Before four years | 565,617.9 | 160,447.9 | |
Before three years | 735,921.2 | 143,037.0 | |
Before two years | 1,170,433.9 | 120,214.8 | |
Before one years | 1,476,703.5 | 167,130.4 | |
Current | 1,649,591.6 | 29,458.9 | |
Revolving Loans | 0.0 | 0.0 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 6,949,455.3 | 1,015,001.3 | |
Retail loans | Performing | Other retail loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 9,040.5 | 5,564.3 | |
Before four years | 9,538.8 | 10,063.3 | |
Before three years | 18,091.4 | 18,382.0 | |
Before two years | 53,746.1 | 42,416.7 | |
Before one years | 200,858.5 | 150,038.1 | |
Current | 721,107.1 | 603,873.8 | |
Revolving Loans | 1,198,128.8 | 930,078.5 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 2,210,511.2 | 1,760,416.7 | |
Retail loans | Non-performing | Auto loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 1,771.7 | 1,129.9 | |
Before four years | 1,908.9 | 2,324.4 | |
Before three years | 1,908.6 | 3,858.8 | |
Before two years | 2,729.8 | 2,875.4 | |
Before one years | 3,204.6 | 1,990.0 | |
Current | 779.7 | 748.9 | |
Revolving Loans | 2,694.7 | 3,014.2 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 14,998.0 | 15,941.6 | |
Retail loans | Non-performing | Personal loans/Credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 726.8 | 346.6 | |
Before four years | 1,486.5 | 1,440.1 | |
Before three years | 1,668.2 | 3,511.1 | |
Before two years | 3,127.9 | 2,518.9 | |
Before one years | 5,912.5 | 3,411.9 | |
Current | 2,544.9 | 2,254.3 | |
Revolving Loans | 9,674.2 | 8,869.6 | |
Revolving loans converted to term loans | 325.5 | 417.6 | |
Total | 25,466.5 | 22,770.1 | |
Retail loans | Non-performing | Retail business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 8,083.4 | 4,851.6 | |
Before four years | 1,933.2 | 2,996.8 | |
Before three years | 3,454.1 | 2,847.2 | |
Before two years | 2,118.8 | 4,136.3 | |
Before one years | 851.1 | 1,558.3 | |
Current | 135.0 | 218.4 | |
Revolving Loans | 36,779.8 | 27,329.2 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 53,355.4 | 43,937.8 | |
Retail loans | Non-performing | Commercial vehicle and construction equipment finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 2,628.4 | 398.0 | |
Before four years | 1,628.6 | 2,582.1 | |
Before three years | 2,641.9 | 4,491.4 | |
Before two years | 3,588.5 | 4,696.0 | |
Before one years | 4,859.6 | 3,053.3 | |
Current | 1,204.9 | 763.8 | |
Revolving Loans | 5,011.7 | 5,839.2 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 21,563.6 | 21,823.8 | |
Retail loans | Non-performing | Housing loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 22,222.3 | 4,031.5 | |
Before four years | 6,506.8 | 1,206.1 | |
Before three years | 5,569.9 | 358.8 | |
Before two years | 4,869.8 | 180.2 | |
Before one years | 3,804.6 | 123.3 | |
Current | 739.3 | 0.4 | |
Revolving Loans | 0.0 | 0.0 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 43,712.7 | 5,900.3 | |
Retail loans | Non-performing | Other retail loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 3,885.2 | 3,000.6 | |
Before four years | 1,892.0 | 3,254.9 | |
Before three years | 2,161.5 | 11,339.9 | |
Before two years | 2,405.6 | 3,171.9 | |
Before one years | 4,053.3 | 2,261.4 | |
Current | 3,129.2 | 971.8 | |
Revolving Loans | 43,993.2 | 32,822.4 | |
Revolving loans converted to term loans | 0.0 | 0.0 | |
Total | 61,520.0 | 56,822.9 | |
Wholesale loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 246,913.8 | 2,962.7 | 137,178.9 |
Before four years | 268,724.2 | 3,224.4 | 138,901.5 |
Before three years | 592,298.3 | 7,107.0 | 321,892.8 |
Before two years | 980,330.6 | 11,763.0 | 712,836.2 |
Before one years | 1,222,234.9 | 14,665.6 | 1,257,010.8 |
Current | 2,090,544.0 | 25,084.5 | 1,472,089.3 |
Revolving Loans | 1,801,593.5 | 21,617.5 | 1,871,602.6 |
Total | 7,202,639.3 | 86,424.7 | 5,911,512.1 |
Wholesale loans | Write off | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 2,585.0 | 31.0 | |
Before four years | 264.3 | 3.2 | |
Before three years | 0.0 | 0.0 | |
Before two years | 0.0 | 0.0 | |
Before one years | 481.5 | 5.8 | |
Current | 0.0 | 0.0 | |
Revolving Loans | 244.4 | 2.9 | |
Total | 3,575.2 | $ 42.9 | |
Wholesale loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 186,460.1 | 130,723.1 | |
Before four years | 264,241.1 | 135,400.3 | |
Before three years | 560,195.2 | 321,191.0 | |
Before two years | 957,023.5 | 708,309.0 | |
Before one years | 1,200,992.0 | 1,244,766.9 | |
Current | 2,071,787.5 | 1,471,254.9 | |
Revolving Loans | 1,773,221.5 | 1,841,015.5 | |
Total | 7,013,920.9 | 5,852,660.7 | |
Wholesale loans | Labelled | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 14,723.3 | 2,625.3 | |
Before four years | 757.2 | 1,586.9 | |
Before three years | 17,488.3 | 635.7 | |
Before two years | 14,588.1 | 4,200.8 | |
Before one years | 16,225.0 | 5,946.5 | |
Current | 11,623.4 | 795.3 | |
Revolving Loans | 6,485.4 | 9,548.6 | |
Total | 81,890.7 | 25,339.1 | |
Wholesale loans | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 45,730.4 | 3,830.5 | |
Before four years | 3,725.9 | 1,914.3 | |
Before three years | 14,614.8 | 66.1 | |
Before two years | 8,719.0 | 326.4 | |
Before one years | 5,017.9 | 6,297.4 | |
Current | 7,133.1 | 39.1 | |
Revolving Loans | 21,886.6 | 21,038.5 | |
Total | ₨ 106,827.7 | ₨ 33,512.3 |
Non-performing Loans (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | ₨ 327,443.9 | $ 3,929.0 | ₨ 200,708.8 |
Consumer Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 68,976.4 | 827.7 | 34,684.8 |
Real Estate & Property Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 65,195.3 | 782.3 | |
Agri Production—Food | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 30,493.3 | 365.9 | 28,222.2 |
Retail Trade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 15,044.4 | ||
Agri Allied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 13,426.1 | ||
Road Transportion | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 11,505.0 | ||
Consumer services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | 10,031.1 | ||
Others (none greater than 5% of non-performing loans) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-performing loans | ₨ 162,778.9 | $ 1,953.1 | ₨ 87,795.2 |
Summary Information Relating to Non-performing Loans (Detail) Loans (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Gross Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest income recognized on non-performing loans | ₨ 9,675.9 | $ 116.1 | ₨ 7,738.0 | ₨ 11,881.0 |
Allowance for Credit Losses (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | ₨ 365,164.5 | $ 4,381.6 | ₨ 372,671.8 | ₨ 343,528.7 | |||||||||||
Allowance for credit losses on PCD Loans at acquisition | 39,415.2 | 472.9 | |||||||||||||
Write-offs | (128,987.2) | (1,547.7) | (137,863.7) | (134,017.8) | |||||||||||
Net allowance for credit losses | 181,754.0 | [1] | 2,180.9 | [1] | 130,356.4 | [2] | 163,160.9 | [3] | |||||||
Allowance for credit losses, end of the period | 457,346.5 | $ 5,487.7 | 365,164.5 | 372,671.8 | |||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 71,735.4 | 31,696.6 | 38,454.1 | $ 860.7 | |||||||||||
Allowance collectively evaluated for impairment | 385,611.1 | 333,467.9 | 334,217.7 | 4,627.0 | |||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 110,714.5 | 37,061.8 | 44,738.1 | 1,328.4 | |||||||||||
Loans collectively evaluated for impairment | 26,682,332.9 | 17,381,030.6 | 14,364,805.9 | $ 320,162.4 | |||||||||||
Auto loans | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 33,835.5 | 41,769.4 | 39,396.1 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 0.0 | ||||||||||||||
Write-offs | (8,648.1) | (10,456.0) | (19,376.9) | ||||||||||||
Net allowance for credit losses | 4,761.5 | [1] | 2,522.1 | [2] | 21,750.2 | [3] | |||||||||
Allowance for credit losses, end of the period | 29,948.9 | 33,835.5 | 41,769.4 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 8.0 | 4.6 | 18.4 | ||||||||||||
Allowance collectively evaluated for impairment | 29,940.9 | 33,830.9 | 41,751.0 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 8.0 | 16.4 | 31.5 | ||||||||||||
Loans collectively evaluated for impairment | 1,378,515.1 | 1,221,081.2 | 1,042,761.5 | ||||||||||||
Personal loans/Credit card | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 99,634.4 | 111,566.4 | 110,081.0 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 0.0 | ||||||||||||||
Write-offs | (74,794.1) | (88,744.9) | (74,500.8) | ||||||||||||
Net allowance for credit losses | 92,159.3 | [1] | 76,812.9 | [2] | 75,986.2 | [3] | |||||||||
Allowance for credit losses, end of the period | 116,999.6 | 99,634.4 | 111,566.4 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 1.0 | 0.0 | 6.5 | ||||||||||||
Allowance collectively evaluated for impairment | 116,998.6 | 99,634.4 | 111,559.9 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 1.0 | 0.8 | 29.4 | ||||||||||||
Loans collectively evaluated for impairment | 3,119,245.7 | 2,782,827.7 | 2,341,942.4 | ||||||||||||
Retail business banking | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 63,974.8 | 49,055.0 | 42,288.4 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 0.0 | ||||||||||||||
Write-offs | (1,630.1) | (3,987.8) | (3,027.7) | ||||||||||||
Net allowance for credit losses | 12,955.8 | [1] | 18,907.6 | [2] | 9,794.3 | [3] | |||||||||
Allowance for credit losses, end of the period | 75,300.5 | 63,974.8 | 49,055.0 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 2,498.3 | 2,320.3 | 2,651.4 | ||||||||||||
Allowance collectively evaluated for impairment | 72,802.2 | 61,654.5 | 46,403.6 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 2,924.9 | 2,782.0 | 2,651.4 | ||||||||||||
Loans collectively evaluated for impairment | 4,204,911.3 | 3,375,843.2 | 2,614,435.7 | ||||||||||||
Commercial vehicle and construction equipment finance | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 31,130.6 | 31,750.9 | 26,356.7 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 0.0 | ||||||||||||||
Write-offs | (9,796.1) | (15,270.1) | (16,592.0) | ||||||||||||
Net allowance for credit losses | 10,761.6 | [1] | 14,649.8 | [2] | 21,986.2 | [3] | |||||||||
Allowance for credit losses, end of the period | 32,096.1 | 31,130.6 | 31,750.9 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 184.4 | 15.0 | 65.8 | ||||||||||||
Allowance collectively evaluated for impairment | 31,911.7 | 31,115.6 | 31,685.1 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 184.4 | 290.8 | 66.3 | ||||||||||||
Loans collectively evaluated for impairment | 1,619,418.5 | 1,285,597.0 | 950,999.7 | ||||||||||||
Housing loans | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 3,269.9 | 2,692.2 | 4,578.0 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 2,927.9 | ||||||||||||||
Write-offs | (12,013.2) | (479.0) | (601.6) | ||||||||||||
Net allowance for credit losses | 15,722.2 | [1] | 1,056.7 | [2] | (1,284.2) | [3] | |||||||||
Allowance for credit losses, end of the period | 9,906.8 | 3,269.9 | 2,692.2 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 0.0 | 0.0 | 0.0 | ||||||||||||
Allowance collectively evaluated for impairment | 9,906.8 | 3,269.9 | 2,692.2 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 0.0 | 0.0 | 0.0 | ||||||||||||
Loans collectively evaluated for impairment | 6,993,168.0 | 1,020,901.6 | 830,882.4 | ||||||||||||
Other retail | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 72,012.4 | 61,437.0 | 49,229.2 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 0.0 | ||||||||||||||
Write-offs | (18,530.4) | (15,769.9) | (17,567.4) | ||||||||||||
Net allowance for credit losses | 26,971.8 | [1] | 26,345.3 | [2] | 29,775.2 | [3] | |||||||||
Allowance for credit losses, end of the period | 80,453.8 | 72,012.4 | 61,437.0 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 156.8 | 92.1 | 92.3 | ||||||||||||
Allowance collectively evaluated for impairment | 80,297.0 | 71,920.3 | 61,344.7 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 156.8 | 92.3 | 126.6 | ||||||||||||
Loans collectively evaluated for impairment | 2,271,874.4 | 1,817,147.3 | 1,526,607.8 | ||||||||||||
Wholesale loans | |||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||
Allowance for credit losses, beginning of the period | 61,306.9 | 74,400.9 | 71,599.3 | ||||||||||||
Allowance for credit losses on PCD Loans at acquisition | 36,487.3 | ||||||||||||||
Write-offs | (3,575.2) | (3,156.0) | (2,351.4) | ||||||||||||
Net allowance for credit losses | (18,421.8) | [1] | (9,938.0) | [2] | 5,153.0 | [3] | |||||||||
Allowance for credit losses, end of the period | 112,640.8 | 61,306.9 | 74,400.9 | ||||||||||||
Allowance for credit losses: | |||||||||||||||
Allowance individually evaluated for impairment | 68,886.9 | 29,264.6 | 35,619.7 | ||||||||||||
Allowance collectively evaluated for impairment | 43,753.9 | 32,042.3 | 38,781.2 | ||||||||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | 107,439.4 | 33,879.5 | 41,832.9 | ||||||||||||
Loans collectively evaluated for impairment | ₨ 7,095,199.9 | ₨ 5,877,632.6 | ₨ 5,057,176.4 | ||||||||||||
|
Allowance for Credit Losses (Parenthetical) (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Cash recoveries, recoveries against write off cases | ₨ 48,690.9 | $ 584.3 | ₨ 56,142.6 | ₨ 36,181.4 |
Retail loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Recoveries of loans | 44,432.2 | 53,374.2 | 35,385.3 | |
Wholesale loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Recoveries of loans | ₨ 4,258.7 | ₨ 2,768.4 | ₨ 796.1 |
Interest on Loans by Facility (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest on loans | ₨ 2,194,525.5 | $ 26,332.2 | ₨ 1,351,818.0 | ₨ 1,057,925.6 |
Wholesale loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest on loans | 555,377.8 | 6,664.0 | 363,842.1 | 250,779.5 |
Retail loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest on loans | 1,617,982.2 | 19,414.2 | ₨ 987,975.9 | ₨ 807,146.1 |
Other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest on loans | ₨ 21,165.5 | $ 254.0 |
Concentrations of Credit Risk (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 26,793,047.4 | ₨ 17,418,092.4 | ||
Fair value of credit substitutes | 131,486.9 | 503,187.8 | $ 1,577.7 | |
Non-funded exposure | 2,103,968.0 | 1,750,449.2 | ||
Total Exposure | ₨ 29,028,502.3 | $ 348,314.2 | ₨ 19,671,729.4 | |
Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 100.00% | 100.00% | 100.00% | |
Consumer Loans | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 10,191,521.5 | ₨ 4,410,346.6 | ||
Fair value of credit substitutes | 0.0 | 0.0 | ||
Non-funded exposure | 468.1 | 2,550.8 | ||
Total Exposure | ₨ 10,191,989.6 | $ 122,294.1 | ₨ 4,412,897.4 | |
Consumer Loans | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 35.10% | 35.10% | 22.40% | |
Retail Trade | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 1,085,962.9 | ₨ 973,274.3 | ||
Fair value of credit substitutes | 0.0 | 0.0 | ||
Non-funded exposure | 56,822.6 | 36,013.4 | ||
Total Exposure | ₨ 1,142,785.5 | $ 13,712.3 | ₨ 1,009,287.7 | |
Retail Trade | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 3.90% | 3.90% | 5.10% | |
Power | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 770,473.1 | ₨ 695,716.5 | ||
Fair value of credit substitutes | 37,706.9 | 64,805.5 | ||
Non-funded exposure | 63,452.3 | 45,576.3 | ||
Total Exposure | ₨ 871,632.3 | $ 10,458.8 | ₨ 806,098.3 | |
Power | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 3.00% | 3.00% | 4.10% | |
NBFC | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 1,725,559.7 | ₨ 690,783.9 | ||
Fair value of credit substitutes | 20,585.6 | 91,595.9 | ||
Non-funded exposure | 5,153.7 | 15,995.5 | ||
Total Exposure | ₨ 1,751,299.0 | $ 21,013.9 | ₨ 798,375.3 | |
NBFC | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 6.00% | 6.00% | 4.10% | |
Financial Institutions | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 659,117.5 | |||
Fair value of credit substitutes | 72,068.3 | |||
Non-funded exposure | 4,435.4 | |||
Total Exposure | ₨ 735,621.2 | |||
Financial Institutions | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 3.70% | |||
Consumer Services | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 860,297.1 | ₨ 581,272.1 | ||
Fair value of credit substitutes | 0.0 | 3,545.4 | ||
Non-funded exposure | 35,933.7 | 123,464.7 | ||
Total Exposure | ₨ 896,230.8 | $ 10,753.9 | ₨ 708,282.2 | |
Consumer Services | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 3.10% | 3.10% | 3.60% | |
Food and Beverage | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 712,895.6 | ₨ 566,172.9 | ||
Fair value of credit substitutes | 1,405.1 | 1,419.2 | ||
Non-funded exposure | 59,163.2 | 49,084.4 | ||
Total Exposure | ₨ 773,463.9 | $ 9,280.8 | ₨ 616,676.5 | |
Food and Beverage | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.70% | 2.70% | 3.10% | |
Road Transportation | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 741,738.6 | ₨ 568,414.2 | ||
Fair value of credit substitutes | 0.0 | 0.0 | ||
Non-funded exposure | 11,160.3 | 12,512.4 | ||
Total Exposure | ₨ 752,898.9 | $ 9,034.1 | ₨ 580,926.6 | |
Road Transportation | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.60% | 2.60% | 3.00% | |
Coal & Petroleum Products | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 353,329.8 | |||
Fair value of credit substitutes | 115,279.8 | |||
Non-funded exposure | 102,771.3 | |||
Total Exposure | ₨ 571,380.9 | |||
Coal & Petroleum Products | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.90% | |||
Wholesale Trade—Non Industrial | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 530,057.5 | |||
Fair value of credit substitutes | 1,988.8 | |||
Non-funded exposure | 31,887.0 | |||
Total Exposure | ₨ 563,933.3 | |||
Wholesale Trade—Non Industrial | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.90% | |||
Automobile & Auto Ancillary | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 483,658.4 | |||
Fair value of credit substitutes | 17,656.8 | |||
Non-funded exposure | 38,921.4 | |||
Total Exposure | ₨ 540,236.6 | |||
Automobile & Auto Ancillary | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.70% | |||
