Retirement benefits (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| 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, 2025 and March 31, 2026 are summarized in the table below.
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| Funds managed by insurance company (1) |
|
Rs. |
— |
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|
Rs. |
— |
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|
Rs. |
769.1 |
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|
Rs. |
— |
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|
Rs. |
— |
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|
Rs. |
840.2 |
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| Funds managed by insurance company (2) |
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— |
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15,803.1 |
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— |
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— |
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16,703.4 |
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— |
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| Funds managed by trust |
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| — Government securities |
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— |
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1,799.5 |
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— |
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— |
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1,491.7 |
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— |
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| — Debenture and bonds |
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— |
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1,131.1 |
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— |
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— |
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1,456.0 |
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— |
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| — Others |
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649.8 |
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|
238.9 |
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— |
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935.1 |
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61.9 |
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— |
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| Total |
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Rs. |
649.8 |
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|
Rs. |
18,972.6 |
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|
Rs. |
769.1 |
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|
Rs. |
935.1 |
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Rs. |
19,713.0 |
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Rs. |
840.2 |
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US$ |
10.0 |
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US$ |
210.0 |
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US$ |
9.0 |
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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, 2025 and March 31, 2026.
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Funds managed by Insurance
companies as of March 31, |
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| Particulars |
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| Opening balance |
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Rs. 859.1 |
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Rs. 769.1 |
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US$ |
8.2 |
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| Realized interest credited to fund |
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70.2 |
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59.9 |
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0.6 |
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| Contribution during the period |
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88.6 |
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191.6 |
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2.0 |
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| Amount paid towards claim |
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(248.8 |
) |
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(180.4 |
) |
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(1.9 |
) |
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| Closing balance |
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Rs. 769.1 |
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Rs. 840.2 |
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US$ |
8.9 |
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| Gratuity |
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| 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, 2025 and March 31, 2026:
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Change in benefit obligations: |
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Projected benefit obligation (“PBO”), beginning of the period |
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Rs. 17,591.9 |
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Rs. 21,377.2 |
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US$ |
227.8 |
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Service cost |
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3,213.5 |
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3,717.2 |
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|
39.6 |
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Interest cost |
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1,313.5 |
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1,551.2 |
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16.5 |
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— |
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9,564.8 |
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|
101.9 |
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(Gains)/Losses on Curtailment |
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— |
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(223.6 |
) |
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(2.4 |
) |
Actuarial(gains)/ losses |
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611.7 |
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(1,273.0 |
) |
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(13.6 |
) |
Benefits paid |
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(1,353.4 |
) |
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(1,216.1 |
) |
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(13.0 |
) |
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Projected benefit obligation, end of the period |
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21,377.2 |
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33,497.7 |
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356.8 |
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Change in plan assets: |
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Fair value of plan assets, beginning of the period |
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18,951.8 |
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20,230.0 |
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215.6 |
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Expected return on plan assets |
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1,283.4 |
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1,340.3 |
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|
14.3 |
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Actuarial gains/(losses) |
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237.5 |
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(1,234.9 |
) |
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(13.2 |
) |
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Actual return on plan assets |
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1,520.9 |
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|
105.4 |
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1.1 |
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Employer contributions |
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1,010.2 |
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1,988.4 |
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21.2 |
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Benefits paid |
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(1,252.9 |
) |
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(1,063.5 |
) |
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(11.3 |
) |
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Fair value of plan assets, end of the period |
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20,230.0 |
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21,260.3 |
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|
226.6 |
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Funded Status |
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Rs. (1,147.2) |
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Rs. (12,237.4) |
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|
US$ |
(130.2 |
) |
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On November 21, 2025, the Government of India notified four labour codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the ‘New Labour Codes’. The financial impact arising from these regulatory changes has been accounted for. |
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| Schedule of Net Benefit Costs |
Net gratuity cost for the years ended March 31, 2024, March 31, 2025 and March 31, 2026 comprised the following components:
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Fiscal years ended March 31, |
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Service cost |
|
Rs. |
1,968.8 |
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Rs. 3,213.5 |
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|
