Form 20-F
P1083DP1Yfalse2020FY0001144967--03-31K7ININus-gaap:OperatingLeaseLiabilityUnder 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.Effective April 1, 2018, the Bank adopted ASU 2016-01 “Financial Instruments—Overall (Subtopic 825-10)(see note 19)The Bank adopted ASU 2016-01 and ASU 2018-03 as of April 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for sale category was eliminated for equity securities amortized cost Rs. 855.6 million and carrying value Rs. 1,267.7 million effective April 1, 2018.Loans up to 30 days past due are considered currentIncludes crop related agricultural loans with days past due less than 366 as they are not considered as impaired Rs. 34.0 billion.Includes crop related agricultural loans with days past due less than 366 as they are not considered as impaired Rs. 39.0 billion.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 12,590.8 million. Recoveries from retail loans is Rs. 12,254.3 million and from wholesale loans is Rs. 336.5 million.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 16,777.1 million. Recoveries from retail loans is Rs. 16,590.9 million and from wholesale loans is Rs. 186.2 million.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 25,658.9 million (US$ 340.3 million). Recoveries from retail loans is Rs.22,548.7 million and from wholesale loans is Rs. 3,110.2 million.TDRs involving changes in the amount of interest payments may involve a reduction in interest rate.Balances reflect charge-offs and/or allowance for credit losses and/or income not recognized/deferred.TDR modification during the year ended March 31, 2019 comprised of one case.TDRs involving changes in the amount of principal payment may include principal forgiveness or deferral of periodic and/or final principal payments.TDR modification during the year ended March 31, 2020 comprised of 13 cases.Effective April 1, 2018, the Bank adopted ASU 2016-01. The equity securities that were previously reported as AFS securities were reclassified to other assets with carrying value amounting to Rs. 1,267.7 million. Others include equity securities with carrying value amounting to Rs. 11,483.4 million and Rs. 11,611.2 million as at March 31, 2019 and March 31, 2020, respectively. Equity securities include non-marketable equity securities carried at cost Rs. 459.4 million and Rs. 696.9 million as at March 31, 2019 and March 31, 2020, respectively. Unrealized gain \ (loss) recognized in non-interest revenue–other, net Rs 6,717.5 million and Rs. (131.1) million for the fiscal year ended March 31, 2019 and March 31, 2020, respectively.Includes securities sold under repurchase agreements amounting to Rs. 17,260.0 million (USD 228.9 million) for the fiscal period ended March 31, 2020 with stated interest rate of 5.15% per annum, under RBI long-term repo operation with a three-year maturity period.Variable rate (1) represent foreign currency debt. Variable rate debt is typically indexed to LIBOR, T-bill rates, Marginal cost of funds based lending rates (MCLR), among others.The scheduled maturities of long-term debt do not include perpetual bonds of Rs. 84,972.7 million (net of debt issuance cost).Effective April 1, 2018, the Bank adopted ASU 2017-07 Compensation- Retirement Benefits (Topic 715) -Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Accordingly, service cost is reported in the Consolidated Statements of Income in line Non-interest expense-salaries and staff benefits and other components of net benefit cost is reported in the Consolidated Statements of Income in line Non-interest expense –Administrative and other. The amendments have been applied retrospectively. The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2020 are provided separately. Effective April 1, 2018, the Bank adopted ASU 2017-07 Compensation- Retirement Benefits (Topic 715) -Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Accordingly, service cost is reported in the Consolidated Statements of Income in line Non-interest expense-salaries and staff benefits and other components of net benefit cost is reported in the Consolidated Statements of Income in line Non-interest expense –Administrative and other. The amendments have been applied retrospectively. Comprised of securities and cash collaterals. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged.Equity securities classified within other assets.Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost. 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
20-F
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from 
                
to
                
OR
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number
001-15216
 
HDFC BANK LIMITED
(Exact name of Registrant as specified in its charter)
 
Not Applicable
(Translation of Registrant’s name into English)
India
(Jurisdiction of incorporation or organization)
HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013, India
(Address of principal executive offices)
Name: Santosh Haldankar,
Senior
Vice President (Legal) and Company Secretary
Telephone:
91-22-3976-0711
Email: Santosh.Haldankar@hdfcbank.com
Office
Address: HDFC Bank Ltd; Legal & Secretarial Dept; 2nd floor, Zenith House,
Opp. Race Course Gate No. 5 & 6 , Keshavrao Khadye Marg,
Mahalaxmi(west)Mumbai 400 034, India.
(Name, telephone,
e-mail
and/or facsimile number and address of company contact person)
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
American Depositary Shares, each representing three Equity Shares, Par value Rs. 1.0 per share
 
HDB
 
The New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act: Not Applicable
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: Not Applicable
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
Equity Shares, as of March 31, 2020                5,483,286,460
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  
    No  
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  
    No  
Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer  
                Accelerated filer  
                
Non-accelerated
filer  
                Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on the attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP  
 
            International Financial Reporting Standards as issued
            by the International Accounting Standards Board  
 
Other  
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:    Item 17  
    Item 18  
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  
    No  

Table of Contents
TABLE OF CONTENTS
 
   1
   2
   3
   30
   56
   57
   62
   72
   73
   76
   94
   119
   141
   142
   145
   152
   185
   187
   191
   192
  
  
 
 
 
 
i

Table of Contents
CROSS REFERENCE SHEET
Form
20-F
 
   
Item Caption
  
Location
    
Part I
       
Item 1   Identity of Directors, Senior Management and Advisors   
Not Applicable
  
Item 2   Offer Statistics and Expected Timetable   
Not Applicable
  
Item 3   Key Information   
Exchange Rates and Certain Defined Terms
   1
    
Risk Factors
   30
    
Selected Financial and Other Data
   73
Item 4   Information on the Company   
Business
   3
    
Selected Statistical Information
   76
    
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   94
    
Principal Shareholders
   141
    
Related Party Transactions
   142
    
Supervision and Regulation
   152
Item 5   Operating and Financial Review and Prospects   
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   94
Item 6   Directors, Senior Management and Employees   
Business—Employees
   29
    
Management
   119
    
Principal Shareholders
   141
Item 7   Major Shareholders and Related Party Transactions   
Principal Shareholders
   141
    
Management—Loans to Members of our Senior Management
   131
    
Related Party Transactions
   142
Item 8   Financial Information   
Report of Independent Registered Public Accounting Firms
  