Real Estate & Property Services | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 1,070,220.3 | ₨ 458,906.6 | ||
Fair value of credit substitutes | 3,495.0 | 4,691.4 | ||
Non-funded exposure | 57,556.4 | 52,228.7 | ||
Total Exposure | ₨ 1,131,271.7 | $ 13,574.2 | ₨ 515,826.7 | |
Real Estate & Property Services | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 3.90% | 3.90% | 2.60% | |
Wholesale Trade—Industrial | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 421,900.9 | |||
Fair value of credit substitutes | 0.0 | |||
Non-funded exposure | 70,853.6 | |||
Total Exposure | ₨ 492,754.5 | |||
Wholesale Trade—Industrial | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.50% | |||
Infrastructure Development | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 450,183.2 | ₨ 284,690.7 | ||
Fair value of credit substitutes | 6,716.0 | 15,220.2 | ||
Non-funded exposure | 336,982.5 | 170,452.2 | ||
Total Exposure | ₨ 793,881.7 | $ 9,525.8 | ₨ 470,363.1 | |
Infrastructure Development | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.70% | 2.70% | 2.40% | |
Engineering | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 300,745.5 | |||
Fair value of credit substitutes | 5,596.0 | |||
Non-funded exposure | 131,956.5 | |||
Total Exposure | ₨ 438,298.0 | |||
Engineering | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.20% | |||
Agri—Allied | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 431,581.2 | |||
Fair value of credit substitutes | 0.0 | |||
Non-funded exposure | 2,701.2 | |||
Total Exposure | ₨ 434,282.4 | |||
Agri—Allied | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.20% | |||
Iron and Steel | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 360,021.9 | |||
Fair value of credit substitutes | 12,231.9 | |||
Non-funded exposure | 61,224.3 | |||
Total Exposure | ₨ 433,478.1 | |||
Iron and Steel | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.20% | |||
Textiles & Garments | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 390,883.0 | |||
Fair value of credit substitutes | 4,984.5 | |||
Non-funded exposure | 34,729.1 | |||
Total Exposure | ₨ 430,596.6 | |||
Textiles & Garments | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.20% | |||
Telecom | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 365,112.3 | |||
Fair value of credit substitutes | 0.0 | |||
Non-funded exposure | 42,221.1 | |||
Total Exposure | ₨ 407,333.4 | |||
Telecom | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.10% | |||
Agri Production—Food | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 401,720.3 | |||
Fair value of credit substitutes | 0.0 | |||
Non-funded exposure | 1,040.5 | |||
Total Exposure | ₨ 402,760.8 | |||
Agri Production—Food | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 2.00% | |||
Others (none greater than 2%) | ||||
Concentration Risk [Line Items] | ||||
Gross loans | ₨ 9,184,195.4 | ₨ 3,490,386.3 | ||
Fair value of credit substitutes | 61,578.3 | 92,104.1 | ||
Non-funded exposure | 1,477,275.2 | 719,829.4 | ||
Total Exposure | ₨ 10,723,048.9 | $ 128,666.3 | ₨ 4,302,319.8 | |
Others (none greater than 2%) | Lender Concentration Risk | Concentration of Credit Risk by Industry | ||||
Concentration Risk [Line Items] | ||||
% | 37.00% | 37.00% | 22.00% |
Exposures to Ten Largest Borrowers Computed as per RBI Guidelines, Based on Higher of Outstanding Balance or Limit on Loans, Investments (Including Credit Substitutes) and Non-Funded Exposures (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Concentration Risk [Line Items] | |||
Total Exposure | ₨ 29,028,502.3 | $ 348,314.2 | ₨ 19,671,729.4 |
Borrower 1 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 301,241.8 | 3,614.6 | 284,002.5 |
Borrower 1 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 301,241.8 | 284,002.5 | |
Borrower 1 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 0.0 | 0.0 | |
Borrower 2 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 278,173.5 | 3,337.8 | 222,101.6 |
Borrower 2 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 276,973.5 | 220,901.6 | |
Borrower 2 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 1,200.0 | 1,200.0 | |
Borrower 3 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 220,801.0 | 2,649.4 | 205,801.0 |
Borrower 3 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 220,801.0 | 205,801.0 | |
Borrower 3 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 0.0 | 0.0 | |
Borrower 4 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 214,797.5 | 2,577.4 | 192,489.2 |
Borrower 4 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 214,755.0 | 80,344.5 | |
Borrower 4 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 42.5 | 112,144.7 | |
Borrower 5 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 212,970.4 | 2,555.4 | 185,299.0 |
Borrower 5 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 212,970.4 | 185,299.0 | |
Borrower 5 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 0.0 | 0.0 | |
Borrower 6 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 188,163.3 | 2,257.8 | 176,061.5 |
Borrower 6 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 187,963.3 | 154,296.7 | |
Borrower 6 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 200.0 | 21,764.8 | |
Borrower 7 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 175,028.1 | 2,100.2 | 155,625.7 |
Borrower 7 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 175,000.0 | 155,565.7 | |
Borrower 7 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 28.1 | 60.0 | |
Borrower 8 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 168,999.1 | 2,027.8 | 139,808.3 |
Borrower 8 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 163,105.7 | 139,808.3 | |
Borrower 8 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 5,893.4 | 0.0 | |
Borrower 9 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 160,539.2 | 1,926.3 | 127,590.3 |
Borrower 9 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 47,933.7 | 121,560.0 | |
Borrower 9 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 112,605.5 | 6,030.3 | |
Borrower 10 | |||
Concentration Risk [Line Items] | |||
Total Exposure | 145,271.0 | $ 1,743.1 | 127,549.0 |
Borrower 10 | Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | 145,250.0 | 112,479.0 | |
Borrower 10 | Non-Funded Exposure | |||
Concentration Risk [Line Items] | |||
Total Exposure | ₨ 21.0 | ₨ 15,070.0 |
Property and Equipment - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | ₨ 31,147.3 | $ 373.7 | ₨ 23,489.7 | ₨ 16,816.9 |
Property and Equipment by Asset Category (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Land and premises | ₨ 64,357.6 | $ 772.2 | ₨ 25,501.3 |
Software and systems | 73,561.3 | 882.7 | 56,092.8 |
Equipment and furniture | 172,031.8 | 2,064.2 | 132,553.5 |
Property and equipment, at cost | 309,950.7 | 3,719.1 | 214,147.6 |
Less: Accumulated depreciation | 162,920.3 | 1,954.9 | 126,577.9 |
Property and equipment, net | ₨ 147,030.4 | $ 1,764.2 | ₨ 87,569.7 |
Future Amortization of Finite Lived Intangible Assets (Detail) - Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 | ₨ 21,827.1 | $ 261.9 |
2026 | 19,843.8 | 238.1 |
2027 | 18,138.2 | 217.6 |
2028 | 16,298.0 | 195.6 |
2029 | 14,661.8 | 175.9 |
Thereafter | ₨ 193,332.0 | $ 2,319.8 |
Goodwill and Intangible Assets - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 19, 2024
INR (₨)
|
Mar. 19, 2024
USD ($)
|
Jul. 01, 2023
INR (₨)
|
Jul. 01, 2023
USD ($)
|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Jul. 01, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
|
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||||||
Finite lived intangible assets amortization | ₨ 21,201.0 | $ 254.4 | ₨ 0.0 | ₨ 0.0 | ||||||||
Good will written off related to sale of business unit | 73,576.1 | $ 882.9 | ||||||||||
Good willI mpairment Loss | 0.0 | |||||||||||
Goodwill | 1,629,510.3 | ₨ 74,937.9 | ₨ 74,937.9 | $ 19,552.6 | $ 899.3 | $ 899.3 | ||||||
eHDFC [Member] | ||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||||||
Goodwill | ₨ 1,628,148.5 | 1,628,148.5 | $ 19,536.2 | $ 19,536.2 | ||||||||
HDFC Credila Financial Services Limited [Member] | eHDFC [Member] | ||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||||||
Good will written off related to sale of business unit | ₨ 73,576.1 | $ 882.9 | ₨ 73,576.1 | $ 882.8 | ||||||||
Depreciation And Amortization [Member] | ||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||||||
Finite lived intangible assets amortization | ₨ 21,201.0 |
Carrying Amount of Goodwill (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
|
Goodwill [Line Items] | ||||
Begining | ₨ 74,937.9 | $ 899.3 | ₨ 74,937.9 | $ 899.3 |
Goodwill on acquisition during the year | 1,628,148.5 | 19,536.2 | ||
Less: Goodwill Derecognised on disposal during the year | 73,576.1 | 882.9 | ||
Ending | 1,629,510.3 | $ 19,552.6 | 74,937.9 | $ 899.3 |
Retail Banking [Member] | ||||
Goodwill [Line Items] | ||||
Begining | 74,937.9 | 74,937.9 | ||
Goodwill on acquisition during the year | 368,079.6 | |||
Less: Goodwill Derecognised on disposal during the year | 0.0 | |||
Ending | 443,017.5 | 74,937.9 | ||
Wholesale Banking [Member] | ||||
Goodwill [Line Items] | ||||
Begining | 0.0 | 0.0 | ||
Goodwill on acquisition during the year | 71,617.3 | |||
Less: Goodwill Derecognised on disposal during the year | 0.0 | |||
Ending | 71,617.3 | 0.0 | ||
Treasury Services [Member] | ||||
Goodwill [Line Items] | ||||
Begining | 0.0 | 0.0 | ||
Goodwill on acquisition during the year | 0.0 | |||
Less: Goodwill Derecognised on disposal during the year | 0.0 | |||
Ending | 0.0 | 0.0 | ||
Insurance Services [Member] | ||||
Goodwill [Line Items] | ||||
Begining | 0.0 | 0.0 | ||
Goodwill on acquisition during the year | 959,080.0 | |||
Less: Goodwill Derecognised on disposal during the year | 0.0 | |||
Ending | 959,080.0 | 0.0 | ||
Other Segments [Member] | ||||
Goodwill [Line Items] | ||||
Begining | 0.0 | 0.0 | ||
Goodwill on acquisition during the year | 229,371.6 | |||
Less: Goodwill Derecognised on disposal during the year | 73,576.1 | |||
Ending | ₨ 155,795.5 | ₨ 0.0 |
Intangible Assets, Net (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Jul. 01, 2023
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|---|
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | ₨ 1,417,318.2 | $ 17,006.5 | ₨ 1,434,818.1 | |
Less: Accumulated amortization | 21,201.0 | 254.4 | 0.0 | |
Total intangible assets, net | 1,396,117.2 | 16,752.1 | 1,434,818.1 | ₨ 0.0 |
Brand [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | 742,230.7 | 8,906.1 | 750,758.2 | |
Investment management contract [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | 369,785.6 | 4,437.1 | 369,785.6 | |
Value of business acquired [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | 221,738.5 | 2,660.6 | 221,738.5 | |
Distribution network [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | 50,570.8 | 606.9 | 59,543.2 | |
Customer Relationship [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | 29,874.9 | 358.4 | 29,874.9 | |
Transferable Development Rights [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible Assets | ₨ 3,117.7 | $ 37.4 | ₨ 3,117.7 |
Intangible Assets, Net (Parenthetical) (Detail) - 12 months ended Mar. 31, 2024 - HDFC Credila Financial Services Limited [Member] ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Brand [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets written off related to sale of business unit | ₨ 8,527.5 | $ 102.3 |
Distribution Service [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets written off related to sale of business unit | ₨ 8,972.4 | $ 107.6 |
Other Assets (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
||
---|---|---|---|---|---|
Other Assets Disclosure [Line Items] | |||||
Security deposits for leased property | ₨ 9,678.4 | $ 116.1 | ₨ 6,461.8 | ||
Sundry accounts receivable | 129,187.8 | 1,550.1 | 84,217.8 | ||
Advance tax (net of provision for taxes) | 173,281.9 | 2,079.2 | 52,006.4 | ||
Advances | 51,036.8 | 612.4 | 14,724.3 | ||
Prepaid expenses | 9,484.0 | 113.8 | 4,757.4 | ||
Deposits/Margins paid | 48,100.4 | 577.2 | 14,959.0 | ||
Derivatives (refer to note 25) | 109,038.5 | 1,308.4 | 121,749.4 | ||
Placements with financial institutions | 1,330,263.5 | 15,961.9 | 970,063.2 | ||
Receivable on account of trade date | 295.5 | 3.5 | 8,442.2 | ||
ROU Assets | ₨ 121,302.5 | $ 1,455.5 | ₨ 89,989.3 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total | Total | ||
Others | [1] | ₨ 546,542.0 | $ 6,558.0 | ₨ 129,380.8 | |
Total | ₨ 2,528,211.3 | $ 30,336.1 | ₨ 1,496,751.6 | ||
|
Other Assets (Parenthetical) (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
|||
Other Assets Disclosure [Line Items] | ||||||
Other assets | [1] | ₨ 546,542.0 | ₨ 129,380.8 | $ 6,558.0 | ||
Unrealized gain/(loss) recognized in non-interest revenue–other, net | 11,759.4 | 7,160.1 | ||||
Deferred policy acquistion costs | 60,531.9 | 0.0 | $ 726.3 | $ 0.0 | ||
Other Assets | ||||||
Other Assets Disclosure [Line Items] | ||||||
Reinsurance assets | 105,661.6 | |||||
Deferred policy acquistion costs | 60,531.9 | |||||
Equity securities | ||||||
Other Assets Disclosure [Line Items] | ||||||
Other assets | 317,593.5 | 22,103.4 | ||||
Equity securities | Non Marketable Equity Securities [Member] | ||||||
Other Assets Disclosure [Line Items] | ||||||
Other assets | ₨ 14,646.7 | ₨ 2,640.8 | ||||
|
Deposits - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Deposits From Banking Clients [Line Items] | |||
Time deposits with residual maturity of one year or less | ₨ 10,598,905.6 | ₨ 7,121,444.9 | $ 127,176.7 |
Maturity of deposits | 1 year | 1 year | |
Time deposits | ₨ 14,700,957.1 | 10,472,547.9 | $ 176,397.4 |
Excess in time deposits | ₨ 0.5 | 0.5 | |
Maximum [Member] | |||
Deposits From Banking Clients [Line Items] | |||
Maturity of deposits | 10 years | 10 years | |
Deposit in excess of Rs. 500000 | |||
Deposits From Banking Clients [Line Items] | |||
Time deposits | ₨ 12,777,915.1 | ₨ 9,127,675.3 |
Deposits (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Interest-bearing: | |||
Savings deposits | ₨ 5,987,449.1 | $ 71,843.6 | ₨ 5,624,911.4 |
Time deposits | 14,700,957.1 | 176,397.4 | 10,472,547.9 |
Total interest-bearing deposits | 20,688,406.2 | 248,241.0 | 16,097,459.3 |
Non-interest-bearing deposits | 3,079,829.4 | 36,955.0 | 2,729,176.3 |
Total | ₨ 23,768,235.6 | $ 285,196.0 | ₨ 18,826,635.6 |
Deposits - Scheduled Maturities for Total Time Deposits (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Due to mature in the fiscal year ending March 31: | |||
2025 | ₨ 10,598,905.6 | $ 127,176.7 | ₨ 7,121,444.9 |
2026 | 2,030,231.8 | 24,360.8 | |
2027 | 972,634.2 | 11,670.7 | |
2028 | 495,929.0 | 5,950.7 | |
2029 | 365,318.4 | 4,383.5 | |
Thereafter | 237,938.1 | 2,855.0 | |
Total | ₨ 14,700,957.1 | $ 176,397.4 | ₨ 10,472,547.9 |
Short-Term Borrowings (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Short-term Debt [Line Items] | ||||
Short-term borrowings | ₨ 1,313,737.1 | ₨ 1,089,897.5 | $ 15,763.6 | |
Maximum amount outstanding | 2,415,549.7 | $ 28,984.3 | 1,154,282.6 | |
Average amount outstanding | ₨ 1,416,168.6 | $ 16,992.7 | ₨ 870,879.3 | |
Weighted average interest rate | 6.90% | 4.00% | 6.90% | |
Borrowed in the call market | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | ₨ 50,356.7 | ₨ 14,359.5 | $ 604.2 | |
Term borrowings from institutions/banks | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 1,028,262.6 | 735,131.5 | 12,338.2 | |
Foreign currency borrowings | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 200,685.2 | 320,695.0 | 2,408.0 | |
Bills rediscounted | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | ₨ 34,432.6 | ₨ 19,711.5 | $ 413.2 |
Long-Term Debt - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|||
Debt Instrument [Line Items] | |||||
Subordinated debt, debt raised during the year | ₨ 20,000.0 | ₨ 200,000.0 | |||
Other long term debt, debt raised during the year | 1,132,275.2 | 792,933.1 | |||
Perpetual debt, debt raised during the year | 3,500.0 | 30,000.0 | |||
Other long-term debt | [1] | 6,244,131.6 | 1,681,587.2 | $ 74,923.6 | |
Foreign currency borrowings | |||||
Debt Instrument [Line Items] | |||||
Other long-term debt | 693,914.0 | 157,092.6 | |||
Functional currency borrowings | |||||
Debt Instrument [Line Items] | |||||
Other long-term debt | ₨ 5,550,217.6 | ₨ 1,524,494.6 | |||
|
Long-Term Debt (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Subordinated debt | ₨ 407,531.3 | $ 4,890.0 | ₨ 375,060.0 | ||
Others | [1] | 6,244,131.6 | 74,923.6 | 1,681,587.2 | |
Debt issuance cost | (2,890.9) | (34.7) | (2,210.8) | ||
Total | ₨ 6,648,772.0 | $ 79,778.9 | ₨ 2,054,436.4 | ||
|
Long-Term Debt (Parenthetical) (Detail) - INR (₨) ₨ in Millions |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | ₨ 56,541.0 | ₨ 0.0 |
Securities sold under repurchase agreement | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | ₨ 90,200.0 | |
Interest rate | 4.20% |
Long-Term Debt and Related Contractual Rates and Maturity Dates (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|||
Debt Instrument [Line Items] | |||||
Total | ₨ 6,648,772.0 | ₨ 2,054,436.4 | $ 79,778.9 | ||
Perpetual debt—(1) | |||||
Debt Instrument [Line Items] | |||||
Total | 130,381.5 | ||||
Subordinated debt | Subordinated debt (other than perpetual debt) | |||||
Debt Instrument [Line Items] | |||||
Total | 276,600.6 | 248,983.8 | 3,318.9 | ||
Subordinated debt | Perpetual debt—(1) | |||||
Debt Instrument [Line Items] | |||||
Total | ₨ 47,290.8 | ₨ 43,850.5 | $ 567.4 | ||
Subordinated debt | Perpetual debt—(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | 2037 | 2027 | |||
Stated interest rates | 3.70% | 3.70% | 3.70% | ||
Total | ₨ 83,090.7 | ₨ 81,724.6 | $ 997.0 | ||
Subordinated debt | Minimum | Subordinated debt (other than perpetual debt) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | 2025 | 2024 | |||
Stated interest rates | 6.67% | 7.35% | 6.67% | ||
Subordinated debt | Minimum | Perpetual debt—(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | 2029 | 2024 | |||
Stated interest rates | 7.55% | 7.55% | 7.55% | ||