Rs. 3,717.2 |
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|
US$ 39.6 |
|
Interest cost |
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|
981.3 |
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|
1,313.5 |
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|
1,551.2 |
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|
16.5 |
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Past service cost amortized |
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|
— |
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|
— |
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1,114.9 |
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|
11.9 |
|
(Gains)/Losses on Curtailment |
|
|
— |
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|
|
— |
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|
(223.6 |
) |
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|
(2.4 |
) |
Expected return on plan assets |
|
|
(1,036.1 |
) |
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|
(1,283.4 |
) |
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|
(1,340.3 |
) |
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|
(14.3 |
) |
Actuarial (gains)/losses |
|
|
(3,196.5 |
) |
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|
374.2 |
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(38.1 |
) |
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(0.4 |
) |
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Net gratuity cost |
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Rs. |
(1,282.5 |
) |
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Rs. 3,617.8 |
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|
Rs. 4,781.3 |
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|
US$ 50.9 |
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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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Fiscal years ended March 31, |
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Discount rate(*) |
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|
6.5-8.1 |
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|
6.9-8.5 |
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Rate of increase in compensation levels of covered employees |
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|
3.0-15.0 |
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4.0-14.0 |
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4.0-13.0 |
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Rate of return on plan assets |
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|
6.5-7.4 |
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|
6.5-7.0 |
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|
5.7-8.5 |
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Mortality rates used are based on the published “Indian Assured Lives Mortality
(2012-2014) Ultimate” table |
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| (*) |
Weighted average assumptions are used to determine both benefit obligations and net periodic benefit cost. |
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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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Fiscal years ending March 31, |
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| |
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2027 |
|
|
Rs. 4,658.1 |
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2028 |
|
|
4,056.4 |
|
2029 |
|
|
3,948.7 |
|
2030 |
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|
3,803.7 |
|
2031 |
|
|
3,504.3 |
|
2032 - 2036 |
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|
15,685.9 |
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| Schedule of Allocation of Plan Assets |
As of March 31, 2026, the plan assets as a percentage of the total funds were as follows:
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Funds managed
by insurance
company (1)(*) |
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|
Funds managed
by insurance
company (2)(*) |
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|
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|
Government securities |
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|
70.1 |
% |
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|
24.7 |
% |
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|
34.6 |
% |
Debenture and bonds |
|
|
6.8 |
% |
|
|
31.7 |
% |
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|
38.5 |
% |
Equity securities |
|
|
10.6 |
% |
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|
38.2 |
% |
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|
7.3 |
% |
Other |
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12.5 |
% |
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5.4 |
% |
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19.6 |
% |
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Total |
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|
100.0 |
% |
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|
100.0 |
% |
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|
100.0 |
% |
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The data pertaining to plan investment assets measured at fair value by level and in total as of March 31, 2026 are provided separately. |
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| Pension |
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| 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, 2025 and March 31, 2026:
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Change in benefit obligations: |
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|
Projected benefit obligation (“PBO”), beginning of the period |
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|
Rs. 987.3 |
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|
Rs. 1,250.3 |
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|
US$ |
13.3 |
|
Past service cost* |
|
|
— |
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|
31.2 |
|
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|
0.3 |
|
Service cost |
|
|
28.4 |
|
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|
86.6 |
|
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|
0.9 |
|
Interest cost |
|
|
71.6 |
|
|
|
— |
|
|
|
— |
|
Actuarial (gains)/losses |
|
|
274.7 |
|
|
|
(70.2 |
) |
|
|
(0.7 |
) |
Benefits paid |
|
|
(111.7 |
) |
|
|
(87.8 |
) |
|
|
(0.9 |
) |
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Projected benefit obligation, end of the period |
|
|
1,250.3 |
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|
1,210.1 |
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|
12.9 |
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Fair value of plan assets, beginning of the period |
|
|
161.5 |
|
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|
161.5 |
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|
1.7 |
|
Expected return on plan assets |
|
|
10.5 |
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|
12.7 |
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|
0.1 |
|
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Actuarial gains/(losses) |
|
|
1.3 |
|
|
|
(3.7 |
) |
|
|
— |
|
|
|
|
|
|
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|
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|
Actual return on plan assets |
|
|
11.8 |
|
|
|
9.0 |
|
|
|
0.1 |
|
Employer contributions |
|
|
99.9 |
|
|
|
145.3 |
|
|
|
1.5 |
|
|
|
|
|
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|
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Benefits paid |
|
|
(111.7 |
) |
|
|
(87.8 |
) |
|
|
(0.9 |
) |
|
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|
Fair value of plan assets, end of the period |
|
|
161.5 |
|
|
|
228.0 |
|
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|
2.4 |
|
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|
Funded Status |
|
|
Rs. (1,088.8 |
) |
|
|
Rs. (982.1 |
) |
|
US$ |
(10.5 |
) |
|
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|
|
|
|
|
|
|
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|
|
|
| Schedule of Net Benefit Costs |
Net pension cost for the fiscal years ended March 31, 2024, March 31, 2025 and March 31, 2026 comprised the following components:
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|
| |
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|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Service cost |
|
|
Rs. 16.0 |
|
|
|
Rs. 28.4 |
|
|
|
Rs. 31.2 |
|
|
US$ |
0.3 |
|
Interest cost |
|
|
76.4 |
|
|
|
71.6 |
|
|
|
86.6 |
|
|
|
0.9 |
|
Expected return on plan assets |
|
|
(6.5 |
) |
|
|
(10.5 |
) |
|
|
(12.7 |
) |
|
|
(0.1 |
) |
Actuarial (gains)/losses |
|
|
(33.4 |
) |
|
|
273.4 |
|
|
|
(66.5 |
) |
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net pension cost |
|
|
Rs. 52.5 |
|
|
|
Rs. 362.9 |
|
|
|
Rs. 38.6 |
|
|
US$ |
0.4 |
|
|
|
|
|
|
|
|
|
|
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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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|
| |
|
Fiscal years ended March 31, |
|
| |
|
|
|
|
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|
|
|
|
| |
|
|
|
Discount rate(*) |
|
|
7.7 |
|
|
|
7.2 |
|
|
|
7.7 |
|
Rate of increase in compensation levels of covered employees |
|
|
7.0 |
|
|
|
7.0 |
|
|
|
7.0 |
|
Rate of return on plan assets |
|
|
6.5 |
|
|
|
6.5 |
|
|
|
6.5 |
|
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table. |
|
| (*) |
Weighted average assumptions are used to determine both benefit obligations and net periodic benefit cost. |
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.
|
|
|
|
|
Fiscal years ending March 31, |
|
|
|
| |
|
|
|
2027 |
|
|
Rs. 109.0 |
|
2028 |
|
|
114.5 |
|
2029 |
|
|
142.0 |
|
2030 |
|
|
168.0 |
|
2031 |
|
|
161.9 |
|
2032-2036 |
|
|
870.2 |
|
|
| Schedule of Allocation of Plan Assets |
The weighted-average asset allocation of such plan assets for the pension benefits as of March 31, 2026 is as follows:
|
|
|
|
|
Asset category |
|
|
|
Government securities |
|
|
88.6 |
% |
Debenture and bonds |
|
|
11.4 |
% |
Other |
|
|
— |
|
|
|
|
|
|
Total |
|
|
100.0 |
% |
|
|
|
|
|
|