F-2
    
Consolidated Financial Statements and the Notes thereto
  
F-11
    
Business—Legal Proceedings
   29
Item 9   The Offer and Listing   
Certain Information About Our American Depositary Share and Equity Shares
   56
    
Restrictions on Foreign Ownership of Indian Securities
   187
Item 10   Additional Information   
Management
   119
    
Description of Equity Shares
   57
    
Dividend Policy
   72
    
Taxation
   145
    
Supervision and Regulation
   152
    
Exchange Controls
   185
 
 
 
 
ii

Table of Contents
   
Item Caption
  
Location
    
    
Restrictions on Foreign Ownership of Indian Securities
   187
    
Additional Information
   191
Item 11   Quantitative and Qualitative Disclosures About Market Risk   
Business—Risk Management
   21
    
Selected Statistical Information
   76
Item 12   Description of Securities Other than Equity Securities   
Not Applicable
  
Item 12D   ADSs fee disclosure   
Description of American Depositary Shares—Fees and Charges for Holders of American Depositary Shares
   65
Part II
       
Item 13   Defaults, Dividend Arrearages and Delinquencies   
Not Applicable
  
Item 14   Material Modifications to the Rights of Security Holders and Use of Proceeds   
Not Applicable
  
Item 15   Controls and Procedures   
Management—Controls and Procedures
   132
    
Management’s Report on Internal Control Over Financial Reporting
   192
    
Report of Independent Registered Public Accounting Firm—Internal Controls Over Financial Reporting
   193
Item 16A   Audit Committee Financial Expert   
Management—Audit Committee Financial Expert
   133
Item 16B   Code of Ethics   
Management—Code of Ethics
   133
Item 16C   Principal Accountant Fees and Services   
Management—Principal Accountant Fees and Services
   134
Item 16D   Exemption from the Listing Standards for Audit Committees   
Not Applicable
  
Item 16E   Purchases of Equity Securities by the Issuer and Affiliated Purchasers   
Not Applicable
  
Item 16F   Changes in or disagreements with accountants   
Not Applicable
  
Item 16G   Significant Differences in Corporate Governance Practices   
Management—Compliance with NYSE Listing Standards on Corporate Governance
   134
Item 16H   Mine Safety Disclosure   
Not Applicable
  
 
 
 
 
iii

Table of Contents
EXCHANGE RATES AND CERTAIN DEFINED TERMS
In this document, all references to “we”, “us”, “our”, “HDFC Bank” or “the Bank” shall mean HDFC Bank Limited or where the context requires also to its subsidiaries whose financials are consolidated for accounting purposes. References to the “U.S.” or “United States” are to the United States of America, its territories and its possessions. References to “India” are to the Republic of India. References to the “Companies Act” in the document mean the Indian Companies Act, 2013 and all rules and regulations issued thereunder. References to “$” or “US$” or “dollars” or “United States dollars” are to the legal currency of the United States and references to “Rs.”, ”INR”, “rupees” or “Indian rupees” are to the legal currency of India.
Our financial statements are presented in Indian rupees and in some cases translated into United States dollars. The financial statements and all other financial data included in this report, except as otherwise noted, are prepared in accordance with United States generally accepted accounting principles, or U.S. GAAP. U.S. GAAP differs in certain material respects from accounting principles generally accepted in India, the requirements of India’s Banking Regulation Act and related regulations issued by the Reserve Bank of India (“RBI”) (collectively, “Indian GAAP”), which form the basis of our statutory general purpose financial statements in India. Principal differences applicable to our business include: determination of the allowance for credit losses, classification and valuation of investments, accounting for deferred income taxes, stock-based compensation, loan origination fees, derivative financial instruments, business combinations and the presentation format and disclosures of the financial statements and related notes. References to a particular “fiscal” are to our fiscal year ended March 31 of such year.
Fluctuations in the exchange rate between the Indian rupee and the United States dollar will affect the United States dollar equivalent of the Indian rupee price of the equity shares on the Indian stock exchanges and, as a result, will affect the market price of our American Depositary Shares (“ADSs”) in the United States. These fluctuations will also affect the conversion into United States dollars by the depositary of any cash dividends paid in Indian rupees on the equity shares represented by ADSs.
Investor expectations that reforms implemented by the Government of India (the “Government”) will lead to an improvement in the long-term growth outlook helped to improve the rupee’s performance, reducing the depreciation trend to 3.85 percent in fiscal 2015. During fiscal 2016, the rupee depreciated by 6.32 percent primarily reflecting global risk aversion and a strong United States dollar. However, in line with other emerging markets, which experienced currency appreciation in fiscal 2017, the Indian rupee also appreciated by 2.1 percent against the United States dollar. This was mainly attributed to repricing of the Indian assets by international investors (driven by domestic economic and political stability) alongside the disappointment relating to the United States reform agenda. In fiscal 2018, the rupee ranged between a high of Rs. 65.71 per US$ 1.00 and a low of Rs. 63.38 per US$ 1.00. Pressure developed in the last two quarters of fiscal 2018 as oil prices rose and trade war risks escalated globally. In fiscal 2019, while the rupee depreciated overall by 6.3 percent against the United States dollar, it ranged between a high of Rs. 74.4 per US$ 1.00 and a low of Rs. 64.85 per US$ 1.00. Rising oil prices and a slowdown in global trade volumes, as well as a risk aversion towards emerging market currencies (because of tariffs and trade war risks) have all affected the rupee negatively in fiscal 2019. The rupee further depreciated in fiscal 2020, amid weak global demand, low domestic economic growth and foreign portfolio investment outflows, as well as a result of foreign investors becoming more risk averse with respect to investments in India. In fiscal 2020, the rupee ranged between a high of Rs. 76.37 per US$ 1.00 and a low of Rs. 68.40 per US$ 1.00.
Although we have translated selected Indian rupee amounts in this document into United States dollars for convenience, this does not mean that the Indian rupee amounts referred to could have been, or could be, converted to United States dollars at any particular rate, the rates stated above, or at all. Unless otherwise stated, all translations from Indian rupees to United States dollars are based on the noon buying rate in the City of New York for cable transfers in Indian rupees at US$ 1.00 = Rs. 75.39 on March 31, 2020. The Federal Reserve Bank of New York certifies this rate for customs purposes on each date the rate is given. The noon buying rate on July 24, 2020 was Rs. 74.77 per US$ 1.00.
 