Subordinated debt | Maximum | Subordinated debt (other than perpetual debt) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | 2034 | 2033 | |||
Stated interest rates | 9.70% | 10.20% | 9.70% | ||
Subordinated debt | Maximum | Perpetual debt—(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | 2038 | 2030 | |||
Stated interest rates | 9.40% | 9.40% | 9.40% | ||
Others | Variable rate—(1) | |||||
Debt Instrument [Line Items] | |||||
Total | [1] | ₨ 479,577.3 | ₨ 76,405.9 | $ 5,754.5 | |
Others | Variable rate—(2) | |||||
Debt Instrument [Line Items] | |||||
Total | [1] | 1,235,079.0 | 148,813.9 | 14,819.8 | |
Others | Fixed rate-(1) | |||||
Debt Instrument [Line Items] | |||||
Total | [1] | 4,313,107.4 | ₨ 1,374,137.4 | 51,753.2 | |
Others | Fixed rate-(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2024 | |||
Stated interest rates | [1] | 2.58% | |||
Total | [1] | ₨ 214,026.2 | ₨ 80,520.3 | $ 2,568.1 | |
Others | Minimum | Variable rate—(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2026 | 2024 | ||
Stated interest rates | [1] | 6.10% | 1.40% | 6.10% | |
Others | Minimum | Variable rate—(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2025 | 2024 | ||
Stated interest rates | [1] | 6.21% | 4.50% | 6.21% | |
Others | Minimum | Fixed rate-(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2025 | 2024 | ||
Stated interest rates | [1] | 2.80% | 2.80% | 2.80% | |
Others | Minimum | Fixed rate-(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2025 | |||
Stated interest rates | [1] | 5.18% | 5.18% | ||
Others | Maximum | Variable rate—(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2029 | 2026 | ||
Stated interest rates | [1] | 6.51% | 4.80% | 6.51% | |
Others | Maximum | Variable rate—(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2030 | 2029 | ||
Stated interest rates | [1] | 9.00% | 9.44% | 9.00% | |
Others | Maximum | Fixed rate-(1) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2034 | 2030 | ||
Stated interest rates | [1] | 9.60% | 9.81% | 9.60% | |
Others | Maximum | Fixed rate-(2) | |||||
Debt Instrument [Line Items] | |||||
Maturity /Call dates | [1] | 2029 | |||
Stated interest rates | [1] | 8.19% | 8.19% | ||
|
Long-Term Debt - Scheduled Maturities of Long-Term Debt (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
||
---|---|---|---|---|---|
Due in the twelve months ending March 31: | |||||
Total | ₨ 6,648,772.0 | $ 79,778.9 | ₨ 2,054,436.4 | ||
Long-Term Debt Excluding Perpetual Debt | |||||
Due in the twelve months ending March 31: | |||||
2025 | 706,824.8 | 8,481.2 | |||
2026 | 1,602,175.8 | 19,224.6 | |||
2027 | 1,359,351.1 | 16,311.0 | |||
2028 | 284,462.3 | 3,413.3 | |||
2029 | 596,057.0 | 7,152.1 | |||
Thereafter | 1,969,519.5 | 23,632.3 | |||
Total | [1] | ₨ 6,518,390.5 | $ 78,214.5 | ||
|
Long-Term Debt - Scheduled Maturities of Long-Term Debt (Parenthetical) (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term debt | ₨ 6,648,772.0 | $ 79,778.9 | ₨ 2,054,436.4 |
Perpetual debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | ₨ 130,381.5 |
Accrued Expenses and Other Liabilities - Additional Information (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Credit card | |||
Other Liabilities [Line Items] | |||
Unamortized annual fees | ₨ 1,649.9 | $ 19.8 | ₨ 1,194.7 |
Accrued Expenses and Other Liabilities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Other Liabilities [Line Items] | |||
Bills payable | ₨ 139,454.3 | $ 1,673.3 | ₨ 117,907.5 |
Remittances in transit | 85,743.4 | 1,028.8 | 61,927.3 |
Accrued expenses | 82,752.6 | 993.0 | 45,684.4 |
Accounts payable | 292,846.0 | 3,513.9 | 206,920.4 |
Derivatives (-refer to note 25) | 109,409.9 | 1,312.8 | 98,783.5 |
Deferred tax | 288,154.4 | 3,457.6 | 0.0 |
Lease liability | 131,043.0 | 1,572.4 | 97,658.9 |
Others | 165,599.2 | 1,987.0 | 125,471.4 |
Total | ₨ 1,295,002.8 | $ 15,538.8 | ₨ 754,353.4 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Lease liability | Lease liability | Lease liability |
Changes in Accumulated Other Comprehensive Income After Tax (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | ₨ 2,917,837.9 | ₨ 2,509,453.4 | |
Net unrealized gain/ (loss) arising during the period | 78,846.4 | (49,144.3) | |
Amounts reclassified to income | 4,856.3 | (1,336.9) | |
Long-duration insurance contract discount rate change | (34,112.6) | ||
Transferred to undistributed policyholders earnings account | 3,391.4 | ||
Net change | (15,292.2) | ||
Less: Other comprehensive income attributable to shareholders of noncontrolling interest | 248.2 | ||
Balance | 7,886,182.8 | $ 94,626.7 | 2,917,837.9 |
AFS debt Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (74,923.1) | (21,063.4) | |
Net unrealized gain/ (loss) arising during the period | 78,036.1 | (52,522.8) | |
Amounts reclassified to income | 4,856.3 | (1,336.9) | |
Long-duration insurance contract discount rate change | 0.0 | ||
Transferred to undistributed policyholders earnings account | 0.0 | ||
Net change | 7,969.3 | ||
Less: Other comprehensive income attributable to shareholders of noncontrolling interest | 15,474.5 | ||
Balance | (7,505.2) | (90.1) | (74,923.1) |
Foreign Currency Translation Reserve | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 6,649.4 | 3,270.9 | |
Net unrealized gain/ (loss) arising during the period | 810.3 | 3,378.5 | |
Amounts reclassified to income | 0.0 | 0.0 | |
Long-duration insurance contract discount rate change | 0.0 | ||
Transferred to undistributed policyholders earnings account | 0.0 | ||
Net change | 7,459.7 | ||
Less: Other comprehensive income attributable to shareholders of noncontrolling interest | 17.9 | ||
Balance | 7,441.8 | 89.3 | 6,649.4 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (68,273.7) | (17,792.5) | |
Balance | (15,540.4) | (186.5) | (68,273.7) |
Long-Duration Insurance Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 0.0 | ||
Net unrealized gain/ (loss) arising during the period | 0.0 | ||
Amounts reclassified to income | 0.0 | ||
Long-duration insurance contract discount rate change | (34,112.6) | ||
Transferred to undistributed policyholders earnings account | 3,391.4 | ||
Net change | (30,721.2) | ||
Less: Other comprehensive income attributable to shareholders of noncontrolling interest | (15,244.2) | ||
Balance | ₨ (15,477.0) | $ (185.7) | ₨ 0.0 |
Reclassification Out of Accumulated Other Comprehensive Income (OCI) by Income line Item and the Related Tax Effect (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
AFS debt securities: | |||
Allowance on AFS debt securities | ₨ (70.9) | $ (0.9) | ₨ 70.9 |
Net of income tax | 4,856.3 | (1,336.9) | |
AFS debt Securities | |||
AFS debt securities: | |||
Net of income tax | 4,856.3 | (1,336.9) | |
Reclassification out of Accumulated Other Comprehensive Income | AFS debt Securities | |||
AFS debt securities: | |||
Realized (gain)/loss on sales of AFS debt securities, net | 6,602.9 | 79.3 | (1,857.5) |
Allowance on AFS debt securities | (70.9) | (0.9) | 70.9 |
Total before income tax | 6,532.0 | 78.4 | (1,786.6) |
Income tax | (1,675.7) | (20.1) | 449.7 |
Net of income tax | ₨ 4,856.3 | $ 58.3 | ₨ (1,336.9) |
Insurance services - Summary of Balances of and Changes in Separate Account Liabilities (Detail) - 9 months ended Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Separate Account, Liability [Line Items] | ||
Beginning Balance | ₨ 857,528.7 | $ 10,289.5 |
Premiums and deposits | 116,856.2 | 1,402.1 |
Policy Charges | (14,111.7) | (169.3) |
Surrenders and withdrawals | (119,417.6) | (1,432.9) |
Benefit Payments | (40,431.7) | (485.1) |
Investment Performance | 158,152.0 | 1,897.7 |
Other Charges | (3,159.6) | (37.9) |
Ending Balance | 955,416.3 | $ 11,464.1 |
Unit-Linked Life [Member] | ||
Separate Account, Liability [Line Items] | ||
Beginning Balance | 709,215.4 | |
Premiums and deposits | 97,196.3 | |
Policy Charges | (12,754.4) | |
Surrenders and withdrawals | (104,102.3) | |
Benefit Payments | (37,926.8) | |
Investment Performance | 141,987.6 | |
Other Charges | (2,904.3) | |
Ending Balance | 790,711.5 | |
Unit-Linked Pension [Member] | ||
Separate Account, Liability [Line Items] | ||
Beginning Balance | 55,986.3 | |
Premiums and deposits | 3,556.3 | |
Policy Charges | (594.4) | |
Surrenders and withdrawals | (8,432.7) | |
Benefit Payments | (2,504.9) | |
Investment Performance | 7,709.9 | |
Other Charges | (124.2) | |
Ending Balance | 55,596.3 | |
Group Linked [Member] | ||
Separate Account, Liability [Line Items] | ||
Beginning Balance | 92,327.0 | |
Premiums and deposits | 16,103.6 | |
Policy Charges | (762.9) | |
Surrenders and withdrawals | (6,882.6) | |
Benefit Payments | 0.0 | |
Investment Performance | 8,454.5 | |
Other Charges | (131.1) | |
Ending Balance | ₨ 109,108.5 |
Insurance services - Summary of Bank's Aggregate Fair Value of Assets, by Major Investment Asset Category, Supporting Separate Accounts Liabilities (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | ₨ 955,416.3 | $ 11,464.1 | ₨ 0.0 |
Government of India securities [Member} | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 93,097.3 | 1,117.0 | |
Other corporate/financial institution securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 117,615.1 | 1,411.3 | |
Total debt securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 210,712.4 | 2,528.3 | |
Other securities (including mutual fund units) [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 736,807.0 | 8,841.0 | |
Other net current assets [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 7,896.9 | $ 94.8 | |
UL Life [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 790,711.5 | ||
UL Life [Member] | Government of India securities [Member} | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 39,549.7 | ||
UL Life [Member] | Other corporate/financial institution securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 74,622.2 | ||
UL Life [Member] | Total debt securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 114,171.9 | ||
UL Life [Member] | Other securities (including mutual fund units) [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 671,814.6 | ||
UL Life [Member] | Other net current assets [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 4,725.0 | ||
UL Pension [Member} | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 55,596.3 | ||
UL Pension [Member} | Government of India securities [Member} | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 7,114.1 | ||
UL Pension [Member} | Other corporate/financial institution securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 8,253.7 | ||
UL Pension [Member} | Total debt securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 15,367.8 | ||
UL Pension [Member} | Other securities (including mutual fund units) [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 39,955.9 | ||
UL Pension [Member} | Other net current assets [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 272.6 | ||
Group Linked [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 109,108.5 | ||
Group Linked [Member] | Government of India securities [Member} | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 46,433.5 | ||
Group Linked [Member] | Other corporate/financial institution securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 34,739.2 | ||
Group Linked [Member] | Total debt securities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 81,172.7 | ||
Group Linked [Member] | Other securities (including mutual fund units) [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | 25,036.5 | ||
Group Linked [Member] | Other net current assets [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate Account Assets | ₨ 2,899.3 |
Insurance services - Summary of Bank's Liabilities on Policies in Force on the Consolidated Balance Sheet (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Separate Accounts Disclosure [Abstract] | |||
Liability for Future Policy Benefits | ₨ 1,671,384.1 | $ 20,055.0 | |
Policyholder Account Balances | 85,430.1 | 1,025.1 | |
Other Policy Liabilities Payable | 7,164.9 | 86.0 | |
Total | ₨ 1,763,979.1 | $ 21,166.1 | ₨ 0.0 |
Insurance services - Summary of Bank's Liability for Future Policy Benefits on the Consolidated Balance Sheets (Detail) - Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | ₨ 1,671,384.1 | $ 20,055.0 |
Non Par Protection [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 166,649.2 | 1,999.6 |
Non Par Riders [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 207.0 | 2.5 |
Non Par Savings [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 551,186.3 | 6,613.7 |
Non Par Pension [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 17,609.5 | 211.3 |
Individual Annuity [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 255,858.7 | 3,070.1 |
Individual Health [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 410.4 | 4.9 |
Par Life [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 561,076.4 | 6,732.4 |
Par Pension [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | 16,294.1 | 195.5 |
Group Non par Life [Member] | ||
Liability for Future Policy Benefits [Line Items] | ||
Future policy benefits | ₨ 102,092.5 | $ 1,225.0 |
Insurance services - Summary of Information About the Direct and Assumed Liability for Future Policy Benefits (Detail) ₨ in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
|
Present value of expected net premium | |||
Beginning balance | ₨ 296,106.5 | $ 3,553.0 | |
Beginning balance | 296,106.5 | 3,553.0 | |
Effect of changes in cash flow assumptions | 5,012.0 | $ 60.1 | |
Effect of actuarial variances from expected experience | 13,765.7 | 165.2 | |
Adjusted Balance | 314,884.2 | 3,778.3 | |
Issuances | 197,150.9 | 2,365.6 | |
Interest accrual | 24,832.6 | 298.0 | |
Net premium collected | (146,175.9) | (1,754.0) | |
Ending balance | 390,691.8 | 4,687.9 | |
Effect of changes in discount rate assumptions | (1,118.5) | (13.4) | |
Ending balance | 389,573.3 | 4,674.5 | |
Present value of Expected Future Policy Benefits | |||
Beginning balance | 1,654,247.7 | 19,849.4 | |
Beginning balance | 1,654,247.7 | 19,849.4 | |
Effect of changes in cash flow assumptions | 11,415.8 | 137.0 | |
Effect of actuarial variances from expected experience | 11,032.8 | 132.4 | |
Adjusted Balance | 1,676,696.3 | 20,118.8 | |
Issuances | 197,041.6 | 2,364.3 | |
Interest accrual | 104,865.4 | 1,258.3 | |
Benefits Payments | (98,680.5) | (1,184.1) | |
Ending balance | 1,879,922.8 | 22,557.3 | |
Effect of changes in discount rate assumptions | 34,013.7 | 408.1 | |
Ending balance | 1,913,936.5 | $ 22,965.4 | |
Present value of expected claims expenses | 998.6 | 12.0 | |
Net liability for future policy benefits | 1,525,361.8 | 18,302.9 | |
Deferred Profit Liability | 113,119.6 | 1,357.3 | |
Other global reserves | 32,902.7 | 394.8 | |
Total liability for future policy benefits and DPL for March 31 | 1,671,384.1 | 20,055.0 | |
Less: Reinsurance recoverable | 105,592.6 | 1,267.0 | |
Net liability for future policy benefits, net of reinsurance | 1,565,791.5 | 18,788.0 | |
Undiscounted- Expected future benefit payments | 6,308,350.2 | 75,694.1 | |
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 1,913,936.5 | 22,965.4 | |
Undiscounted-Expected future gross premiums | 1,453,898.8 | 17,445.4 | |
Discounted-Expected future gross premiums | 1,102,691.6 | $ 13,231.2 | |
Non Par Protection [Member] | |||
Present value of expected net premium | |||
Beginning balance | 40,899.8 | ||
Beginning balance | 40,899.8 | ||
Effect of changes in cash flow assumptions | 4,429.1 | ||
Effect of actuarial variances from expected experience | (1,277.3) | ||
Adjusted Balance | 44,051.6 | ||
Issuances | 18,075.3 | ||
Interest accrual | 3,343.2 | ||
Net premium collected | (7,081.9) | ||
Ending balance | 58,388.2 | ||
Effect of changes in discount rate assumptions | 174.0 | ||
Ending balance | 58,562.2 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 180,285.0 | ||
Beginning balance | 180,285.0 | ||
Effect of changes in cash flow assumptions | 7,429.2 | ||
Effect of actuarial variances from expected experience | (1,526.0) | ||
Adjusted Balance | 186,188.2 | ||
Issuances | 18,051.0 | ||
Interest accrual | 11,529.5 | ||
Benefits Payments | (5,294.9) | ||
Ending balance | 210,473.8 | ||
Effect of changes in discount rate assumptions | 6,215.7 | ||
Ending balance | 216,689.5 | ||
Present value of expected claims expenses | 242.0 | ||
Net liability for future policy benefits | 158,369.3 | ||
Deferred Profit Liability | 6,568.5 | ||
Other global reserves | 1,711.4 | ||
Total liability for future policy benefits and DPL for March 31 | 166,649.2 | ||
Less: Reinsurance recoverable | 83,420.6 | ||
Net liability for future policy benefits, net of reinsurance | 83,228.6 | ||
Undiscounted- Expected future benefit payments | 1,120,561.7 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 216,689.5 | ||
Undiscounted-Expected future gross premiums | 296,828.1 | ||
Discounted-Expected future gross premiums | ₨ 172,175.3 | ||
Weighted-average duration of the liability | 13 years 6 months | 13 years 6 months | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.40% | 7.40% | |
Non Par Riders [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 429.3 | ||
Beginning balance | 429.3 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | 15.6 | ||
Adjusted Balance | 444.9 | ||
Issuances | 891.5 | ||
Interest accrual | 69.4 | ||
Net premium collected | (256.7) | ||
Ending balance | 1,149.1 | ||
Effect of changes in discount rate assumptions | (2.6) | ||
Ending balance | 1,146.5 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 413.9 | ||
Beginning balance | 413.9 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | 15.9 | ||
Adjusted Balance | 429.8 | ||
Issuances | 882.1 | ||
Interest accrual | 73.3 | ||
Benefits Payments | (81.5) | ||
Ending balance | 1,303.7 | ||
Effect of changes in discount rate assumptions | 4.7 | ||
Ending balance | 1,308.4 | ||
Present value of expected claims expenses | 26.8 | ||
Net liability for future policy benefits | 188.7 | ||
Deferred Profit Liability | 18.3 | ||
Other global reserves | 0.0 | ||
Total liability for future policy benefits and DPL for March 31 | 207.0 | ||
Less: Reinsurance recoverable | 28.0 | ||
Net liability for future policy benefits, net of reinsurance | 179.0 | ||
Undiscounted- Expected future benefit payments | 2,580.3 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 1,308.4 | ||
Undiscounted-Expected future gross premiums | 3,359.9 | ||
Discounted-Expected future gross premiums | ₨ 2,461.1 | ||
Weighted-average duration of the liability | 10 years 6 months 25 days | 10 years 6 months 25 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.40% | 7.40% | |
Non Par Savings [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 251,372.4 | ||
Beginning balance | 251,372.4 | ||
Effect of changes in cash flow assumptions | (42.8) | ||
Effect of actuarial variances from expected experience | 2,649.0 | ||
Adjusted Balance | 253,978.6 | ||
Issuances | 93,550.6 | ||
Interest accrual | 17,926.3 | ||
Net premium collected | (72,133.2) | ||
Ending balance | 293,322.3 | ||
Effect of changes in discount rate assumptions | (1,182.0) | ||
Ending balance | 292,140.3 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 658,883.0 | ||
Beginning balance | 658,883.0 | ||
Effect of changes in cash flow assumptions | 3,429.0 | ||
Effect of actuarial variances from expected experience | 2,653.6 | ||
Adjusted Balance | 664,965.6 | ||
Issuances | 93,520.0 | ||
Interest accrual | 43,134.7 | ||
Benefits Payments | (8,918.6) | ||
Ending balance | 792,701.7 | ||
Effect of changes in discount rate assumptions | 17,990.2 | ||
Ending balance | 810,691.9 | ||
Present value of expected claims expenses | 142.2 | ||
Net liability for future policy benefits | 518,693.8 | ||
Deferred Profit Liability | 29,891.5 | ||
Other global reserves | 2,601.0 | ||
Total liability for future policy benefits and DPL for March 31 | 551,186.3 | ||
Less: Reinsurance recoverable | (17.4) | ||
Net liability for future policy benefits, net of reinsurance | 551,203.7 | ||
Undiscounted- Expected future benefit payments | 2,875,101.5 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 810,691.9 | ||
Undiscounted-Expected future gross premiums | 611,779.3 | ||
Discounted-Expected future gross premiums | ₨ 489,752.0 | ||
Weighted-average duration of the liability | 10 years 4 months 20 days | 10 years 4 months 20 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.42% | 7.42% | |
Non Par Pension [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 97.1 | ||
Beginning balance | 97.1 | ||
Effect of changes in cash flow assumptions | 0.3 | ||
Effect of actuarial variances from expected experience | 0.8 | ||
Adjusted Balance | 98.2 | ||
Issuances | 1,918.4 | ||
Interest accrual | 98.4 | ||
Net premium collected | (537.5) | ||
Ending balance | 1,577.5 | ||
Effect of changes in discount rate assumptions | (6.3) | ||
Ending balance | 1,571.2 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 13,185.7 | ||
Beginning balance | 13,185.7 | ||
Effect of changes in cash flow assumptions | 35.1 | ||
Effect of actuarial variances from expected experience | (187.0) | ||
Adjusted Balance | 13,033.8 | ||
Issuances | 1,918.4 | ||
Interest accrual | 798.0 | ||
Benefits Payments | (2,530.3) | ||
Ending balance | 13,219.9 | ||
Effect of changes in discount rate assumptions | (28.9) | ||
Ending balance | 13,191.0 | ||
Present value of expected claims expenses | 2.8 | ||
Net liability for future policy benefits | 11,622.6 | ||
Deferred Profit Liability | 175.2 | ||
Other global reserves | 5,811.7 | ||
Total liability for future policy benefits and DPL for March 31 | 17,609.5 | ||
Less: Reinsurance recoverable | 0.0 | ||
Net liability for future policy benefits, net of reinsurance | 17,609.5 | ||
Undiscounted- Expected future benefit payments | 19,433.2 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 13,191.0 | ||
Undiscounted-Expected future gross premiums | 3,502.2 | ||
Discounted-Expected future gross premiums | ₨ 2,869.1 | ||
Weighted-average duration of the liability | 4 years 3 months | 4 years 3 months | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.66% | 7.66% | |
Individual Annuity [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 2,472.3 | ||
Beginning balance | 2,472.3 | ||
Effect of changes in cash flow assumptions | 6.4 | ||
Effect of actuarial variances from expected experience | 395.8 | ||
Adjusted Balance | 2,874.5 | ||
Issuances | 36,417.8 | ||
Interest accrual | 1,272.8 | ||
Net premium collected | (32,412.7) | ||
Ending balance | 8,152.4 | ||
Effect of changes in discount rate assumptions | 4.3 | ||
Ending balance | 8,156.7 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 212,888.9 | ||
Beginning balance | 212,888.9 | ||
Effect of changes in cash flow assumptions | 75.7 | ||
Effect of actuarial variances from expected experience | (136.9) | ||
Adjusted Balance | 212,827.7 | ||
Issuances | 36,417.8 | ||
Interest accrual | 14,141.1 | ||
Benefits Payments | (12,654.0) | ||
Ending balance | 250,732.6 | ||
Effect of changes in discount rate assumptions | 6,399.5 | ||
Ending balance | 257,132.1 | ||
Present value of expected claims expenses | 32.9 | ||
Net liability for future policy benefits | 249,008.3 | ||
Deferred Profit Liability | 6,543.2 | ||
Other global reserves | 307.2 | ||
Total liability for future policy benefits and DPL for March 31 | 255,858.7 | ||
Less: Reinsurance recoverable | 0.0 | ||
Net liability for future policy benefits, net of reinsurance | 255,858.7 | ||
Undiscounted- Expected future benefit payments | 864,912.6 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 257,132.1 | ||
Undiscounted-Expected future gross premiums | 21,253.0 | ||
Discounted-Expected future gross premiums | ₨ 18,427.5 | ||
Weighted-average duration of the liability | 10 years 3 months 18 days | 10 years 3 months 18 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.42% | 7.42% | |
Individual Health [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 791.6 | ||
Beginning balance | 791.6 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | 43.6 | ||
Adjusted Balance | 835.2 | ||
Issuances | 33.8 | ||
Interest accrual | 44.5 | ||
Net premium collected | (171.1) | ||
Ending balance | 742.4 | ||
Effect of changes in discount rate assumptions | (1.8) | ||
Ending balance | 740.6 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 1,088.2 | ||
Beginning balance | 1,088.2 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | 43.7 | ||
Adjusted Balance | 1,131.9 | ||
Issuances | 33.8 | ||
Interest accrual | 63.1 | ||
Benefits Payments | (137.5) | ||
Ending balance | 1,091.3 | ||
Effect of changes in discount rate assumptions | 0.1 | ||
Ending balance | 1,091.4 | ||
Present value of expected claims expenses | 0.1 | ||
Net liability for future policy benefits | 350.9 | ||
Deferred Profit Liability | 0.0 | ||
Other global reserves | 59.5 | ||
Total liability for future policy benefits and DPL for March 31 | 410.4 | ||
Less: Reinsurance recoverable | 125.2 | ||
Net liability for future policy benefits, net of reinsurance | 285.2 | ||
Undiscounted- Expected future benefit payments | 1,758.2 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 1,091.4 | ||
Undiscounted-Expected future gross premiums | 1,769.6 | ||
Discounted-Expected future gross premiums | ₨ 1,289.9 | ||
Weighted-average duration of the liability | 5 years 11 months 15 days | 5 years 11 months 15 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.50% | 7.50% | |
Par Life [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 44.0 | ||
Beginning balance | 44.0 | ||
Effect of changes in cash flow assumptions | 619.0 | ||
Effect of actuarial variances from expected experience | 2,640.7 | ||
Adjusted Balance | 3,303.7 | ||
Issuances | 27,308.5 | ||
Interest accrual | 1,539.5 | ||
Net premium collected | (6,418.9) | ||
Ending balance | 25,732.8 | ||
Effect of changes in discount rate assumptions | (97.2) | ||
Ending balance | 25,635.6 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 504,494.2 | ||
Beginning balance | 504,494.2 | ||
Effect of changes in cash flow assumptions | (1,377.7) | ||
Effect of actuarial variances from expected experience | 2,250.6 | ||
Adjusted Balance | 505,367.1 | ||
Issuances | 27,264.0 | ||
Interest accrual | 29,361.4 | ||
Benefits Payments | (45,730.7) | ||
Ending balance | 516,261.8 | ||
Effect of changes in discount rate assumptions | 3,658.3 | ||
Ending balance | 519,920.1 | ||
Present value of expected claims expenses | 547.5 | ||
Net liability for future policy benefits | 494,832.0 | ||
Deferred Profit Liability | 63,225.0 | ||
Other global reserves | 3,019.4 | ||
Total liability for future policy benefits and DPL for March 31 | 561,076.4 | ||
Less: Reinsurance recoverable | 18,249.9 | ||
Net liability for future policy benefits, net of reinsurance | 542,826.5 | ||
Undiscounted- Expected future benefit payments | 1,302,045.2 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 519,920.1 | ||
Undiscounted-Expected future gross premiums | 507,662.9 | ||
Discounted-Expected future gross premiums | ₨ 409,535.4 | ||
Weighted-average duration of the liability | 8 years 4 months 20 days | 8 years 4 months 20 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.48% | 7.48% | |
Par Pension [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 0.0 | ||
Beginning balance | 0.0 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | (0.7) | ||
Adjusted Balance | (0.7) | ||
Issuances | 2,081.3 | ||
Interest accrual | 102.3 | ||
Net premium collected | (562.6) | ||
Ending balance | 1,620.3 | ||
Effect of changes in discount rate assumptions | (7.0) | ||
Ending balance | 1,613.3 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 16,744.8 | ||
Beginning balance | 16,744.8 | ||
Effect of changes in cash flow assumptions | 326.1 | ||
Effect of actuarial variances from expected experience | 539.3 | ||
Adjusted Balance | 17,610.2 | ||
Issuances | 2,080.8 | ||
Interest accrual | 1,063.9 | ||
Benefits Payments | (2,959.8) | ||
Ending balance | 17,795.1 | ||
Effect of changes in discount rate assumptions | (37.5) | ||
Ending balance | 17,757.6 | ||
Present value of expected claims expenses | 4.3 | ||
Net liability for future policy benefits | 16,148.6 | ||
Deferred Profit Liability | 95.9 | ||
Other global reserves | 49.6 | ||
Total liability for future policy benefits and DPL for March 31 | 16,294.1 | ||
Less: Reinsurance recoverable | 0.0 | ||
Net liability for future policy benefits, net of reinsurance | 16,294.1 | ||
Undiscounted- Expected future benefit payments | 25,927.9 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 17,757.6 | ||
Undiscounted-Expected future gross premiums | 7,523.1 | ||
Discounted-Expected future gross premiums | ₨ 6,057.0 | ||
Weighted-average duration of the liability | 4 years 21 days | 4 years 21 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.66% | 7.66% | |
Group Non par Life [Member] | |||
Present value of expected net premium | |||
Beginning balance | ₨ 0.0 | ||
Beginning balance | 0.0 | ||
Effect of changes in cash flow assumptions | 0.0 | ||
Effect of actuarial variances from expected experience | 9,298.2 | ||
Adjusted Balance | 9,298.2 | ||
Issuances | 16,873.7 | ||
Interest accrual | 436.2 | ||
Net premium collected | (26,601.3) | ||
Ending balance | 6.8 | ||
Effect of changes in discount rate assumptions | 0.1 | ||
Ending balance | 6.9 | ||
Present value of Expected Future Policy Benefits | |||
Beginning balance | 66,264.0 | ||
Beginning balance | 66,264.0 | ||
Effect of changes in cash flow assumptions | 1,498.4 | ||
Effect of actuarial variances from expected experience | 7,379.6 | ||
Adjusted Balance | 75,142.0 | ||
Issuances | 16,873.7 | ||
Interest accrual | 4,700.4 | ||
Benefits Payments | (20,373.2) | ||
Ending balance | 76,342.9 | ||
Effect of changes in discount rate assumptions | (188.4) | ||
Ending balance | 76,154.5 | ||
Present value of expected claims expenses | 0.0 | ||
Net liability for future policy benefits | 76,147.6 | ||
Deferred Profit Liability | 6,602.0 | ||
Other global reserves | 19,342.9 | ||
Total liability for future policy benefits and DPL for March 31 | 102,092.5 | ||
Less: Reinsurance recoverable | 3,786.3 | ||
Net liability for future policy benefits, net of reinsurance | 98,306.2 | ||
Undiscounted- Expected future benefit payments | 96,029.6 | ||
Discounted- Expected future benefit payments (at current discount rate at balance sheet date) | 76,154.5 | ||
Undiscounted-Expected future gross premiums | 220.7 | ||
Discounted-Expected future gross premiums | ₨ 124.3 | ||
Weighted-average duration of the liability | 3 years 2 months 23 days | 3 years 2 months 23 days | |
Weighted-average interest accretion (original locked-in) rate | 7.69% | 7.69% | |
Weighted-average current discount rate at balance sheet date | 7.68% | 7.68% |
Insurance services - Summary of Bank's Gross Premiums or Assessments and Interest Expense Recognised (Detail) - 9 months ended Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | ₨ 369,852.0 | $ 4,437.9 |
Interest expense | 82,760.2 | $ 993.0 |
Non Par Protection [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 120,828.1 | |
Interest expense | 8,357.9 | |
Non Par Riders [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 0.0 | |
Interest expense | 4.4 | |
Non Par Savings [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 23,560.0 | |
Interest expense | 25,621.0 | |
Non Par Pension [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 1,020.9 | |
Interest expense | 704.0 | |
Individual Annuity [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 39,984.9 | |
Interest expense | 12,926.3 | |
Individual Health [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 419.0 | |
Interest expense | 17.6 | |
Par Life [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 111,036.4 | |
Interest expense | 29,795.5 | |
Par Pension [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 1,846.5 | |
Interest expense | 962.1 | |
Group Non par Life [Member] | ||
Disclosure In Tabular Form Of Gross Premium And Interest Expenses On Long Duration Insurance Contracts [Line Items] | ||
Gross premiums or assessments | 71,156.2 | |
Interest expense | ₨ 4,371.4 |
Insurance services - Summary of the Bank's Policyholder Account Balances on the Consolidated Balance (Detail) - Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | ₨ 85,430.1 | $ 1,025.1 |
Group Traditional Life [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | 23,718.6 | 284.6 |
Group Traditional Pension [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | 8,824.2 | 105.9 |
Group Variable Life [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | 22,764.1 | 273.1 |
Group Variable Pension [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | 19,200.9 | 230.4 |
Individual VIP pension [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | 9,613.9 | 115.4 |
Statutory reserves [Member] | ||
Disclosure Of Policyholder Account Balances [Line Items] | ||
Policyholder Account Balance | ₨ 1,308.4 | $ 15.7 |
Insurance services - Summary of Bank Maintains a Number of Reinsurance Treaties with Third Parties (Detail) - Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
||
---|---|---|---|---|
Separate Accounts Disclosure [Abstract] | ||||
Direct | ₨ 1,763,024.4 | $ 21,154.6 | ||
Assumed | 954.7 | 11.5 | ||
Total liabilities on policies in force | 1,763,979.1 | 21,166.1 | ||
Ceded | [1] | 105,661.6 | 1,267.8 | |
Net liabilities on policies in force | ₨ 1,658,317.5 | $ 19,898.3 | ||
|
Insurance services - Summary of Effect of Reinsurance (Detail) - 12 months ended Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Premium and other operating income from insurance business: | ||
Direct | ₨ 389,925.5 | $ 4,678.7 |
Assumed | 1,588.5 | 19.1 |
Ceded | (9,634.5) | (115.6) |
Total | 381,879.5 | 4,582.2 |
Claims and benefits paid pertaining to insurance business: | ||
Direct | 383,194.5 | 4,597.9 |
Assumed | 1,029.4 | 12.4 |
Ceded | (2,258.1) | (27.1) |
Total | ₨ 381,965.8 | $ 4,583.2 |
Insurance services - Summary of Information Regarding Total DAC (Detail) - 12 months ended Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Separate Accounts Disclosure [Abstract] | ||
Opening balance July 1, 2024 | ₨ 0.0 | $ 0.0 |
Capitalizations | 64,390.0 | 772.6 |
Amortization | (2,971.3) | (35.7) |
Experience Adjustment | (886.8) | (10.6) |
Balance at March 31, 2024 | ₨ 60,531.9 | $ 726.3 |
Insurance services - Summary of Information Regarding Movement of Total VOBA Contracts (Detail) - 9 months ended Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Separate Accounts Disclosure [Abstract] | ||
Beginning balance | ₨ 221,738.5 | $ 2,660.6 |
Amortization | (16,707.7) | (200.5) |
Experience Adjustment | (635.1) | (7.6) |
Ending balance | ₨ 204,395.7 | $ 2,452.5 |
Insurance services - Summary of Information Regarding the Estimated Future Amortisation of VOBA Intangibles Over the Next Five Years (Detail) - Mar. 31, 2024 ₨ in Millions, $ in Millions |
INR (₨) |
USD ($) |
---|---|---|
Separate Accounts Disclosure [Abstract] | ||
2025 | ₨ 16,705.3 | $ 200.4 |
2026 | 14,721.9 | 176.6 |
2027 | 13,016.3 | 156.2 |
2028 | 11,176.1 | 134.1 |
2029 | ₨ 9,539.9 | $ 114.5 |
Non-Interest Revenue - Summary of Disaggregation of Revenue (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | ₨ 280,965.9 | $ 3,371.3 | ₨ 239,603.7 | ₨ 202,979.5 |
Deposit related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 45,178.6 | 542.1 | 40,749.9 | 37,415.4 |
Lending related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 55,501.7 | 666.0 | 48,878.2 | 40,532.5 |
Third-party products related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 43,049.3 | 516.6 | 54,548.9 | 44,216.1 |
Payments and cards business fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 92,568.5 | 1,110.7 | 72,969.0 | 56,170.2 |
Investment Management Fee | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 20,819.1 | 249.8 | 0.0 | 0.0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | ₨ 23,848.7 | $ 286.1 | ₨ 22,457.7 | ₨ 24,645.3 |
Non-Interest Revenue - Summary of Disaggregation of Revenue from Business Segments (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | ₨ 280,965.9 | $ 3,371.3 | ₨ 239,603.7 | ₨ 202,979.5 |