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Table of Contents
FORWARD-LOOKING STATEMENTS
We have included statements in this report which contain words or phrases such as “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”, “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements”. Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our
non-performing/impaired
assets, our growth and expansion, the adequacy of our provision/allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated.
In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United
States-led
coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the Government of India, natural calamities, pandemics, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations. For further discussion on the factors that could cause actual results to differ, see “
Risk Factors
”.
 
2

Table of Contents
BUSINESS
Overview
We are a new generation private sector bank in India. Our goal is to be the preferred provider of financial services to our customers in India across metro, urban, semi-urban and rural markets. Our strategy is to provide a comprehensive range of financial products and services to our customers through multiple distribution channels, with what we believe are high-quality services, advanced technology platforms and superior execution.
We have three principal business activities: retail banking, wholesale banking and treasury operations. Our retail banking products include deposit products, loans, credit cards, debit cards, third-party mutual funds and insurance products, bill payment services, loans to small and medium enterprises and other products and services. With respect to wholesale banking, we offer customers a range of financing products, such as documentary credits and bank guarantees, foreign exchange and derivative products, investment banking services and corporate deposit products. We offer a range of deposit and transaction banking services, such as cash management, custodial and clearing bank services and correspondent banking. Our treasury operations manage our balance sheet, and include customer-driven services such as advisory services related to foreign exchange and derivative transactions for corporate and institutional customers, supplemented by proprietary trading, including Indian Government securities. Further, our
non-banking
finance company (“NBFC”) subsidiary HDB Financial Services Limited (“HDBFSL”) offers a wide range of loans and asset finance products including mortgage loans, commercial vehicle loans, consumer loans and gold loans, as well as a range of business process outsourcing solutions. We provide our customers with brokerage accounts through our subsidiary HDFC Securities Limited (“HSL”), which we believe is one of the leading stock brokerage companies in India and which offers a suite of products and services across various asset classes such as equity, gold and debt, among others.
Our financial conditions and results of operation are affected by the general economic conditions in India. The Indian economy is one of the largest economies in the world with a gross domestic product (“GDP”) at current market prices of an estimated Rs. 189.7 trillion for fiscal 2019 and an estimated Rs. 203.4 trillion for fiscal 2020. In recent years, India has become an attractive destination for foreign direct investment (“FDI”), owing to its well-developed private corporate sector, large consumer market potential, large pool of well-educated and English-speaking workers and well-established legal systems. Overall, India attracted FDI (including reinvested earnings) of approximately US$ 73.45 billion in fiscal 2020, US$ 62.0 billion in fiscal 2019 and US$ 60.9 billion in fiscal 2018. India attracted an average of US$ 49.42 billion FDI from fiscal 2011 through fiscal 2020 compared to an average of US$ 11.3 billion from fiscal 2001 through fiscal 2010. One measure of India’s progress has been the upward trend in the ease of doing business rankings, a measure published annually by the World Bank. In 2019, India improved 14 places to the 63rd place (out of a total of 190 countries) and was ranked as one of the top ten improvers
year-on-year.
The Indian economy faced multiple challenges during fiscal 2020, including the NBFC crisis, fiscal constraints, elevated
US-China
trade tensions, certain regional geopolitical uncertainties, the consistent slowdown in domestic consumption growth and the impact of the
COVID-19
pandemic. Due to the challenging international and domestic environment, real GDP growth in India slowed to 4.2 percent in fiscal 2020 from 6.1 percent in fiscal 2019. On the supply side, this
year-on-year
decline was primarily driven by reduced growth in the manufacturing sector, which grew at a rate of 0.1 percent in fiscal 2020 compared to 5.9 percent in fiscal 2019. On the demand side, investment growth (as measured by the “gross fixed capital formation” component of GDP) has been on a downward trajectory since the last quarter of fiscal 2019 and turned negative beginning in the second quarter of fiscal 2020. Private consumption has also experienced a slowdown, growing at 5.3 percent in fiscal 2020 compared to 7.2 percent in fiscal 2019. In addition, construction activity also slowed, growing at a rate of 1.4 percent in the fiscal 2020 compared to 6.1 percent during fiscal 2019. On a quarterly basis, India’s real GDP growth in fiscal 2020 showed a steady decline from 5.2 percent in the first quarter, to 4.4 percent in the second quarter, 4.1 percent in the third quarter and 3.1 percent in the fourth quarter.
Due to
COVID-19
related disruptions, real GDP growth is likely to slow down further and contract in fiscal 2021. However, India’s significant reliance on private consumption may work in its favor amidst slowing external demand and significant economic decline in other major economies. Globally, the IMF projects 2020 GDP growth to decline by 4.9 percent and the WTO expects trade to contract between 13.0 percent and 32.0 percent in 2020.
While headline inflation stayed below the central bank’s 4.0 percent target in the first half of fiscal 2021, inflation started rising in the second half of the fiscal year due to a sharp rise in vegetable prices. Headline inflation breached the central bank’s upper target limit of 6.0 percent for the first time in December 2019. Further, consumer price index (“CPI”) inflation averaged 6.2 percent in the second half of the year compared to an average of 3.3 percent in the first half of the fiscal 2020. Going forward, while
COVID-19
related supply disruptions may put some pressure on inflation in the near term, lower oil prices, normal monsoons and weak demand could push down inflation in the second half of fiscal 2021. On balance, we expect headline inflation to average below the RBI’s median 4.0 percent target in fiscal 2021.
The Indian Union Budget for fiscal 2021 tried to strike a balance between fiscal consolidation and supporting growth. The budget focuses on infrastructure and includes an investment of Rs. 103 trillion in infrastructure development over the next five years. The Government has more recently announced a “self-reliant India” package worth Rs. 20 trillion or 20 percent of GDP to mitigate the economic impact of
COVID-19.
With respect to the fiscal situation, the fiscal deficit is budgeted at 3.5 percent of GDP in fiscal 2021 compared to a provisional estimate of 4.6 percent in fiscal 2020 (compared to the budget estimate of 3.3 percent). However, the impact of
COVID-19
on both Government revenue and expenditure is likely to also result in a significant fiscal deviation from the Government’s target in fiscal 2021.
 
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Since commencing operations in January 1995 we have grown rapidly. As of March 31, 2020, we had 5,416 banking outlets and 14,901 ATMs / Cash Deposit and Withdrawal Machines (“CDMs”) in 2,803 cities and towns and 56.1 million customers. In addition, we had 5,379 banking outlets managed by common service centers (“CSCs”). On account of the expansion in our geographical reach and the resultant increase in market penetration, our assets have grown from Rs. 13,280.1 billion as of March 31, 2019 to Rs. 15,961.9 billion as of March 31, 2020. Our net income has increased from Rs. 220.1 billion for fiscal 2019 to Rs. 260.3 billion for fiscal 2020. Our loans and deposits as of March 31, 2020 were at Rs. 10,425.0 billion and Rs. 11,462.1 billion respectively. Across business cycles, we believe we have maintained a strong balance sheet and a low cost of funds. As of March 31, 2020, gross
non-performing
customer assets as a percentage of gross customer assets was 1.43 percent, while net
non-performing
customer assets constituted 0.52 percent of net customer assets. Our net customer assets represented 94.1 percent of our deposits and our deposits represented 71.8 percent of our total liabilities and shareholders’ equity. The average
non-interest
bearing current accounts and
low-interest
bearing savings accounts represented 38.0 percent of total deposits as of March 31, 2020. These
low-cost
deposits and the cash float associated with our transactional services led to an average cost of funds (including equity) of 4.5 percent for fiscal 2020. We had a return on equity (net income as a percentage of average total shareholders’ equity) of 15.5 percent for fiscal 2019 and 15.1 percent for fiscal 2020, and at March 31, 2020 had a total capital adequacy ratio (calculated pursuant to RBI guidelines) of 18.52 percent. Our Common Equity Tier I
(“CET-I”)
ratio was 16.43 percent as at March 31, 2020.
About Our Bank
HDFC Bank was incorporated in August 1994 and commenced operations as a scheduled commercial bank in January 1995. In 2000, we merged with Times Bank Limited and, in 2008, we acquired Centurion Bank of Punjab Limited (“CBoP”). We are part of the HDFC Group of companies established by our principal shareholder, Housing Development Finance Corporation Limited (“HDFC Limited”), a listed public limited company established under the laws of India. HDFC Limited is primarily engaged in financial services, including mortgages, property-related lending and deposit services. The subsidiaries and associated companies of HDFC Limited are also largely engaged in a range of financial services, including asset management, life insurance and general insurance. HDFC Limited and its subsidiaries (together, “HDFC Group”) owned 21.24 percent of our outstanding equity shares as of March 31, 2020 and our Chairperson and Managing Director are nominated by HDFC Limited and appointed with the approval of our shareholders and the RBI. See also “Principal Shareholders”. We have no agreements with HDFC Limited or any of its group companies that restrict us from competing with them or that restrict HDFC Limited or any of its group companies from competing with our business. We currently distribute products of HDFC Limited and its group companies, such as home loans of HDFC Limited, life and general insurance products of HDFC Life Insurance Company Limited and HDFC ERGO General Insurance Company Limited, respectively, and mutual funds of HDFC Asset Management Company Limited.
We have two subsidiaries: HDBFSL and HSL. HDBFSL is a
non-deposit
taking NBFC engaged primarily in the business of retail asset financing while HSL is primarily in the business of providing brokerage and other investment services. Effective April 1, 2018 the financial results of our subsidiary companies have been prepared in accordance with notified Indian Accounting Standards (April 1, 2017 being the transition date). HDBFSL’s total assets and shareholders’ equity as of March 31, 2020 were Rs. 607.1 billion and Rs. 80.2 billion, respectively. HDBFSL’s net income was Rs. 10.0 billion for fiscal 2020. As of March 31, 2020, HDBFSL had 1,468 branches across 1,070 cities in India. HSL’s total assets and shareholders’ equity as of March 31, 2020 were Rs. 27.7 billion and Rs. 12.5 billion, respectively. HSL’s net income was Rs. 3.8 billion for fiscal 2020. On December 1, 2016, Atlas Documentary Facilitators Company Private Ltd. which provided back office transaction processing services to us, and its subsidiary HBL Global Private Ltd. which provided direct sales support for certain products of the Bank, amalgamated with HDBFSL.
Our principal corporate and registered office is located at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400 013, India. Our telephone number is
91-22-6652-1000.
Our agent in the United States for the 2001, 2005, 2007, 2015 and 2018 ADS offerings is Depositary Management Corporation, 570 Lexington Avenue, New York, NY 10022.
Our Competitive Strengths
We attribute our growth and continuing success to the following competitive strengths:
We have a strong brand and extensive reach through a large distribution network
At HDFC Bank, we are focused on understanding our customers’ financial needs and providing them with relevant banking solutions. We are driven by our core values: customer focus, operational excellence, product leadership, sustainability and people. This has helped us grow and achieve our status as one of the largest private sector banks in India, while delivering value to our customers, stakeholders, employees and the community. We believe HDFC Bank is one of the most trusted and preferred bank brands in India. We have been acknowledged as “India’s Most Valuable Brand” by BrandZ for the sixth consecutive year. We have capitalized on our strong brand by establishing an extensive branch network throughout India serving a broad range of customers in urban, semi-urban and rural regions. As of March 31, 2020, we had 5,416 banking outlets and 14,901 ATMs / CDMs in 2,803 cities and towns and over 56 million customers, and of our total banking outlets, 51.8 percent were in the semi-urban and rural areas. In addition, we had 5,379 banking outlets managed by CSCs. Our banking outlets network is further complemented by our digital platforms, including online and mobile banking solutions, to provide our customers with a lifestyle banking experience, which is categorized into eight categories: Pay, Save, Invest, Borrow, Shop, Trade, Insure and Advice. Our focus is on delivering a highly personalized multi-channel experience to our customers.
 