Retail Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 229,890.7 | 2,758.5 | 215,252.5 | 182,464.1 |
Wholesale Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 27,844.8 | 334.1 | 23,619.5 | 19,802.0 |
Treasury Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 414.9 | 5.0 | 731.7 | 713.4 |
Insurance services | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | 0.0 | 0.0 | 0.0 | 0.0 |
Others | ||||
Disaggregation of Revenue [Line Items] | ||||
Fees and commissions | ₨ 22,815.5 | $ 273.7 | ₨ 0.0 | ₨ 0.0 |
Income Taxes - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2021
INR (₨)
|
|
Income Taxes [Line Items] | ||||||
Total unrecognized tax benefit | ₨ 22,042.3 | ₨ 48,792.1 | ₨ 46,774.3 | $ 264.5 | $ 585.5 | ₨ 43,048.0 |
The total unrecognized tax benefits, if recognized, that would reduce the tax and thereby affect the effective tax rate | 22,042.3 | 48,792.1 | ||||
Other comprehensive income | ₨ (17,828.6) | ₨ 16,980.0 | ₨ 15,129.2 |
Income Tax Expense (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Components of Income Tax Expense Benefit Abstract | ||||
Current tax expense | ₨ 140,308.9 | $ 1,683.6 | ₨ 156,782.9 | ₨ 142,446.5 |
Deferred tax expense/ (benefit) | (57,133.2) | (685.5) | 12,280.9 | (9,887.3) |
Interest on income tax refund | (5,348.6) | (64.2) | (2,946.4) | 0.0 |
Income tax expense | ₨ 77,827.1 | $ 933.9 | ₨ 166,117.4 | ₨ 132,559.2 |
Income Taxes - Reconciliation of Income Taxes at Indian Statutory Income Tax Rate to Income Tax Expense as Reported (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Reconciliation of Estimated Income Taxes to Income Tax Expense as Reported [Line Items] | ||||
Income before income tax expense | ₨ 705,459.0 | $ 8,465.0 | ₨ 662,381.8 | ₨ 519,162.2 |
Statutory income tax rate | 25.17% | 25.17% | 25.17% | 25.17% |
Expected income tax expense | ₨ 177,549.9 | $ 2,130.4 | ₨ 166,708.3 | ₨ 130,662.7 |
Adjustments to reconcile expected income tax to actual tax expense | ||||
Interest on income tax refund | (4,125.0) | (49.5) | (2,204.9) | 0.0 |
Stock-based compensation | (10,645.6) | (127.7) | 1,645.9 | 3,493.1 |
Income subject to rates other than the statutory income tax rate | (1,262.0) | (15.1) | (6.8) | (2,347.6) |
Special reserve | (5,143.2) | (61.7) | ||
Unrecognised tax benefit of earlier years including consequential tax credit pursuant to favourable orders received recognised | (80,874.4) | (970.4) | ||
Other, net | 2,327.4 | 27.9 | (25.1) | 751.0 |
Income tax expense | ₨ 77,827.1 | $ 933.9 | ₨ 166,117.4 | ₨ 132,559.2 |
Income Taxes - Tax Effects of Significant Temporary Differences (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Deductible temporary differences: | |||
Allowance for credit losses | ₨ 43,093.6 | $ 517.1 | ₨ 74,143.7 |
Investments AFS debt securities | 7,704.7 | 92.4 | 25,117.0 |
Lease liabilities | 32,034.7 | 384.4 | 24,578.8 |
Employee benefits | 4,632.2 | 55.6 | 709.9 |
Borrowings | 10,714.9 | 128.6 | 1.4 |
Stock based compensation | 20,166.2 | 241.9 | 0.0 |
Others | 320.1 | 3.9 | 5,458.1 |
Deferred tax asset | 118,666.4 | 1,423.9 | 130,008.9 |
Taxable temporary differences: | |||
ROU Asset | 32,009.3 | 384.1 | 24,578.8 |
Loan origination cost | 7,541.1 | 90.5 | 7,070.1 |
Intangible assets | 313,272.2 | 3,759.0 | 0.0 |
Investments, others | 53,998.2 | 647.9 | 8,304.6 |
Deferred tax liability | 406,820.8 | 4,881.5 | 39,953.5 |
Net deferred tax asset | 90,055.4 | ||
Net deferred tax (liability) | ₨ (288,154.4) | $ (3,457.6) | ₨ 0.0 |
Income Taxes - Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Income Tax Contingency [Line Items] | ||||
Opening balance | ₨ 48,792.1 | $ 585.5 | ₨ 46,774.3 | ₨ 43,048.0 |
Increase related to acquisition of eHDFC | 52,980.5 | 635.7 | 0.0 | 0.0 |
Decrease related to prior year tax positions | (80,874.4) | (970.4) | 0.0 | (1,985.0) |
Increase related to current year tax positions | 1,144.1 | 13.7 | 2,017.8 | 5,711.3 |
Closing balance | ₨ 22,042.3 | $ 264.5 | ₨ 48,792.1 | ₨ 46,774.3 |
Stock - Additional Information (Detail) - INR (₨) ₨ / shares in Units, ₨ in Millions |
1 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 |
Nov. 25, 2021 |
Jul. 31, 2016 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2013 |
Jun. 30, 2010 |
Jun. 30, 2007 |
Jun. 30, 2005 |
Jun. 30, 2003 |
Jan. 31, 2000 |
May 14, 2022 |
Mar. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, intrinsic value of options exercised at grant date | ₨ 5,249.6 | ₨ 0.5 | ₨ 0.0 | ||||||||||||
Stock-based compensation, aggregate intrinsic value of options exercised at exercise date | 14,548.0 | 20,891.2 | 22,077.7 | ||||||||||||
Stock-based compensation, aggregate intrinsic value of options outstanding at grant date | 22,732.3 | 13.3 | |||||||||||||
Stock-based compensation, aggregate intrinsic value of options outstanding | 28,677.5 | 52,286.4 | |||||||||||||
Stock-based compensation, aggregate intrinsic value of options exercisable at grant date | 20,373.6 | 0.5 | |||||||||||||
Stock-based compensation, aggregate intrinsic value of options exercisable | ₨ 24,363.8 | ₨ 29,084.2 | |||||||||||||
Stock-based compensation, unvested options, outstanding | 76,731,732 | 86,557,545 | |||||||||||||
Stock-based compensation, unvested options, weighted average exercise price | ₨ 1,446.2 | ₨ 1,341.5 | |||||||||||||
Stock-based compensation, unvested options, aggregate intrinsic value at grant date | ₨ 2,217.7 | ₨ 12.8 | |||||||||||||
Stock-based compensation, unvested options, aggregate intrinsic value as at end of period | 4,197.5 | ₨ 23,202.2 | |||||||||||||
Stock-based compensation, total estimated compensation cost to be recognized in future periods | ₨ 16,876.1 | ||||||||||||||
Equity shares, par value | ₨ 1 | ₨ 1 | |||||||||||||
Share-based payment arrangement, expense, tax benefit | ₨ 5,062.8 | ||||||||||||||
Share-based payment arrangement, exercise of option, tax benefit | ₨ 5,561.5 | ||||||||||||||
eHDFC [Member] | Background and Details of the Business Combination [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Equity shares, par value | ₨ 1 | ||||||||||||||
Share based compensation by share based award options granted during the period | 48,559,681 | ||||||||||||||
Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, weighted average period of recognition of total compensation cost not yet recognized (in years) | 1 year 3 days | ||||||||||||||
Share-based payment arrangement, expense | ₨ 17,379.5 | ₨ 13,132.8 | ₨ 13,874.5 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 175,659,424 | 151,682,461 | 158,106,016 | 168,168,760 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 46,304,966 | 34,201,810 | 32,764,494 | ||||||||||||
Share based compensation by share based award options granted during the period | 24,384,690 | 30,480,145 | 25,628,600 | ||||||||||||
Employee Stock Option | Plan ''A'' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 100,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 100.0 | ||||||||||||||
Employee Stock Option | Plan ''B'' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 100,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 100.0 | ||||||||||||||
Employee Stock Option | Plan ''C'' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 100,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 100.0 | ||||||||||||||
Employee Stock Option | Plan ''D'' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 150,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 150.0 | ||||||||||||||
Employee Stock Option | Plan "E" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 200,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 200.0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,075,360 | ||||||||||||||
Employee Stock Option | Plan "F" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 200,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 200.0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 15,551,708 | ||||||||||||||
Employee Stock Option | Plan "G" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 200,000,000 | ||||||||||||||
Employees' Stock Option Scheme, aggregate nominal value of equity shares reserved | ₨ 200.0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 115,413,810 | ||||||||||||||
Employee Stock Option | Maximum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, expiration | 5 years | ||||||||||||||
Scheme XXVII | Plan "G" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, options granted | 238,000 | 30,480,145 | |||||||||||||
Scheme XXXVI | Plan "G" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, options granted | 25,390,600 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, total estimated compensation cost to be recognized in future periods | ₨ 13,329.4 | ||||||||||||||
Stock-based compensation, weighted average period of recognition of total compensation cost not yet recognized (in years) | 1 year 11 months 4 days | ||||||||||||||
Stock-based compensation, intrinsic value of equity instruments other than options exercised at grant date | ₨ 441.6 | ||||||||||||||
Stock-based compensation, aggregate intrinsic value of equity instruments other than options outstanding at grant date | 18,122.0 | ||||||||||||||
Stock-based compensation, aggregate intrinsic value of equity instruments other than options exercisable | 525.9 | ||||||||||||||
Stock-based compensation, aggregate intrinsic value of equity instruments other than options grant date | 17,596.1 | ||||||||||||||
Aggregate intrinsic value, vested | 16,960.3 | ||||||||||||||
Aggregate intrinsic value, non-vested | 16,416.1 | ||||||||||||||
ShareBased compensation arrangement by sharebased payment award equity instruments other than options exercisable grant date intrinsic value | ₨ 544.1 | ||||||||||||||
Weighted average fair value of RSUs granted during the year | ₨ 1 | ||||||||||||||
Share-based payment arrangement, expense | ₨ 2,736.3 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | Employee Stock Incentive Master Scheme Two Thousand And Twenty Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Employees' Stock Option Scheme, equity shares reserved for issuance | 100,000,000 | ||||||||||||||
Equity shares, par value | ₨ 1 | ||||||||||||||
Common stock shares reserved for future issuance aggregate par value | ₨ 100.0 | ||||||||||||||
Share based compensation by share based award vesting period one | 4 years | ||||||||||||||
Share based compensation by share based award number of shares authorized for grant | 2,891,000 | ||||||||||||||
Weighted average fair value of RSUs granted during the year | ₨ 1,565.43 | ₨ 1,382.34 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Employee Stock Incentive Master Scheme Two Thousand And Twenty Two [Member] | Scheme Zero Zero Four [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share based compensation by share based award number of shares authorized for grant | 9,354,224 | ||||||||||||||
Restricted Stock Units (RSUs) 1 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares arising out of units | 11,345,734 | ||||||||||||||
Scheme XLV | Plan "E" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, options granted | 5,075,360 | ||||||||||||||
Scheme XLV | Plan "F" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, options granted | 12,533,590 | ||||||||||||||
Scheme XLV | Plan "G" | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation, options granted | 6,775,740 | ||||||||||||||
HDFC Life [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 16,115,973 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,935,731 | ||||||||||||||
HDFC AMC [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,316,200 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,203,001 | ||||||||||||||
HDFC Capital Advisors [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 141,008 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 141,008 | ||||||||||||||
HDFC Securities [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 561,930 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 46,875 | ||||||||||||||
HDB Financial Services [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 8,728,798 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,676,263 |
Estimated Fair Value of Options on Dates of Each Grant Using Binomial Option Pricing Model (Detail) - Employees Stock Option |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.67% | 0.51% | 0.43% |
Expected volatility | 21.91% | 21.97% | 21.71% |
Risk-free interest rate, lower range | 7.21% | 6.14% | 4.99% |
Expected term (in years) | 4 years 6 months | 2 years 6 months 10 days | 2 years 7 months 2 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.71% | 0.97% | 0.46% |
Expected volatility | 27.42% | 33.50% | 31.79% |
Risk-free interest rate, upper range | 7.55% | 7.59% | 6.43% |
Expected term (in years) | 7 years 3 months | 7 years 3 months | 5 years 4 months 9 days |
Estimated Fair Value of Restricted Stock Units on Dates of Each Grant Using Binomial Option Pricing Model (Detail) - Restricted Stock Units (RSUs) [Member] - Employee Stock Incentive Master Scheme Two Thousand And Twenty Two [Member] |
12 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions [Line Items] | ||
Expected volatility, lower range | 21.32% | 23.68% |
Expected volatility, upper range | 35.35% | 35.35% |
Risk-free interest rate, lower range | 6.85% | 7.07% |
Risk-free interest rate, upper range | 7.18% | 7.57% |
Maximum [Member] | ||
Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions [Line Items] | ||
Dividend yield | 1.17% | 0.75% |
Expected term (in years) | 4 years | 4 years |
Minimum [Member] | ||
Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions [Line Items] | ||
Dividend yield | 0.65% | 0.47% |
Expected term (in years) | 1 year | 1 year |
Activity in Options Available to be Granted Under Employee Stock Option Scheme (Detail) - Employee Stock Option - shares |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options available to be granted, beginning of period | 54,214,165 | 81,992,420 | 104,694,170 |
Equity shares allocated for grant under the plan | 0 | 0 | 0 |
Options granted | (24,384,690) | (30,480,145) | (25,628,600) |
Forfeited/lapsed | 2,662,442 | 2,701,890 | 2,926,850 |
Options available to be granted, end of period | 32,491,917 | 54,214,165 | 81,992,420 |
Summary Of Activity in the RSU's outstanding under the various Employees' Stock Incentive Master Scheme (Detail) - Restricted Stock Units (RSUs) [Member] - Employee Stock Incentive Master Scheme Two Thousand And Twenty Two [Member] - shares |
12 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disclosure In Tabular Form Of Movement In Restricted Stock Units One [Line Items] | ||
Options available to be granted, beginning of period | 97,109,000 | 0 |
Equity shares allocated for grant under the scheme | 0 | 100,000,000 |
RSUs granted | (9,354,224) | (2,891,000) |
Forfeited/lapsed | 206,800 | 0 |
Options available to be granted, end of period | 87,961,576 | 97,109,000 |
Activity in Options Outstanding under Employee Stock Option Scheme, Employees Stock Option Schemes (Detail) - Employee Stock Option - INR (₨) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Options | |||
Options outstanding, beginning of period | 151,682,461 | 158,106,016 | 168,168,760 |
Addition on account of eHDFC merger | ₨ 48,559,681 | ₨ 0 | ₨ 0 |
Granted | 24,384,690 | 30,480,145 | 25,628,600 |
Exercised | (46,304,966) | (34,201,810) | (32,764,494) |
Forfeited | (2,198,002) | (2,175,700) | (2,639,100) |
Lapsed | (464,440) | (526,190) | (287,750) |
Options outstanding, end of period | 175,659,424 | 151,682,461 | 158,106,016 |
Options exercisable, end of period | 98,829,856 | 65,124,916 | 65,321,116 |
Weighted Average Exercise Price | |||
Options outstanding, beginning of period | ₨ 1,264.86 | ₨ 1,175.65 | ₨ 1,063.79 |
Addition on account of eHDFC merger | 1,124.77 | 0 | 0 |
Granted | 1,611.84 | 1,425.69 | 1,427.29 |
Exercised | 1,133.72 | 998.73 | 796.52 |
Forfeited | 1,363.8 | 1,274.53 | 1,231.84 |
Lapsed | 1,151.88 | 1,033.65 | 870.34 |
Options outstanding, end of period | 1,307.93 | 1,264.86 | 1,175.65 |
Options exercisable, end of period | 1,201.65 | 1,162.96 | 1,036.49 |
Weighted average fair value of options granted during the year | ₨ 607.28 | ₨ 548.11 | ₨ 415.12 |
Activity in the RSU's outstanding under the various Employees' Stock Incentive Master Scheme (Detail) - Restricted Stock Units (RSUs) [Member] - ₨ / shares |
12 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Schedule of Restricted Stock Shares Activity [Line Items] | ||
Weighted average fair value of RSUs granted during the year | ₨ 1 | |
Employee Stock Incentive Master Scheme Two Thousand And Twenty Two [Member] | ||
Schedule of Restricted Stock Shares Activity [Line Items] | ||
RSUs outstanding, beginning of period | 2,891,000 | 0 |
Granted | 9,354,224 | 2,891,000 |
Exercised | (316,620) | 0 |
Forfeited | (203,500) | 0 |
Lapsed | (3,300) | 0 |
RSUs outstanding, end of period | 11,721,804 | 2,891,000 |
RSUs exercisable, end of period | 376,070 | 0 |
RSUs outstanding, beginning of period | ₨ 1 | ₨ 0 |
Granted | 1 | 1 |
Exercised | 1 | 0 |
Forfeited | 1 | 0 |
Lapsed | 1 | |
RSUs outstanding, end of period | 1 | 1 |
RSUs exercisable, end of period | 1 | |
Weighted average fair value of RSUs granted during the year | ₨ 1,565.43 | ₨ 1,382.34 |
Stock Options Outstanding, Employees Stock Option Schemes (Detail) - Employee Stock Option |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
₨ / shares
shares
|
Mar. 31, 2024
₨ / shares
$ / shares
shares
|
Mar. 31, 2023
₨ / shares
shares
|
Mar. 31, 2022
₨ / shares
shares
|
Mar. 31, 2021
₨ / shares
shares
|
|
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Number Of Shares Arising Out Of Options | shares | 175,659,424 | 175,659,424 | 151,682,461 | 158,106,016 | 168,168,760 |
Weighted Average Exercise Price | ₨ / shares | ₨ 1,307.93 | ₨ 1,307.93 | ₨ 1,264.86 | ₨ 1,175.65 | ₨ 1,063.79 |
Plan "E" | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Range of exercise price | (per share) | ₨ 1,636.9 | ₨ 19.64 | |||
Number Of Shares Arising Out Of Options | shares | 5,075,360 | 5,075,360 | |||
Weighted Average Remaining Life | 5 years 11 months 1 day | 5 years 11 months 1 day | |||
Weighted Average Exercise Price | ₨ / shares | ₨ 1,636.9 | ₨ 1,636.9 | |||