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We provide a wide range of products and high quality service to our clients in order to meet their banking needs
Whether in retail banking, wholesale banking or treasury operations, we consider ourselves a
“one-stop
shop” for our customers’ banking needs. We consider our high-quality service offerings to be a vital component of our business and believe in pursuing excellence in execution through multiple internal initiatives focused on continuous improvement. This pursuit of high-quality service and operational execution directly supports our ability to offer a wide range of banking products.
Our retail banking products include deposit products, retail loans (such as vehicle and personal loans), and other products and services, such as private banking, depositary accounts, brokerage services, foreign exchange services, distribution of third-party products (such as insurance and mutual funds), bill payments and sale of gold and silver bullion. In addition, we are the largest credit card issuer in India with 14.5 million cards outstanding as of March 31, 2020. With respect to wholesale banking, we offer customers working capital loans, term loans, bill collections, letters of credit, guarantees, foreign exchange and derivative products and investment banking services. We also offer a range of deposit and transaction banking services such as cash management, custodial and clearing bank services and correspondent banking. We believe our large scale and low cost of funding enable us to pursue high-quality wholesale financing opportunities competitively and at an advantage compared to our peers. We collect taxes for the Government and are bankers to companies in respect of issuances of equity shares and bonds to the public. Our NBFC subsidiary HDBFSL offers loan and asset finance products including tractor loans, consumer loans and gold loans, as well as business process outsourcing solutions such as form processing, document verification, contact center management and other front and back-office services.
We are able to provide this wide range of products across our physical and digital network, meaning we can provide our targeted rural customers with banking products and services similar to those provided to our urban customers, which we believe gives us a competitive advantage. Our wide range of products and focus on superior service and execution also create multiple cross-selling opportunities for us and, we believe, promote customer retention.
We have achieved robust and consistent financial performance while maintaining a healthy asset quality during our growth
On account of our superior operational execution, broad range of products, expansion in our geographical reach and the resulting increase in market penetration through our extensive branch network, our assets have grown from Rs. 13,280.1 billion as of March 31, 2019 to Rs. 15,961.9 billion as of March 31, 2020. Our net interest margin was 4.5 percent in fiscal 2019 and 4.6 percent in fiscal 2020. Our current and savings account deposits as a percentage of our total deposits were 42.2 percent as of March 31, 2020, and we believe this strong current and savings account profile has enabled us to tap into a
low-cost
funding base. In addition to the significant growth in our assets and net revenue, we remain focused on maintaining a healthy asset quality. We continue to have low levels of
non-performing
customer assets as compared to the average levels in the Indian banking industry. Our gross
non-performing
customer assets as a percentage of total customer assets was 1.43 percent as of March 31, 2020 and our net
non-performing
customer assets was 0.52 percent of net customer assets as of March 31, 2020. Our net income has increased from Rs. 220.1 billion for fiscal 2019 to Rs. 260.3 billion for fiscal 2020. Net income as a percentage of average total shareholders’ equity was 15.5 percent in fiscal 2019 and 15.1 percent in fiscal 2020 and net income as a percentage of average total assets was 1.9 percent in fiscal 2019 and fiscal 2020. We believe the combination of strong net income growth, robust deposit-taking, a low cost of funds and prudent risk management has enabled us to generate attractive returns on capital.
We have an advanced technology platform
We continue to make substantial investments in our advanced technology platform and systems and expand our electronically linked branch network. We have implemented mobile data based networking options in semi-urban and rural areas where telecom infrastructure and data connectivity are weak. These networks have enabled us to improve our core banking services in such areas and provide a link between our banking outlets and data centers.
Our aim has always been to improve customer experience through digital innovation as an “Experiential Leader” and we are constantly working to develop new technology and improve the digital aspects of our business.
We have invested in a digital banking platform, Backbase, to provide a single, unified multi-channel experience to our customers for mobile banking, online banking, the public website and payments.
 
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We have a dedicated digital innovation team responsible for researching and experimenting with technology We have built a varied enterprise ecosystem and are making progress in transitioning from the traditional product-oriented approach to a customer-oriented approach. We seek to enable differentiated experiences through applications such as SmartBuy, which we believe is India’s first bank-initiated marketplace offering deals across key categories, including travel, hotels, e-shopping, among others and PayZapp which is our comprehensive mobile payment solution. In addition we seek to improve our customers’ experience using APIs that allow for the seamless and secure exchange of information between the Bank’s systems and third parties, making our products and services available to all our merchants and on platforms that our customers prefer. Finally, we also utilize analytics that help us improve our customer acquisition and retention. We believe that our direct banking platforms are stable and robust, enabling new ways to connect with our customers to cross-sell various products and improve customer retention. Our product innovations include pre-approved personal loans for salaried accounts granted in as little as 10 seconds and “Digital Loan Against Securities (“LAS”), among others.
In 2017, we began virtual relationship banking to engage with customers through technology, which has since become a fully-fledged customer engagement channel, providing end-to-end services. We have over 5.6 million customers engaged through virtual relationship management (“VRM). In addition, we have also begun utilizing artificial intelligence (“AI”) technologies. Our virtual assistant EVA, which we believe is India’s first AI-enabled assistant, is capable of both acquiring and servicing customers, as well as processing banking transactions. EVA has also been extended to several other platforms, including Google Assistant, Amazon Alexa and WhatsApp. Furthermore we extensively use robotic process automation (“RPA”) to automate backend processes, resulting in higher productivity and reduced turnaround times. In what we believe in another industry-first, we launched myApps, a suite of applications, in fiscal 2020. myApps offers digital payment modes and other value-added services for four key segments: smart cities, housing societies, clubs and religious institutions to enable digitization of their ecosystem.
During fiscal 2020, we were recognized for our commitment to technology, including being awarded the Nasscom DSCI Excellence Awards 2019 for best security practices in the banking sector, the Business Today – Money Today Financial Award 2019 for best fintech engagement and the Dun & Bradstreet BankTech Award 2020 for best use of banking technology for data analytics/BI/Big data. We believe our “Experiential Leadership” strategy and culture of innovation and development will be a crucial strength in remaining competitive in the years to come.
We have an experienced management team
Many of the members of our management have had a long tenure with us, which gives us a deep bench of experienced managers. They have substantial experience in banking or other industries and share our common vision of excellence in execution. Having a management team with such breadth and depth of experience is well suited to leverage the competitive strengths we have already developed across our large, diverse and growing branch network as well as allowing our management team to focus on creating new opportunities for our business. See also “
Management
”.
Our Business Strategy
Our business strategy emphasizes the following elements:
Increase our market share of India’s expanding banking and financial services industry
In addition to benefiting from the overall growth in India’s economy and financial services industry, we believe we can increase our market share by continuing to focus on our competitive strengths, including our strong brand, our diverse product offering and our extensive banking outlet and ATM networks, to increase our market penetration. We believe we can expand our market share by focusing on developing our digital offerings to target mass markets across India. We believe digital offerings will position us well to capitalize on growth in India’s banking and financial services sector, arising from India’s emerging middle class and growing number of bankable households. We believe we can also capture an increased market share by expanding our branch footprint, particularly by focusing on rural and semi-urban areas. As of March 31, 2020, we had 5,416 banking outlets and 14,901 ATMs/CDMs in 2,803 cities and towns. In addition, we had 5,379 banking outlets managed by the CSCs. We believe these areas represent a significant opportunity for our continued growth as we expand banking services to those areas which have traditionally been underserved and which, by entering such markets, will enable us to establish new customer bases. We also believe that delivering banking services which are integrated with our existing business and product groups helps us to provide viable opportunities to the sections of the rural and semi-urban customer base that is consistent with our targeted customer profile throughout India.
 