Plan "F" | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Range of exercise price, Lower Range | (per share) | 716.6 | ₨ 8.6 | |||
Range of exercise price, Upper Range | (per share) | ₨ 1,636.9 | ₨ 19.64 | |||
Number Of Shares Arising Out Of Options | shares | 15,551,708 | 15,551,708 | |||
Weighted Average Remaining Life | 4 years 10 months 2 days | 4 years 10 months 2 days | |||
Weighted Average Exercise Price | ₨ / shares | ₨ 1,458.3 | ₨ 1,458.3 | |||
Plan "G" | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Range of exercise price, Lower Range | (per share) | 882.85 | ₨ 10.59 | |||
Range of exercise price, Upper Range | (per share) | ₨ 1,673.1 | ₨ 20.08 | |||
Number Of Shares Arising Out Of Options | shares | 115,413,810 | 115,413,810 | |||
Weighted Average Remaining Life | 2 years 7 months 28 days | 2 years 7 months 28 days | |||
Weighted Average Exercise Price | ₨ / shares | ₨ 1,333.8 | ₨ 1,333.8 | |||
eHDFC [Member] | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Range of exercise price, Lower Range | (per share) | 160.79 | ₨ 1.93 | |||
Range of exercise price, Upper Range | (per share) | ₨ 1,535.27 | ₨ 18.42 | |||
Number Of Shares Arising Out Of Options | shares | 39,618,546 | 39,618,546 | |||
Weighted Average Remaining Life | 3 years 5 months 23 days | 3 years 5 months 23 days | |||
Weighted Average Exercise Price | ₨ / shares | ₨ 1,131.5 | ₨ 1,131.5 |
RSUs outstanding, Employees Stock Incentive Master Scheme (Detail) - Restricted Stock Units (RSUs) [Member] - Employee Stock Incentive Master Scheme Two Thousand And Twenty Two - ₨ / shares |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share Based Payment Arrangement Equity Instruments Other Than Options Exercise Price Range [Line Items] | |||
Number of shares arising out of units | 11,721,804 | 2,891,000 | 0 |
Weighted average remaining life (years) | 2 years 7 months 24 days | ||
Weighted average exercise price | ₨ 1 |
RSUs outstanding, Employees Stock Incentive Master Scheme (Parenthetical) (Detail) - Mar. 31, 2024 |
₨ / shares |
$ / shares |
---|---|---|
Restricted Stock Units (RSUs) [Member] | Employee Stock Incentive Master Scheme Two Thousand And Twenty Two | ||
Share Based Payment Arrangement Equity Instruments Other Than Options Exercise Price Range [Line Items] | ||
Share based compensation by share based award equity instruments other than options exercise price per share lower limit | (per share) | ₨ 1 | $ 0 |
Retirement Benefits - Additional Information (Detail) ₨ in Thousands, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, expected contribution to the plan for the next fiscal year | ₨ 1,746,900 | |||
Defined benefit plan, accumulated benefit obligation | 12,858,700 | ₨ 8,294,700 | ||
Defined contribution plan, employer contribution recognized as an expense | ₨ 11,683,900 | 8,238,200 | ₨ 6,844,700 | |
Superannuation | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer annual contribution as a percentage of eligible annual salary | 13.00% | 13.00% | ||
Defined contribution plan, employer contribution recognized as an expense | ₨ 3,106,600 | 2,322,000 | 1,795,300 | |
Superannuation | Managing Director, Executive Directors and for certain employees of CBoP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer annual contribution as a percentage of eligible annual salary | 15.00% | 15.00% | ||
Provident Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer annual contribution as a percentage of eligible annual salary | 12.00% | 12.00% | ||
Provident Fund Administered by Regional Provident Fund Commissioner | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan - contribution to Pension Scheme administered by Regional Provident Fund Commissioner, percentage considered - lower of the percentage of employees eligible salary or fixed amount | 8.33% | 8.33% | ||
Provident Fund Administered by Regional Provident Fund Commissioner | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | ₨ 15 | |||
National Pension Scheme [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer contribution recognized as an expense | ₨ 161,600 | 78,000 | ₨ 57,200 | |
Gratuity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, number of days of eligible salary payable for each completed year of service | 15 days | 15 days | ||
Defined benefit plan, vesting period | 15 years | 15 years | ||
Employer contributions | ₨ 717,900 | $ 8.6 | 1,735,300 | |
Gratuity | Vested accumulated benefit obligation | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, accumulated benefit obligation | 11,691,600 | 7,519,800 | ||
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, expected contribution to the plan for the next fiscal year | 73,300 | |||
Defined benefit plan, accumulated benefit obligation | 637,600 | 528,600 | ||
Employer contributions | ₨ 241,700 | $ 2.9 | 111,800 | |
Defined benefit plan minimum service period needed for annuity offer | 15 years | 15 years | ||
Pension | Centurion Bank of Punjab Limited | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, employer contribution as a percentage of basic salary | 10.00% | 10.00% | ||
Pension | Centurion Bank of Punjab Limited | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan, Service period of employees for whom contribution made stand frozen and will be converted into an annuity on separation | 10 years | 10 years | ||
Pension | Centurion Bank of Punjab Limited | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan, Service period of employees for whom contribution made stand frozen and will be converted into an annuity on separation | 15 years | 15 years | ||
Pension | Vested accumulated benefit obligation | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, accumulated benefit obligation | ₨ 352,400 | ₨ 527,500 |
Funded Status of Gratuity Plan and Amounts Recognized in Bank's Financial Statements (Detail) - Gratuity ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Change in benefit obligations: | |||||
Projected benefit obligation ("PBO"), beginning of the period | ₨ 11,491.6 | $ 137.9 | ₨ 10,688.7 | ||
On merger of eHDFC | 5,421.2 | 65.0 | 0.0 | ||
Service cost | 1,968.8 | 23.6 | 1,398.6 | ₨ 1,268.0 | |
Interest cost | 981.3 | 11.8 | 773.4 | 631.2 | |
Actuarial(gains)/ losses | (303.0) | (3.6) | (252.4) | ||
Benefits paid | (1,968.0) | (23.6) | (1,116.7) | ||
Projected benefit obligation, end of the period | 17,591.9 | 211.1 | 11,491.6 | 10,688.7 | |
Change in plan assets: | |||||
Fair value of plan assets, beginning of the period | 10,916.1 | 131.0 | 10,019.3 | ||
Fair value of plan assets - Addition on account of acquisition of HDFC Ltd | 5,121.2 | 61.4 | |||
Expected return on plan assets | 1,036.1 | 12.4 | 668.2 | 574.1 | |
Actuarial gains/(losses) | 2,893.5 | 34.7 | (390.0) | ||
Actual return on plan assets | 3,929.6 | 47.1 | 278.2 | ||
Employer contributions | 717.9 | 8.6 | 1,735.3 | ||
Benefits paid | (1,733.0) | (20.8) | (1,116.7) | ||
Fair value of plan assets, end of the period | 18,951.8 | $ 227.3 | 10,916.1 | ₨ 10,019.3 | |
Funded Status | ₨ 1,359.9 | ₨ (575.5) | $ 16.2 |
Net Gratuity Cost (Detail) - Gratuity ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ₨ 1,968.8 | $ 23.6 | ₨ 1,398.6 | ₨ 1,268.0 |
Interest cost | 981.3 | 11.8 | 773.4 | 631.2 |
Expected return on plan assets | (1,036.1) | (12.4) | (668.2) | (574.1) |
Actuarial (gains)/losses | (3,196.5) | (38.4) | 137.6 | (497.7) |
Net gratuity cost | ₨ (1,282.5) | $ (15.4) | ₨ 1,641.4 | ₨ 827.4 |
Assumptions Used in Accounting for Gratuity Plan (Detail) - Gratuity |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate - benefit obligations | [1] | 7.20% | 5.10% | 5.10% | |
Discount rate - net periodic benefit cost | [1] | 7.20% | 5.10% | 5.10% | |
Rate of increase in compensation levels of covered employees | 3.00% | 6.00% | 6.00% | ||
Rate of return on plan assets | 6.50% | 5.10% | 5.10% | ||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate - benefit obligations | [1] | 8.30% | 7.90% | 7.30% | |
Discount rate - net periodic benefit cost | [1] | 8.30% | 7.90% | 7.30% | |
Rate of increase in compensation levels of covered employees | 15.00% | 11.00% | 11.00% | ||
Rate of return on plan assets | 7.40% | 7.20% | 7.00% | ||
|
Benefit Payments, Gratuity (Detail) - Gratuity ₨ in Millions |
Mar. 31, 2024
INR (₨)
|
---|---|
Benefit payments | |
2025 | ₨ 2,261.8 |
2026 | 1,718.4 |
2027 | 1,575.0 |
2028 | 1,497.5 |
2029 | 1,384.2 |
2030 - 2034 | ₨ 6,572.2 |
Plan Assets as Percentage of Total Funds (Detail) - Gratuity |
Mar. 31, 2024 |
---|---|
Funds managed by insurance company (1) | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 100.00% |
Funds managed by insurance company (1) | Government Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 77.20% |
Funds managed by insurance company (1) | Debenture and bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 4.50% |
Funds managed by insurance company (1) | Equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 10.30% |
Funds managed by insurance company (1) | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 8.00% |
Funds managed by insurance company (2) | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 100.00% |
Funds managed by insurance company (2) | Government Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 46.90% |
Funds managed by insurance company (2) | Debenture and bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 12.90% |
Funds managed by insurance company (2) | Equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 39.20% |
Funds managed by insurance company (2) | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 1.00% |
Funds managed by trust | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 100.00% |
Funds managed by trust | Government Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 45.60% |
Funds managed by trust | Debenture and bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 32.80% |
Funds managed by trust | Equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 15.60% |
Funds managed by trust | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan asset as percentage of total funds | 6.00% |
Funded Status of Pension Plan and Amounts Recognized in Bank's Financial Statements (Detail) - Pension ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Change in benefit obligations: | |||||
Projected benefit obligation ("PBO"), beginning of the period | ₨ 1,018.0 | $ 12.2 | ₨ 840.9 | ||
Plan amendment (prior service cost) | 0.0 | 0.0 | 0.0 | ||
Service cost | 16.0 | 0.2 | 18.5 | ||
Interest cost | 76.4 | 0.9 | 57.3 | ₨ 55.8 | |
Actuarial (gains)/losses | (24.6) | (0.3) | 221.4 | ||
Benefits paid | (98.5) | (1.2) | (120.1) | ||
Projected benefit obligation, end of the period | 987.3 | 11.8 | 1,018.0 | 840.9 | |
Change in plan assets: | |||||
Fair value of plan assets, beginning of the period | 3.0 | 0.0 | 8.7 | ||
Expected return on plan assets | 6.5 | 0.1 | 0.4 | 0.4 | |
Actuarial gains/(losses) | 8.8 | 0.1 | 2.2 | ||
Actual return on plan assets | 15.3 | 0.2 | 2.6 | ||
Employer contributions | 241.7 | 2.9 | 111.8 | ||
Benefits paid | (98.5) | (1.2) | (120.1) | ||
Fair value of plan assets, end of the period | 161.5 | $ 1.9 | 3.0 | ₨ 8.7 | |
Funded Status | ₨ (825.8) | ₨ (1,015.0) | $ (9.9) |
Net Pension Cost (Detail) - Pension ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ₨ 16.0 | $ 0.2 | ₨ 18.5 | ₨ 93.0 |
Interest cost | 76.4 | 0.9 | 57.3 | 55.8 |
Expected return on plan assets | (6.5) | (0.1) | (0.4) | (0.4) |
Actuarial (gains)/losses | (33.4) | (0.4) | 219.2 | 32.1 |
Net pension cost | ₨ 52.5 | $ 0.6 | ₨ 294.6 | ₨ 180.5 |
Assumptions Used in Accounting for Pension Plan (Detail) - Pension |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate - net periodic benefit cost | [1] | 7.70% | 7.90% | 7.30% | |
Rate of increase in compensation levels of covered employees | 7.00% | 10.00% | 7.00% | ||
Rate of return on plan assets | 6.50% | 6.50% | 6.50% | ||
|
Benefit Payments, Pension (Detail) - Pension ₨ in Millions |
Mar. 31, 2024
INR (₨)
|
---|---|
Benefit payments | |
2025 | ₨ 94.9 |
2026 | 72.1 |
2027 | 80.3 |
2028 | 81.8 |
2029 | 76.8 |
2030 - 2034 | ₨ 756.9 |
Weighted-Average Asset Allocation of Said Plan Assets for Pension Benefits (Detail) - Pension |
Mar. 31, 2024 |
---|---|
Funds managed by trust | |
Weighted-average asset allocation | 100.00% |
Government Securities | |
Funds managed by trust | |
Weighted-average asset allocation | 89.60% |
Debenture and bonds | |
Funds managed by trust | |
Weighted-average asset allocation | 10.40% |
Other | |
Funds managed by trust | |
Weighted-average asset allocation | 0.00% |
Plan Investment Assets for Gratuity Funds and Pension Fund Measured at Fair Value by Level and in Total (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | ₨ 581.9 | $ 7.0 | ₨ 109.6 |
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Funds managed by insurance company (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Funds managed by insurance company (2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Government Securities Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Debenture and Bonds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Other Funds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 581.9 | 109.6 | |
Fair Value Measurements Using Significant other observable inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 17,672.3 | 212.1 | 9,945.0 |
Fair Value Measurements Using Significant other observable inputs (Level 2) | Funds managed by insurance company (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Significant other observable inputs (Level 2) | Funds managed by insurance company (2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 14,478.3 | 9,829.4 | |
Fair Value Measurements Using Significant other observable inputs (Level 2) | Government Securities Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 1,792.6 | 60.8 | |
Fair Value Measurements Using Significant other observable inputs (Level 2) | Debenture and Bonds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 1,200.9 | 54.8 | |
Fair Value Measurements Using Significant other observable inputs (Level 2) | Other Funds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 200.5 | 0.0 | |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 859.1 | $ 10.4 | 864.5 |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Funds managed by insurance company (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 859.1 | 864.5 | |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Funds managed by insurance company (2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Government Securities Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Debenture and Bonds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | 0.0 | 0.0 | |
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Other Funds Managed by Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan investment assets at fair value | ₨ 0.0 | ₨ 0.0 |
Reconciliation of All Plan Investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) - Plan investment funds managed by insurance companies ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | ₨ 864.5 | $ 10.4 | ₨ 779.8 |
On merger of eHDFC | 25.1 | 0.3 | 0.0 |
Realized interest credited to fund | 64.0 | 0.8 | 54.8 |
Contribution during the period | 70.9 | 0.9 | 148.6 |
Amount paid towards claim | (165.4) | (2.0) | (118.7) |
Ending Balance | ₨ 859.1 | $ 10.4 | ₨ 864.5 |
Aggregate Notional Principal Amounts of Bank's Outstanding Forward Exchange and Derivative Contracts (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Derivatives, Fair Value [Line Items] | |||
Notional | ₨ 21,269,897.6 | $ 255,218.3 | ₨ 15,796,689.0 |
Gross Assets | 109,038.5 | 1,308.4 | 121,749.4 |
Gross Liabilities | 109,409.9 | 1,312.8 | 98,783.5 |
Net Fair Value | (371.4) | (4.4) | 22,965.9 |
Interest rate derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 7,834,342.2 | 94,004.6 | 5,974,019.2 |
Gross Assets | 53,970.3 | 41,148.2 | |
Gross Liabilities | 63,112.8 | 36,627.4 | |
Net Fair Value | (9,142.5) | (109.7) | 4,520.8 |
Forward rate agreements | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 592,414.5 | 7,108.4 | 140,693.0 |
Gross Assets | 10,071.3 | 1,848.4 | |
Gross Liabilities | 4,514.9 | 541.4 | |
Net Fair Value | 5,556.4 | 66.7 | 1,307.0 |
Currency options | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 223,904.8 | 2,686.6 | 257,641.1 |
Gross Assets | 588.1 | 1,402.4 | |
Gross Liabilities | 873.2 | 1,578.3 | |
Net Fair Value | (285.1) | (3.4) | (175.9) |
Currency swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 493,708.2 | 5,924.0 | 372,114.3 |
Gross Assets | 11,754.5 | 21,753.7 | |
Gross Liabilities | 4,440.2 | 7,213.4 | |
Net Fair Value | 7,314.3 | 87.8 | 14,540.3 |
Forward exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional | 12,125,527.9 | 145,494.7 | 9,052,221.4 |
Gross Assets | 32,654.3 | 55,596.7 | |
Gross Liabilities | 36,468.8 | 52,823.0 | |
Net Fair Value | ₨ (3,814.5) | $ (45.8) | ₨ 2,773.7 |
Information Related to Derivative Amounts Recognized in Income (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | ₨ 18,558.5 | $ 222.7 | ₨ 15,366.1 | ₨ 1,422.0 |
Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | 1,762.6 | 21.2 | 5,921.5 | 3,207.7 |
Forward rate agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | 2,089.6 | 25.1 | (2.0) | 1,374.1 |
Currency options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | 194.0 | 2.3 | 1,200.3 | 167.3 |
Currency swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | 10,242.9 | 122.9 | 1,609.1 | (1,682.0) |
Forward exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives gain/(loss), net | ₨ 4,269.4 | $ 51.2 | ₨ 6,637.2 | ₨ (1,645.1) |
Amounts Subject to Enforceable Netting Arrangements (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
||
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Derivative assets, gross amounts | ₨ 109,038.5 | $ 1,308.4 | ₨ 121,749.4 | ||
Derivative assets, amounts offset | 0.0 | 0.0 | |||
Derivative assets, net amounts reported in the balance sheet | 109,038.5 | 121,749.4 | |||
Derivative assets, financial instruments | 58,377.4 | 73,045.2 | |||
Derivative assets, financial collateral | [1] | 15,690.4 | 19,402.2 | ||