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Continue our investments in technology to support our digital strategy
We believe the increased availability of internet access and broadband connectivity across India requires a comprehensive digital strategy to proactively develop new methods of reaching out to our customers. As a result, we are continuously investing in technology as a means of improving our customers’ banking experience, offering them a range of products tailored to their financial needs and making it easier for them to interact with their banking accounts with us. We believe our culture of innovation and development to be crucial to remaining competitive. As part of our dedication to digitization and technological development, we have expanded our digital innovation team to research, develop and experiment with new technologies. In recent years, we have hosted Digital Innovation Summits in order to tap into emerging technological trends and innovations in the FinTech space. We have also recently appointed a new User Interface (“UI”) and User Experience (“UX”) team which is responsible for maintaining a seamless UI/UX across all bank channels and products. Since 2018, we have also expanded into application programming interface (“API”) banking and have developed more than 150 APIs for our partners to use. These innovations and developments, which have saved costs and generated revenue for us, stood out as emerging banking trends and have won a number of awards and accolades from distinguished members and institutes of the banking industry.
While we currently provide a range of options for customers to access their accounts, including internet banking, telephone banking, artificial intelligence driven chat bots and banking applications on mobile devices, we believe additional investments in our technology infrastructure to further develop our digital strategy will allow us to cross-sell a wider range of products on our digital platform in response to our customers’ needs and thereby expand our relationship with our customers across a range of customer segments. We are utilizing new technologies, such as RPA, machine learning, AI and block-chain to further enhance our current digital portfolio. We believe a comprehensive digital strategy will provide benefits in developing long-term customer relationships by allowing customers to interact with us and access their accounts wherever and whenever they desire with a seamless financial experience.
Cross-sell our broad financial product portfolio across our customer base
We are able to offer our complete suite of financial products across our branch network, including in rural locations. By matching our broad customer base with our ability to offer our complete suite of products to both rural and urban customers across retail banking, wholesale banking and treasury product lines, we believe that we can continue to generate organic growth by cross-selling different products by proactively offering our customers complementary products as their relationships with us develop and their financial needs grow and evolve.
Maintain strong asset quality through disciplined credit risk management
We have maintained high quality loan and investment portfolios through careful targeting of our customer base, and by putting in place what we believe are comprehensive risk assessment processes and diligent risk monitoring and remediation procedures. Our gross
non-performing
customer assets as a percentage of gross customer assets was 1.43 percent as of March 31, 2020 and our net
non-performing
customer assets as a percentage of net customer assets was 0.52 percent as of March 31, 2020. We believe we can maintain strong asset quality appropriate to the loan portfolio composition while achieving growth.
Maintain a low cost of funds
We believe we can maintain a relatively
low-cost
funding base as compared to our competitors, by leveraging our strengths and expanding our base of retail savings and current deposits and increasing the free float generated by transaction services, such as cash management and stock exchange clearing. Our
non-interest
bearing current and
low-interest
bearing savings account deposits were 42.2 percent of our total deposits as of March 31, 2020. Our average cost of funds (including equity) was 4.5 percent for fiscal 2019 and remained unchanged in fiscal 2020.
COVID-19
Pandemic
On March 11, 2020, the
COVID-19
outbreak was declared a global pandemic by the World Health Organization (“WHO”). Governments and companies, ourselves included, have introduced a variety of measures to contain the spread of the virus. These include the implementation of remote working arrangements for the majority of our workforce, provision of appropriate masks and hand sanitizers for
at-risk
employees, use of physical distancing measures, periodic disinfection and fumigation of operational bank locations and the establishment of a specific
COVID-19
employee helpline. In addition, as a result of the increase in remote working, we have strengthened our cybersecurity measures, including implementing
two-factor
authentication, increasing employee awareness of unusual activity and ensuring IT support is available 24 hours per day. We also implemented additional measures to enable customers to complete their banking activity remotely where possible. We believe that due to the measures we have taken following the
COVID-19
outbreak, our capital and liquidity position remains strong and our employees continue to balance their personal and professional circumstances diligently, leading to robust processes, coordination and communication within our business units and a high level of customer service and care.
The pandemic and its aftermath are likely to result in both challenges and opportunities for the Indian banking system. For example, opportunities in the healthcare sector are likely to grow, as the management of the pandemic underscores the need to expand capacity in this area. While the stimulus package announced by the government between May 13, 2020 and May 17, 2020 committed more spending on healthcare (the specific allocation of funds will be determined by the path of the pandemic and the resulting financial costs), it is likely that going forward both the central and state governments will increase spending on health and associated sectors, such as sanitation. Growth in the healthcare sector is likely to also have a positive impact on the pharmaceuticals and medical equipment segments. As the Government increases its focus on these sectors, it is likely to draw in private sector participation. This creates significant potential for the Bank in terms of both credit and
non-fund
businesses.
 
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Agriculture is likely to see significant structural change, as proposed changes in farm produce marketing laws and the Essential Commodities Act 1955 are implemented. While we expect to see growing interest in the agricultural sector, obstacles to the procurement of produce and warehousing may continue to persist. This would directly benefit the food processing industry by inviting more corporate investment and expanding the demand for banks to fund this sector.
The government has also allocated considerable funding (Rs. 100 billion in the recent stimulus package) to formalize the micro-food processing segment through technical and infrastructure support and the implementation of safety and quality standards. The micro-segment is likely to grow in “clusters” and to offer increased credit opportunities for banks, particularly through the micro-finance and the self-help group (“SHG”) channels.
Loans to micro, small and medium enterprises (“MSMEs”) are likely to see immediate traction with the government providing a 100 percent guarantee on Rs. 3,000 billion collateral-free lending to this segment. While the sovereign back-stop makes lending to this segment viable in the near term, the effort to strengthen and scale up MSMEs may create high-quality borrowers in the process. The decision to infuse Rs. 500 billion as equity through fund of funds (20 percent investment from the central government and the remaining 80 percent from private investors) in MSMEs with growth potential is an example. The Government has also provided both a full and partial credit guarantee for NBFCs, housing finance companies and microfinance institutions. This reduces the risk of bank lending to these entities in the near term and over the medium term could assist such institutions in overcoming a cycle of elevated risk perception, shortage of liquidity and credit and balance sheet distress.
Furthermore, increased savings that are typical in the wake of a major economic shock are likely to provide the banking system with low-cost deposits. A lower risk appetite by the general public could drive investments away from alternatives, such as equities, and therefore further increase deposits. With respect to policy measures, the RBI is likely to continue its strategy of maintaining large surplus liquidity in the system and to cut the policy rate further. These measures will ensure
low-cost
funds for banks.
Finally, the possibility of a noticeable shift in global value chains away from China, in order to reduce concentration risk, as well as in response to a shifting geopolitical landscape, presents India with unique opportunities. India could gain global market share across sectors including more traditional sectors, such as textiles, furniture and basic chemicals, as well as more technologically complex sectors, such as mobile phone handsets, pharmaceuticals and auto components.
However, challenges still remain. We expect GDP to contract by approximately 7.5 percent in the fiscal year 2021, which is likely to reduce demand for credit and compromise credit quality. A global recession could dent export growth across sectors. Banks need to navigate the enhanced risk carefully, particularly in sectors such as hospitality and civil aviation where
COVID-19
is likely to have a prolonged impact. The rise in precautionary savings among households and the possibility of rising unemployment, which is often the corollary of a slowdown in economic growth, could reduce the demand for retail lending and in particular for larger borrowings.
Given the dynamic nature of the outbreak, the extent to which
COVID-19
will continue to impact our business, financial condition and results of operations will depend on future developments, which remain highly uncertain and cannot be accurately predicted at this time. For additional information related to the
COVID-19
pandemic see “
Risk Factors—The
COVID-19
pandemic or similar public health crises may have a material adverse effect on our business, financial condition and results of operation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Certain Factors Affecting our Results of Operation
”.
 
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Our Principal Business Activities
Our principal business activities consist of retail banking, wholesale banking and treasury operations. The following table sets forth our net revenues attributable to each area for the last three fiscals:
 
   
Year ended March 31,
 
   
2018
   
2019
   
2020
 
   
(in millions, except percentages)
 
Retail banking
    Rs.414,894.0       81.6     Rs.473,748.2       79.6     Rs.540,456.5     US$ 7,168.8       80.2
Wholesale banking
    77,623.6       15.3     111,803.5       18.8     126,677.3       1,680.3       18.8
Treasury operations
    15,842.2       3.1     9,796.8       1.6     6,990.7       92.7       1.0
Net revenue
    Rs.508,359.8       100.0     Rs.595,348.5       100.0     Rs.674,124.5     US$ 8,941.8       100.0
Retail Banking
Overview
We consider ourselves a
one-stop
shop for the financial needs of our customers. We provide a comprehensive range of financial products including deposit products, loans, credit cards, debit cards, third-party mutual funds and insurance products, bill payment services and other services. Our retail banking loan products include loans to small and medium enterprises for commercial vehicles, construction equipment and other business purposes. We group these loans as part of our retail banking business considering, among other things, the customer profile, the nature of the product, the differing risks and returns, our organization structure and our internal business reporting mechanism. Such grouping ensures optimum utilization and deployment of specialized resources in our retail banking business. We also have specific products designed for lower income individuals through our Sustainable Livelihood Initiative. Through this initiative, we reach out to the
un-banked
and under-banked segments of the Indian population in rural areas. We actively market our services through our banking outlets and alternate sales channels, as well as through our relationships with automobile dealers and corporate clients. We follow a multi-channel strategy to reach out to our customers bringing to them choice, convenience and what we believe to be a superior experience. Innovation has been the springboard of growth in this segment and so has a strong focus on analytics and customer relationship management, which we believe has helped us to understand our customers better and offer tailor-made solutions. We further believe that these factors lead to better customer engagement.
As of March 31, 2020, we had 5,416 banking outlets and 14,901 ATMs/CDMs in 2,803 cities and towns. In addition, we had 5,379 banking outlets managed by the CSCs. We also provide telephone, internet and mobile banking to our customers. We plan to continue to expand our banking outlet and ATM network as well as our other distribution channels, subject to regulatory guidelines/approvals.
Retail Loans and Other Asset Products
We offer a wide range of retail loans, including loans for the purchase of automobiles, personal loans, retail business banking loans, loans for the purchase of commercial vehicles and construction equipment finance,
two-wheeler
loans, credit cards and loans against securities. Our retail loans, of which 32.9 percent were unsecured, made up 66.3 percent of our gross loans as of March 31, 2020. Apart from our banking outlets, we use our ATMs, telephone banking, internet banking and mobile banking to promote our loan products. We perform our own credit analysis of the borrowers and the value of the collateral if the loan is secured. See “—Risk Management—Credit Risk—Retail Credit Risk”. We also buy mortgage and other asset-backed securities and invest in retail loan portfolios through assignments. In addition to taking collateral, in most cases, we obtain debit instructions/post-dated checks covering repayments at the time a retail loan is made. It is a criminal offense in India to issue a bad check. Our unsecured personal loans, which are not supported by any collateral, are a greater credit risk for us than our secured loan portfolio. We may be unable to collect in part or at all on an unsecured personal loan in the event of
non-payment
by the borrower. Accordingly, personal loans are granted at a higher contracted interest rate since they carry a higher credit risk as compared to secured loans. Also see “Risk Factors—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”.
 
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The following table shows the gross book value and percentage share of our retail credit products:
 
    
At March 31, 2020 Value
    
% of Total Value
 
    
(in millions)
        
Retail Assets:
        
Auto loans
   Rs. 952,053.1      US$ 12,628.4        13.3
Personal loans / Credit cards
     1,920,601.6        25,475.5        26.8
Retail business banking
     1,658,770.3        22,002.5        23.1
Commercial vehicle and construction equipment finance
     747,382.4        9,913.5        10.4
Housing loans
     634,612.4        8,417.7        8.9
Other retail loans
     1,127,380.6        14,954.0        15.7
Total retail loans
     7,040,800.4        93,391.6        98.2
Mortgage-backed securities
     38.1        0.5        —  
Asset-backed securities
     126,773.2        1,681.6        1.8
Total retail assets
   Rs. 7,167,611.7      US$ 95,073.7        100.0
 
Note:
The figures above exclude
securitized-out
receivables. Mortgage-backed securities and asset-backed securities are reflected at fair values.
Auto Loans
We offer loans at fixed interest rates for financing of new and used automobile purchases. In addition to our general promotional efforts for retail loans, we market our offerings at various customer touch points such as authorized original equipment manufacturer dealers, direct sales agents, banking outlets, cross sales through other lending businesses of the Bank, phone banking channels, and digital touch points, both internal and external. We believe that we are the leader in the auto loan segment, having established our presence throughout the country over two decades.
Personal Loans and Credit Cards
We offer unsecured loans at fixed rates to salaried individuals, self-employed professionals, small businesses and individual businessmen.
We offer credit cards from VISA, MasterCard, Diners and Rupay platforms, including gold, silver, corporate, business, platinum, titanium, signature, world, black and infinite credit cards under the classification of corporate cards, business cards,
co-brand
cards, premium retail cards and super premium retail cards. We had approximately 12.5 million and 14.5 million cards outstanding (
i.e.,
total credit cards in circulation) as of March 31, 2019 and March 31, 2020, respectively.
We offer Easy EMI (equated monthly installments) through credit cards, debit cards and consumer loans. Easy EMI is available instantly at no extra cost across multiple product categories, including offline and online channels.
Our efforts in the payments business are continuously focused on meeting customers’ specific requirements in the most accessible and relevant manner, while simplifying transactions.
 