Derivative assets, net amount | 34,970.7 | 419.6 | 29,302.0 | ||
Securities purchased under agreements to resell, gross amounts | 34,178.3 | 410.1 | 455,275.4 | ||
Securities purchased under agreements to resell, amounts offset | 0.0 | 0.0 | |||
Securities purchased under agreements to resell, net amounts reported in the balance sheet | 34,178.3 | 455,275.4 | |||
Securities purchased under agreements to resell, financial instruments | 0.0 | 0.0 | |||
Securities purchased under agreements to resell, financial collateral | [1] | 34,178.3 | 455,275.4 | ||
Securities purchased under agreements to resell, net amount | 0.0 | 0.0 | 0.0 | ||
Derivative liabilities, gross amounts | 109,409.9 | 1,312.8 | 98,783.5 | ||
Derivative liabilities, amounts offset | 0.0 | 0.0 | |||
Derivative liabilities, net amounts reported in the balance sheet | 109,409.9 | 98,783.5 | |||
Derivative liabilities, financial instruments | 58,377.4 | 73,045.2 | |||
Derivative liabilities, financial collateral | [1] | 24,274.5 | 5,084.6 | ||
Derivative liabilities, net amount | 26,758.0 | 321.1 | 20,653.7 | ||
Securities sold under repurchase agreements, gross amounts | 56,541.0 | 678.4 | 0.0 | ||
Securities sold under repurchase agreements, amounts offset | 0.0 | 0.0 | |||
Securities sold under repurchase agreements, net amounts reported in the balance sheet | 56,541.0 | 0.0 | |||
Securities sold under repurchase agreements, financial instruments | 0.0 | 0.0 | |||
Securities sold under repurchase agreements, financial collateral | [1] | 56,541.0 | 0.0 | ||
Securities sold under repurchase agreements, net amount | ₨ 0.0 | $ 0.0 | 0.0 | ||
Long Term debt , gross amounts | 90,200.0 | ||||
Long Term debt , Amounts offset | 0.0 | ||||
Long Term debt ,Net amounts reported in the balance sheet | 90,200.0 | ||||
Long Term debt , Financial instruments | 0.0 | ||||
Long Term debt , Financial collateral | [1] | 90,200.0 | |||
Long Term debt , Net amount | ₨ 0.0 | ||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities | |||
|
Financial Instruments - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Financial Instruments [Line Items] | |||
Estimated fair values of bank guarantees | ₨ 10,085.1 | $ 121.0 | ₨ 7,911.1 |
Margins in the form of cash and fixed deposit available to the bank to reimburse losses realized under guarantees | 298,500.0 | 222,000.0 | |
Outstanding Undrawn commitments to provide loans and financing to customers | 1,175,500.0 | 14,100.0 | 372,300.0 |
Unconditional cancellable commitments | 9,108,600.0 | 109,300.0 | 7,273,000.0 |
Guarantees | |||
Financial Instruments [Line Items] | |||
Estimated fair values of bank guarantees | ₨ 9,066.2 | $ 108.8 | ₨ 7,041.8 |
Minimum | |||
Financial Instruments [Line Items] | |||
Remaining tenure of guarantees outstanding | one day | ||
Maximum | |||
Financial Instruments [Line Items] | |||
Remaining tenure of guarantees outstanding | 30.3 years |
Details of Guarantees and Documentary Credits Outstanding (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Guarantor Obligations [Line Items] | |||
Bank guarantees | ₨ 1,973,917.9 | $ 23,685.1 | ₨ 1,628,699.8 |
Estimated fair values of bank guarantees | (10,085.1) | (121.0) | (7,911.1) |
Financial guarantees | |||
Guarantor Obligations [Line Items] | |||
Bank guarantees | 610,381.3 | 7,324.0 | 494,191.3 |
Performance guarantees | |||
Guarantor Obligations [Line Items] | |||
Bank guarantees | 653,452.8 | 7,840.8 | 519,953.0 |
Documentary credits | |||
Guarantor Obligations [Line Items] | |||
Bank guarantees | 710,083.8 | 8,520.3 | 614,555.5 |
Estimated fair values of bank guarantees | (1,018.9) | (12.2) | (869.3) |
Guarantees | |||
Guarantor Obligations [Line Items] | |||
Estimated fair values of bank guarantees | ₨ (9,066.2) | $ (108.8) | ₨ (7,041.8) |
Summary of allowance for Credit Losses included in accrued expenses and other liabilities on Off-Balance sheet credit exposures and undrawn commitments (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Schedule Of Allowance For Credit Losses OnOff BalanceSheet Credit Exposures And Undrawn Commitments [Abstract] | |||
Allowance for credit losses, beginning of the period | ₨ 5,818.7 | $ 69.8 | ₨ 6,087.6 |
Net provision for credit exposures | 1,421.8 | 17.1 | (268.9) |
Allowance for credit losses, end of the period | ₨ 7,240.5 | $ 86.9 | ₨ 5,818.7 |
Comparison of Fair Value and Carrying Value of Financial Instruments (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2023
INR (₨)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2021
INR (₨)
|
||
---|---|---|---|---|---|---|---|---|---|---|
Financial Assets: | ||||||||||
Cash and due from banks, and restricted cash | ₨ 2,086,031.4 | $ 25,030.4 | ₨ 1,387,395.2 | $ 16,647.4 | ₨ 1,122,031.1 | ₨ 930,694.7 | ||||
Investments held for trading | 461,245.3 | 5,534.5 | 135,831.1 | |||||||
Investments available for sale debt securities | 8,295,487.1 | 99,537.9 | 4,878,844.0 | |||||||
Securities purchased under agreements to resell | 34,178.3 | 410.1 | 455,275.4 | |||||||
Loans | 26,335,700.9 | 316,003.1 | 17,052,927.9 | |||||||
Accrued interest receivable | 249,644.5 | 2,995.5 | 186,091.2 | |||||||
Separate account assets | 955,416.3 | 11,464.1 | 0.0 | |||||||
Other assets | 1,942,177.5 | 23,304.3 | 1,292,086.7 | |||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 20,688,406.2 | 248,241.0 | 16,097,459.3 | |||||||
Non-interest-bearingdeposits | 3,079,829.4 | 36,955.0 | 2,729,176.3 | |||||||
Securities sold under repurchase agreements | 56,541.0 | 678.4 | 0.0 | |||||||
Short-term borrowings | 1,313,737.1 | 15,763.6 | 1,089,897.5 | |||||||
Accrued interest payable | 238,638.8 | 2,863.4 | 112,463.2 | |||||||
Long-term debt | 6,648,772.0 | 79,778.9 | 2,054,436.4 | |||||||
Accrued expenses and other liabilities | 690,851.5 | 8,289.6 | 567,643.6 | |||||||
Separate account liabilities | 955,416.3 | 11,464.1 | ₨ 857,528.7 | $ 10,289.5 | 0.0 | |||||
Liabilities on policies in force | [1] | 55,544.1 | 666.5 | 0.0 | ||||||
Financial Assets: | ||||||||||
Cash and due from banks, and restricted cash | 2,086,031.4 | 25,030.4 | 1,387,395.2 | |||||||
Investments held for trading | 461,245.3 | 5,534.5 | 135,831.1 | |||||||
Investments available for sale debt securities | 8,295,487.1 | 99,537.9 | 4,878,844.0 | |||||||
Securities purchased under agreements to resell | 34,178.3 | 410.1 | 455,275.4 | |||||||
Loans | 26,413,971.9 | 316,942.3 | 17,165,284.8 | |||||||
Accrued interest receivable | 249,644.5 | 2,995.5 | 186,091.2 | |||||||
Separate account assets | 955,416.3 | 11,464.1 | 0.0 | |||||||
Other assets | 1,939,683.8 | 23,274.3 | 1,289,842.7 | |||||||
Financial Liabilities : | ||||||||||
Securities sold under repurchase agreements | 56,541.0 | 678.4 | 0.0 | |||||||
Short-term borrowings | 1,314,424.4 | 15,771.8 | 1,088,380.5 | |||||||
Accrued interest payable | 238,638.8 | 2,863.4 | 112,463.2 | |||||||
Long-term debt | 6,639,457.7 | 79,667.1 | 2,045,541.9 | |||||||
Accrued expenses and other liabilities | 690,851.5 | 8,289.6 | 567,643.6 | |||||||
Separate account liabilities | 955,416.3 | 11,464.1 | 0.0 | |||||||
Liabilities on policies in force | [1] | 55,544.1 | 666.5 | 0.0 | ||||||
Interest Bearing Deposits Liabilities | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 20,775,875.4 | 249,290.6 | 16,102,822.0 | |||||||
Non-interest-bearing deposits | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 3,079,829.4 | $ 36,955.0 | 2,729,176.3 | |||||||
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | ||||||||||
Financial Assets: | ||||||||||
Investments held for trading | 290,951.1 | 184.1 | ||||||||
Investments available for sale debt securities | 548,944.7 | 507,504.1 | ||||||||
Separate account assets | 808,309.4 | 0.0 | ||||||||
Financial Assets: | ||||||||||
Cash and due from banks, and restricted cash | 2,086,031.4 | 1,387,395.2 | ||||||||
Investments held for trading | 290,951.1 | 184.1 | ||||||||
Investments available for sale debt securities | 548,944.7 | 507,504.1 | ||||||||
Securities purchased under agreements to resell | 0.0 | 0.0 | ||||||||
Loans | 0.0 | 0.0 | ||||||||
Accrued interest receivable | 0.0 | 0.0 | ||||||||
Separate account assets | 808,309.4 | 0.0 | ||||||||
Other assets | 24,545.8 | 3,313.7 | ||||||||
Financial Liabilities : | ||||||||||
Securities sold under repurchase agreements | 0.0 | 0.0 | ||||||||
Short-term borrowings | 0.0 | 0.0 | ||||||||
Accrued interest payable | 0.0 | 0.0 | ||||||||
Long-term debt | 0.0 | 0.0 | ||||||||
Accrued expenses and other liabilities | 0.0 | 0.0 | ||||||||
Separate account liabilities | 0.0 | 0.0 | ||||||||
Liabilities on policies in force | [1] | 0.0 | 0.0 | |||||||
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest Bearing Deposits Liabilities | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 0.0 | 0.0 | ||||||||
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | Non-interest-bearing deposits | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 0.0 | 0.0 | ||||||||
Fair Value Measurements Using Significant other observable inputs (Level 2) | ||||||||||
Financial Assets: | ||||||||||
Investments held for trading | 148,296.2 | 135,647.0 | ||||||||
Investments available for sale debt securities | 7,608,007.7 | 4,222,904.3 | ||||||||
Separate account assets | 147,106.9 | 0.0 | ||||||||
Financial Assets: | ||||||||||
Cash and due from banks, and restricted cash | 0.0 | 0.0 | ||||||||
Investments held for trading | 148,296.2 | 135,647.0 | ||||||||
Investments available for sale debt securities | 7,608,007.7 | 4,222,904.3 | ||||||||
Securities purchased under agreements to resell | 34,178.3 | 455,275.4 | ||||||||
Loans | 4,988,245.6 | 4,138,188.7 | ||||||||
Accrued interest receivable | 249,592.0 | 186,091.2 | ||||||||
Separate account assets | 147,106.9 | 0.0 | ||||||||
Other assets | 1,913,303.2 | 1,286,529.0 | ||||||||
Financial Liabilities : | ||||||||||
Securities sold under repurchase agreements | 56,541.0 | 0.0 | ||||||||
Short-term borrowings | 1,314,424.4 | 1,088,380.5 | ||||||||
Accrued interest payable | 238,638.8 | 112,463.2 | ||||||||
Long-term debt | 6,639,457.7 | 2,045,541.9 | ||||||||
Accrued expenses and other liabilities | 688,513.7 | 567,643.6 | ||||||||
Separate account liabilities | 955,416.3 | 0.0 | ||||||||
Liabilities on policies in force | [1] | 55,544.1 | 0.0 | |||||||
Fair Value Measurements Using Significant other observable inputs (Level 2) | Interest Bearing Deposits Liabilities | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 20,775,875.4 | 16,102,822.0 | ||||||||
Fair Value Measurements Using Significant other observable inputs (Level 2) | Non-interest-bearing deposits | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 3,079,829.4 | 2,729,176.3 | ||||||||
Fair Value Measurements Using Significant unobservable inputs (Level 3) | ||||||||||
Financial Assets: | ||||||||||
Investments held for trading | 21,998.0 | 0.0 | ||||||||
Investments available for sale debt securities | 138,534.7 | 148,435.6 | ||||||||
Separate account assets | 0.0 | 0.0 | ||||||||
Financial Assets: | ||||||||||
Cash and due from banks, and restricted cash | 0.0 | 0.0 | ||||||||
Investments held for trading | 21,998.0 | 0.0 | ||||||||
Investments available for sale debt securities | 138,534.7 | 148,435.6 | ||||||||
Securities purchased under agreements to resell | 0.0 | 0.0 | ||||||||
Loans | 21,425,726.3 | 13,027,096.1 | ||||||||
Accrued interest receivable | 52.5 | 0.0 | ||||||||
Separate account assets | 0.0 | 0.0 | ||||||||
Other assets | 1,834.8 | 0.0 | ||||||||
Financial Liabilities : | ||||||||||
Securities sold under repurchase agreements | 0.0 | 0.0 | ||||||||
Short-term borrowings | 0.0 | 0.0 | ||||||||
Accrued interest payable | 0.0 | 0.0 | ||||||||
Long-term debt | 0.0 | 0.0 | ||||||||
Accrued expenses and other liabilities | 2,337.8 | 0.0 | ||||||||
Separate account liabilities | 0.0 | 0.0 | ||||||||
Liabilities on policies in force | [1] | 0.0 | 0.0 | |||||||
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Interest Bearing Deposits Liabilities | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | 0.0 | 0.0 | ||||||||
Fair Value Measurements Using Significant unobservable inputs (Level 3) | Non-interest-bearing deposits | ||||||||||
Financial Liabilities : | ||||||||||
Interest-bearing deposits | ₨ 0.0 | ₨ 0.0 | ||||||||
|
Segment Information - Additional Information (Detail) |
12 Months Ended |
---|---|
Mar. 31, 2024
Segment
| |
Reportable segments | 5 |
Summarized Segment Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | ₨ 1,248,003.4 | $ 14,974.9 | ₨ 913,988.5 | ₨ 748,839.5 | |
Less: Provision for credit losses | 133,063.1 | 1,596.6 | 74,213.8 | 126,979.5 | |
Net interest revenue, after provision for credit losses | 1,114,940.3 | 13,378.3 | 839,774.7 | 621,860.0 | |
Non-interest revenue | 738,930.9 | 8,866.5 | 291,386.5 | 270,574.2 | |
Non-interest expense | (1,148,412.2) | (13,779.8) | (468,779.4) | (373,272.0) | |
Income before income tax expense | 705,459.0 | 8,465.0 | 662,381.8 | 519,162.2 | |
Income tax expense | 77,827.1 | 933.9 | 166,117.4 | 132,559.2 | |
Segment assets: | |||||
Segment total assets | 44,118,573.0 | 25,755,624.0 | 21,113,705.5 | $ 529,380.6 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 1,248,003.4 | 14,974.9 | 913,988.5 | 748,839.5 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 0.0 | $ 0.0 | 0.0 | 0.0 | |
Retail Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 802,998.2 | 643,295.7 | 559,824.2 | ||
Less: Provision for credit losses | 118,900.0 | 86,920.2 | 122,622.6 | ||
Net interest revenue, after provision for credit losses | 684,098.2 | 556,375.5 | 437,201.6 | ||
Non-interest revenue | 276,151.7 | 252,576.6 | 203,468.5 | ||
Non-interest expense | (548,753.1) | (432,689.9) | (345,321.5) | ||
Income before income tax expense | 411,496.8 | 376,262.2 | 295,348.6 | ||
Segment assets: | |||||
Segment total assets | 23,256,928.8 | 13,599,750.2 | 11,384,802.9 | ||
Retail Banking | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 624,203.3 | 474,489.5 | 418,823.0 | ||
Retail Banking | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 178,794.9 | 168,806.2 | 141,001.2 | ||
Wholesale Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 315,667.6 | 250,954.1 | 184,355.0 | ||
Less: Provision for credit losses | 14,163.1 | (12,706.4) | 4,356.9 | ||
Net interest revenue, after provision for credit losses | 301,504.5 | 263,660.5 | 179,998.1 | ||
Non-interest revenue | 24,303.9 | 42,286.9 | 55,813.2 | ||
Non-interest expense | (84,735.1) | (34,261.7) | (25,544.1) | ||
Income before income tax expense | 241,073.3 | 271,685.7 | 210,267.2 | ||
Segment assets: | |||||
Segment total assets | 13,133,744.0 | 9,274,409.1 | 8,106,671.0 | ||
Wholesale Banking | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 249,868.7 | 367,857.6 | 297,694.0 | ||
Wholesale Banking | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 65,798.9 | (116,903.5) | (113,339.0) | ||
Treasury Services | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 20,712.9 | 19,738.7 | 4,660.3 | ||
Less: Provision for credit losses | 0.0 | 0.0 | 0.0 | ||
Net interest revenue, after provision for credit losses | 20,712.9 | 19,738.7 | 4,660.3 | ||
Non-interest revenue | 11,784.3 | (3,477.0) | 11,292.5 | ||
Non-interest expense | (6,278.2) | (1,827.8) | (2,406.4) | ||
Income before income tax expense | 26,219.0 | 14,433.9 | 13,546.4 | ||
Segment assets: | |||||
Segment total assets | 2,731,823.5 | 2,881,464.7 | 1,622,231.6 | ||
Treasury Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 265,306.7 | 71,641.4 | 32,322.5 | ||
Treasury Services | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | (244,593.8) | ₨ (51,902.7) | ₨ (27,662.2) | ||
Insurance Services | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 86,474.6 | ||||
Less: Provision for credit losses | 0.0 | ||||
Net interest revenue, after provision for credit losses | 86,474.6 | ||||
Non-interest revenue | 418,250.0 | ||||
Non-interest expense | (493,763.8) | ||||
Income before income tax expense | 10,960.8 | ||||
Segment assets: | |||||
Segment total assets | 4,387,398.1 | ||||
Insurance Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 86,474.6 | ||||
Insurance Services | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 0.0 | ||||
Others | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 22,150.1 | ||||
Less: Provision for credit losses | 0.0 | ||||
Net interest revenue, after provision for credit losses | 22,150.1 | ||||
Non-interest revenue | 8,441.0 | ||||
Non-interest expense | (14,882.0) | ||||
Income before income tax expense | 15,709.1 | ||||
Segment assets: | |||||
Segment total assets | 608,678.6 | ||||
Others | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | 22,150.1 | ||||
Others | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income/(expense) | ₨ 0.0 |
Commitments and Contingencies - Additional Information (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Loss Contingencies [Line Items] | ||||
Capital commitments, estimated amounts of contracts remaining to be executed on the capital account | ₨ 45,346.5 | ₨ 25,666.0 | ||
Additional operating lease commitments with leases which have not yet commenced | 1,002.6 | |||
Operating lease expense | ₨ 25,447.4 | $ 305.3 | 16,164.9 | ₨ 14,295.7 |
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Additional operating lease commitments with leases which have not yet commenced, lease term | 2 years | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Additional operating lease commitments with leases which have not yet commenced, lease term | 21 years | |||
Indirect Taxes And Other Claims | ||||
Loss Contingencies [Line Items] | ||||
Contingencies, estimated possible loss | ₨ 38,498.3 | ₨ 9,456.9 |
Summary Of Operating Lease Right Of Use Assets And Lease Liability (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Right-of-use assets | ₨ 121,302.5 | $ 1,455.5 | ₨ 89,989.3 |
Lease liabilities | ₨ 131,043.0 | $ 1,572.4 | ₨ 97,658.9 |
Rental Expenses and Sub-Lease Income (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Operating Leased Assets [Line Items] | ||||
The total minimum lease expense during the year recognized in the consolidated statement of income | ₨ 23,245.5 | $ 278.9 | ₨ 17,591.4 | ₨ 13,866.6 |
Future Minimum Lease Payments (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Operating Leased Assets [Line Items] | |||
2025 | ₨ 20,541.8 | $ 246.5 | |
2026 | 20,162.6 | 241.9 | |
2027 | 19,678.9 | 236.1 | |
2028 | 18,817.6 | 225.8 | |
2029 | 17,610.2 | 211.3 | |
Thereafter | 86,273.8 | 1,035.2 | |
Total lease payments | 183,084.9 | 2,196.8 | |
Less: imputed interest | 52,041.9 | 624.4 | |
Total operating lease liabilities | ₨ 131,043.0 | $ 1,572.4 | ₨ 97,658.9 |
Weighted average remaining lease term (in years) | 10 years 2 months 12 days | 10 years 2 months 12 days | |
Weighted average discount rate | 7.25% | 7.25% |
Movement in Provision for Credit Card and Debit Card Reward Points (Detail) - Debit and Credit Cards Reward Points ₨ in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
|
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Opening provision of reward points | ₨ 6,963.2 | $ 83.6 | ₨ 6,359.1 |
Provision made during the year | 7,921.1 | 95.0 | 5,537.3 |
Utilization/write back of provision | (6,248.8) | (75.0) | (4,901.3) |
Closing provision of reward points | 8,635.5 | 103.6 | 6,963.2 |
Change in Rate of Accrual of Reward Points | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Effect of change in rate of accrual of reward points | ₨ 0.0 | $ 0.0 | ₨ (31.9) |
Balances Payable to Related Parties (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Related Party Transaction [Line Items] | |||
Balances in non-interest-bearing deposits | ₨ 3,079,829.4 | $ 36,955.0 | ₨ 2,729,176.3 |
Balances in interest-bearing deposits | 20,688,406.2 | 248,241.0 | 16,097,459.3 |
Principal Owner | |||
Related Party Transaction [Line Items] | |||
Balances in non-interest-bearing deposits | 0.0 | 25,637.8 | |
Balances in interest-bearing deposits | 0.0 | 1,755.1 | |
Accrued expenses and other liabilities | 0.0 | 773.5 | |
Total | 0.0 | 28,166.4 | |
Others | |||
Related Party Transaction [Line Items] | |||
Balances in non-interest-bearing deposits | 2,522.6 | 8,715.1 | |
Balances in interest-bearing deposits | 4,006.3 | 1,611.9 | |
Accrued expenses and other liabilities | 0.0 | 0.0 | |
Total | 6,528.9 | 10,327.0 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Balances in non-interest-bearing deposits | 2,522.6 | 30.3 | 34,352.9 |
Balances in interest-bearing deposits | 4,006.3 | 48.1 | 3,367.0 |
Accrued expenses and other liabilities | 0.0 | 0.0 | 773.5 |
Total | ₨ 6,528.9 | $ 78.4 | ₨ 38,493.4 |
Balances Receivable from Related Parties (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Related Party Transaction [Line Items] | |||
Total | ₨ 129,187.8 | $ 1,550.1 | ₨ 84,217.8 |
Principal Owner | |||
Related Party Transaction [Line Items] | |||
Loans | 0.0 | 0.0 | |
Other assets | 0.0 | 748.0 | |
Investments available for sale securities | 0.0 | 0.0 | |
Total | 0.0 | 748.0 | |
Others | |||
Related Party Transaction [Line Items] | |||
Loans | 34,504.5 | 7.5 | |
Other assets | 1,878.6 | 2,167.3 | |
Investments available for sale securities | 28,364.6 | 0.0 | |
Total | 64,747.7 | 2,174.8 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Loans | 34,504.5 | 414.0 | 7.5 |
Other assets | 1,878.6 | 22.5 | 2,915.3 |
Investments available for sale securities | 28,364.6 | 340.3 | 0.0 |
Total | ₨ 64,747.7 | $ 776.8 | ₨ 2,922.8 |
Related Party Transactions - Additional Information (Detail) $ in Thousands, ₨ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 01, 2023 |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
|
Related Party Transaction [Line Items] | |||||||
Purchase of investments from others | ₨ 316.7 | ₨ 256.8 | |||||
Sale of investments from others | 8,859.5 | 20,447.7 | |||||
Proceeds from issuance of long-term debt | 1,155,775.2 | $ 13,868,200 | 1,022,933.1 | ₨ 722,908.9 | |||
Dividend paid to principal owner | 86,617.1 | $ 1,039,300 | 86,394.3 | ₨ 36,239.2 | |||
Foreign exchange and derivative contracts, notional principal amount | 21,269,897.6 | 15,796,689.0 | $ 255,218,300 | ||||
Bank guarantees | 1,973,917.9 | 1,628,699.8 | 23,685,100 | ||||
Percentage of Capital Acquired through amalgamation | 100.00% | ||||||
Tier II bonds | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from issuance of long-term debt | 10,241.0 | 7,850.0 | |||||
Principal Owner | |||||||
Related Party Transaction [Line Items] | |||||||
Loans purchased from principal owner | 116,320.0 | 369,101.3 | |||||
Dividend paid to principal owner | 0.0 | 13,401.5 | |||||
Foreign exchange and derivative contracts, notional principal amount | 0.0 | 94,451.2 | |||||
Foreign exchange and derivative contracts, mark to market gains | 0.0 | 2,081.2 | |||||
Bank guarantees | 0.0 | 3.5 | |||||
Principal Owner | Property Plant and equipment | |||||||
Related Party Transaction [Line Items] | |||||||
Fixed assets purchased from related parties | 0.0 | 0.0 | |||||
Others | |||||||
Related Party Transaction [Line Items] | |||||||
Bank guarantees | 2.5 | ₨ 5.1 | |||||
HDFC ERGO [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Bank guarantees | ₨ 2.5 | $ 30 | $ 30 | ||||
Guarantee Obligations Period | 10 years | 10 years |
Significant Transactions with Related Parties Included in Determination of Net Income (Detail) ₨ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
Mar. 31, 2022
INR (₨)
|
|
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | ₨ 2,781,926.2 | $ 33,380.5 | ₨ 1,689,526.7 | ₨ 1,333,137.0 |
Interest expense-Deposits | (997,405.6) | (11,967.9) | (615,108.9) | (489,010.1) |
Related party transaction non-interest expense | (1,069,242.4) | (12,829.8) | (468,779.4) | (373,272.0) |
Interest Expenses-Others | 3,815.9 | 45.8 | 698.7 | 155.9 |
Principal Owner | ||||
Related Party Transaction [Line Items] | ||||
Interest expense-Deposits | 30.6 | (95.3) | (204.3) | |
Interest Expenses-Others | 0.0 | 0.0 | 0.0 | |
Non-interest revenue-Others | 0.0 | 0.0 | 0.0 | |
Principal Owner | Non-Interest Revenue-Fees and Commissions | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 1,670.2 | 5,888.2 | 4,639.3 | |
Principal Owner | Interest and Dividend Revenue | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 0.0 | 0.0 | 0.0 | |
Principal Owner | Non-interest expense-Administrative and other | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | (2,424.6) | (8,631.1) | (7,182.4) | |
Principal Owner | Non-interest expense-Premises and equipment | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | (0.5) | (15.6) | (19.2) | |
Others | ||||
Related Party Transaction [Line Items] | ||||
Interest expense-Deposits | 115.4 | (606.1) | (82.2) | |
Interest Expenses-Others | 514.7 | 0.0 | 0.0 | |
Non-interest revenue-Others | 78.0 | 0.0 | 0.0 | |
Others | Non-Interest Revenue-Fees and Commissions | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 8,205.3 | 26,766.6 | 22,939.5 | |
Others | Interest and Dividend Revenue | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 3,242.9 | 0.1 | 0.1 | |
Others | Non-interest expense-Administrative and other | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | (4,140.1) | (5,524.8) | (4,558.9) | |
Others | Non-interest expense-Premises and equipment | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | (1.2) | 0.0 | 0.0 | |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Interest expense-Deposits | 146.0 | 1.8 | (701.4) | (286.5) |
Interest Expenses-Others | 514.7 | 6.2 | 0.0 | 0.0 |
Non-interest revenue-Others | 78.0 | 0.9 | 0.0 | 0.0 |
Related Party | Non-Interest Revenue-Fees and Commissions | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 9,875.5 | 118.5 | 32,654.8 | 27,578.8 |
Related Party | Interest and Dividend Revenue | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction revenues | 3,242.9 | 38.9 | 0.1 | 0.1 |
Related Party | Non-interest expense-Administrative and other | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | (6,564.7) | (78.8) | (14,155.9) | (11,741.3) |
Related Party | Non-interest expense-Premises and equipment | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction non-interest expense | ₨ (1.7) | $ 0.0 | ₨ (15.6) | ₨ (19.2) |
Earnings Per Equity Share - Additional Information (Detail) - ₨ / shares |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Required transfer of after tax Indian GAAP profit to a non-distributable statutory reserve in order to pay dividends without prior RBI approval | 25.00% | ||
Dividends declared | ₨ 19 | ₨ 15.5 | |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential equity shares excluded from the calculation of diluted earnings per share, average outstanding balance | 52,921,114 | 49,152,741 | 19,064,987 |
Indian GAAP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dividend payout, description of restrictions | As per the RBI guidelines, the dividend payout cannot exceed 35% of net income as calculated under Indian GAAP. | ||
Indian GAAP [Member] | Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dividend payout, maximum pay out as a percentage of net income calculated under Indian GAAP | 35.00% |
Weighted Average Number of Equity Shares Used in Computing Earnings Per Equity Share (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | |||
Weighted average number of equity shares used in computing basic earnings per equity share | 7,079,296,055 | 5,565,620,562 | 5,533,113,800 |
Effect of potential equity shares for stock options outstanding | 28,156,373 | 21,552,766 | 30,366,023 |
Weighted average number of equity shares used in computing diluted earnings per equity share | 7,107,452,428 | 5,587,173,328 | 5,563,479,823 |
Reconciliations of Basic and Diluted Earnings Per Equity Share and Earnings per American Depositary Shares (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
₨ / shares
|
Mar. 31, 2024
$ / shares
|
Mar. 31, 2023
₨ / shares
|
Mar. 31, 2022
₨ / shares
|
|
Earnings Per Share Disclosure [Line Items] | ||||
Basic earnings per share | (per share) | ₨ 88.66 | $ 1.06 | ₨ 89.02 | ₨ 69.76 |
Effect of potential equity shares for stock options outstanding | (per share) | 0.35 | 0.01 | 0.34 | 0.38 |
Diluted earnings per share | (per share) | 88.31 | 1.05 | 88.68 | 69.38 |
Basic earnings per share | (per share) | 265.98 | 3.18 | 267.06 | 209.28 |
Diluted earnings per share | (per share) | 264.93 | 3.15 | 266.04 | 208.14 |
American Depository Shares | Stock Compensation Plan | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Effect of potential equity shares for stock options outstanding | (per share) | ₨ 1.05 | $ 0.03 | ₨ 1.02 | ₨ 1.14 |
List of Subsidiaries (Detail) |
12 Months Ended |
---|---|
Mar. 31, 2024 | |
HDB Financial Services Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | A non-deposit taking non-banking finance company |
The stake-holding of the Bank | 95.20% |
HDFC Securities Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Offers trading facilities in a range of equity, fixed income and derivative products to its clients |
The stake-holding of the Bank | 95.40% |
HDFC Life Insurance Company Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Lender of long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions |
The stake-holding of the Bank | 50.40% |
HDFC Asset Management Company Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Investment manager to HDFC Mutual Fund |
The stake-holding of the Bank | 52.50% |
HDFC Sales Private Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Strengthens the marketing and sales efforts by providing a dedicated sales force to sell home loans and other financial products, including public deposits |
The stake-holding of the Bank | 100.00% |
HDFC Capital Advisors Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Acts as an Investment Manager for Category II Alternative Investment Funds registered with Securities and Exchange Board of India |
The stake-holding of the Bank | 89.00% |
HDFC Trustee Company Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | It provides Trusteeship services to HDFC Mutual Fund |
The stake-holding of the Bank | 100.00% |
Griha Investment | |
Schedule of Equity Method Investments [Line Items] | |
Background | Acts as investment manager to HIREF International LLC (the “Fund”) and its Special Purpose Vehicles |
The stake-holding of the Bank | 100.00% |
Griha Pte Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | Private Equity Fund Manager specializing in Real Estate Private Equity Investments in India. It is registered with the Monetary Authority of Singapore as a Fund Management Company |
The stake-holding of the Bank | 100.00% |
HDFC Education and Development Services Private Limited | |
Schedule of Equity Method Investments [Line Items] | |
Background | The company is in the business of providing education management and consulting services. As directed by the RBI in connection with the Transaction, HEADS is expected to be fully divested no later than July 1, 2025 |
The stake-holding of the Bank | 100.00% |
List of Affiliates (Detail) - HDFC ERGO General Insurance Company Limited |
12 Months Ended |
---|---|
Mar. 31, 2024 | |
Equity and Non Equity Ownership Interests [Line Items] | |
Equity method investment, description of principal activities | ERGO offers a complete range of general insurance products. |
Equity method investment, ownership percentage | 50.50% |
Investments Measured at Fair Value on Recurring Basis (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | ₨ 461,245.3 | $ 5,534.5 | ₨ 135,831.1 | ||
Securities Available-for-Sale | 8,295,487.1 | 99,537.9 | 4,878,844.0 | ||
Separate Account Assets | 955,416.3 | 11,464.1 | 0.0 | ||
Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 290,951.1 | 184.1 | |||
Securities Available-for-Sale | 548,944.7 | 507,504.1 | |||
Separate Account Assets | 808,309.4 | 0.0 | |||
Fair Value Measurements Using Significant other observable inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 148,296.2 | 135,647.0 | |||
Securities Available-for-Sale | 7,608,007.7 | 4,222,904.3 | |||
Separate Account Assets | 147,106.9 | 0.0 | |||
Fair Value Measurements Using Significant unobservable inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 21,998.0 | 0.0 | |||
Securities Available-for-Sale | 138,534.7 | 148,435.6 | |||
Separate Account Assets | 0.0 | 0.0 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 461,245.3 | 135,831.1 | |||
Securities Available-for-Sale | 8,295,487.1 | 4,878,844.0 | |||
Equity securities | [1] | 71,449.1 | 19,462.6 | ||
Separate Account Assets | 955,416.3 | ||||
Total | 5,034,137.7 | ||||
Total | 9,783,597.8 | 117,393.8 | |||
Liabilities on policies in force | 237.2 | ||||
Total | 237.2 | 2.8 | |||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 290,951.1 | 184.1 | |||
Securities Available-for-Sale | 548,944.7 | 507,504.1 | |||
Equity securities | [1] | 24,545.8 | 3,313.7 | ||
Separate Account Assets | 808,309.4 | ||||
Total | 511,001.9 | ||||
Total | 1,672,751.0 | 20,071.4 | |||
Liabilities on policies in force | 0.0 | ||||
Total | 0.0 | 0.0 | |||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Significant other observable inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 148,296.2 | 135,647.0 | |||
Securities Available-for-Sale | 7,608,007.7 | 4,222,904.3 | |||
Equity securities | [1] | 46,571.0 | 16,148.9 | ||
Separate Account Assets | 147,106.9 | ||||
Total | 4,374,700.2 | ||||
Total | 7,949,981.8 | 95,392.2 | |||
Liabilities on policies in force | 237.2 | ||||
Total | 237.2 | 2.8 | |||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Significant unobservable inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading account securities | 21,998.0 | 0.0 | |||
Securities Available-for-Sale | 138,534.7 | 148,435.6 | |||
Equity securities | [1] | 332.3 | 0.0 | ||
Separate Account Assets | 0.0 | ||||
Total | ₨ 148,435.6 | ||||
Total | 160,865.0 | 1,930.2 | |||
Liabilities on policies in force | ₨ 0.0 | ||||
Total | $ | $ 0.0 | ||||
|
Information about Changes in Fair Value of Level 3 Assets (Detail) - Available-for-Sale Debt Securities - INR (₨) ₨ in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | ₨ 148,435.6 | ₨ 143,894.7 |
Total gains or losses (realized/unrealized) — Included in net income | 614.5 | 0.0 |
Total gains or losses (realized/unrealized) — Included in other comprehensive income | 1,531.8 | (2,776.3) |
Purchases/additions | 113,003.2 | 110,969.4 |
Sales | (619.8) | 0.0 |
Issuances | 0.0 | 0.0 |
Settlements | (101,447.7) | (103,652.2) |
Transfers into Level 3 | 0.0 | 0.0 |
Transfers out of Level 3 | (652.6) | 0.0 |
Foreign currency translation adjustment | 0.0 | 0.0 |
Ending Balance | 160,865.0 | 148,435.6 |
Total amount of gains/ (losses) included in net income attributable to change in unrealized gains/ (losses) relating to assets still held at reporting date | 650.2 | 0.0 |
Change in unrealized gains/ (losses) for the period included in other comprehensive income for assets held at the end of the reporting period | ₨ 1,196.9 | ₨ (1,867.6) |
Derivative Instruments Measured at Fair Value on Recurring Basis (Detail) ₨ in Millions, $ in Millions |
Mar. 31, 2024
INR (₨)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
INR (₨)
|
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | ₨ 109,038.5 | $ 1,308.4 | ₨ 121,749.4 |
Derivative liabilities | 109,409.9 | $ 1,312.8 | 98,783.5 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 109,038.5 | 121,749.4 | |
Derivative liabilities | 109,409.9 | 98,783.5 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0.0 | 0.0 | |
Derivative liabilities | 0.0 | 0.0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 109,038.5 | 121,749.4 | |
Derivative liabilities | 109,409.9 | 98,783.5 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Significant unobservable inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0.0 | 0.0 | |
Derivative liabilities | ₨ 0.0 | ₨ 0.0 |
Subsequent Events - Additional Information (Detail) - Dividend Paid [Member] - Subsequent Event [Member] ₨ / shares in Units, ₨ in Millions |
Apr. 20, 2024
INR (₨)
₨ / shares
|
---|---|
Subsequent Event [Line Items] | |
Dividend paid, per share amount | ₨ / shares | ₨ 19.5 |
Dividend paid, total amount | ₨ | ₨ 148,139.8 |
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