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Retail Business Banking
We address the borrowing needs of the community of small businessmen primarily located within servicing range of our banking outlets by offering facilities such as credit lines, term loans for expansion or addition of facilities and discounting of receivables. We classify these business banking loans as a retail product. Such lending is typically secured with current assets as well as immovable property and fixed assets in some cases. We also offer letters of credit, guarantees and other basic trade finance products, foreign exchange and cash management services to such businesses.
Commercial Vehicles and Construction Equipment Finance
We provide secured financing for commercial vehicles and construction equipment along with working capital, trade advances, bank guarantees, and transaction banking services, among others, both traditional and digital, to entities engaged in the infrastructure and transportation businesses. In addition to funding domestic assets, we also extend financing for imported assets for which we open foreign letters of credit and offer treasury services, such as forward exchange covers. We coordinate and collaborate with original equipment manufacturers including their authorized dealers to jointly promote our financing options to their clients. We have a strong market presence in the commercial vehicle and construction equipment financing business.
Housing Loans
We provide home loans through an arrangement with our principal shareholder HDFC Limited. Under this arrangement, we source loans for HDFC Limited through our banking outlets. HDFC Limited approves and disburses the loans, which are kept on their books, and we receive a sourcing fee for these loans. We have a right, but not an obligation, to purchase up to 70 percent of the fully disbursed home loans sourced under this arrangement through either the issue of mortgage-backed pass through certificates (“PTCs”) or a direct assignment of the loans. The balance is retained by HDFC Limited.
Other Retail Loans
Two-Wheeler
Loans
We offer loans for financing the purchase of mopeds, scooters and motorcycles. We market this product in ways similar to our marketing of automobile loans.
Loans Against Securities
We offer loans against equity shares, mutual fund units, bonds and other securities that are on our approved list. We limit our loans against equity shares to Rs. 2.0 million per retail customer in line with regulatory guidelines and limit the amount of our total exposure secured by particular securities. We lend only against shares in book-entry (dematerialized) form, which ensures that we obtain perfected and first-priority security interests. The minimum margin for lending against shares is prescribed by the RBI.
Loan Assignments
We purchase loan portfolios, generally in India, from other banks, financial institutions and financial companies, which are similar to asset-backed securities, except that such loans are not represented by PTCs. Some of these loans also qualify toward our directed lending obligations.
Kisan Gold Card (Agri Loans)
Under the Kisan Gold Card (“KGC”) scheme, funds are extended to farmers in accordance with the RBI’s Kisan Credit Card scheme, which is aimed at financing agricultural and related credit requirements. The KGC is a credit facility of a specified amount, which is offered to farmers to finance certain requirements, including the production of crops, post-harvest repair and maintenance expenses and miscellaneous consumption needs. In addition to loans for recurring needs, long-term loans are granted for purposes including the purchase of farm machinery and land development activities, such as the digging of tube wells, installation of irrigation sprinklers, construction of storage facilities, and sheds for animals.
Depending on the requirements, various types of facilities are extended under KGC. These include cash credit, overdrafts, term loans, farm development loans and drop line overdraft limits. The amount of cash credit funding is based on the farmer’s cropping pattern, the amount of land used and scale of finance, while for term loans it is based on the unit cost of assets. These facilities are extended under a range of crop and geography specific products, which are designed on the basis of the harvest cycles and the local needs of farmers spread across diverse agro-climatic zones.
Through this product, we have established a strong footprint in rural areas and we are able to impact the lives of thousands of rural people making banking accessible to areas which lack formal sources of financial services, including credit. In addition to advising farmers on their financial needs, we are increasingly focusing on educating them on the benefits of various governmental and regulatory schemes, such as crop insurance and interest subvention.
 
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We also aim to cater to other financial needs of rural customers through appropriate banking products.
Loans Against Gold Jewelry
We offer loans against gold jewelry to all customer segments, including women and small and marginal farmers. Such loans are typically offered with different repayment modes, with repayment either at monthly intervals or at maturity. Collateral value is dependent on the market price of the gold and therefore these loans also have margin requirements in the event of a decrease in the value of the gold. Loans against gold jewelry are also extended to existing customers of the bank in order to cater to their additional funding needs.
We also offer loans which primarily include loans/overdrafts against time deposits, health care equipment financing loans, tractor loans and loans to self-help groups.
Retail Deposit Products
Retail deposits provide us with a
low-cost,
stable funding base and have been a key focus area for us since commencing operations. Retail deposits represented approximately 77.2 percent of our total deposits as of March 31, 2020. The following chart shows the book value of our retail deposits by our various deposit products:
 
    
At March 31, 2020
 
    
Value (in millions)
    
% of total
 
Savings
     Rs.3,013,542.2      US$ 39,972.7        34.1
Current
     949,640.3        12,596.4        10.7
Time
     4,883,365.2        64,774.7        55.2
Total
     Rs.8,846,547.7      US$ 117,343.8        100.0
Our individual retail account holders have access to the benefits of a wide range of direct banking services, including debit and ATM cards, access to internet, phone banking and mobile banking services, access to our growing branch and ATM network, access to our other distribution channels and eligibility for utility bill payments and other services. Our retail deposit products include the following:
 
   
Savings accounts, which are demand deposits, primarily for individuals and trusts.
 
   
Current accounts, which are
non-interest
bearing checking accounts designed primarily for business customers. Customers have a choice of regular and premium product offerings with different minimum average quarterly account balance requirements.
 
   
Time deposits, which pay a fixed return over a predetermined time period.
We also offer special value-added accounts, which offer our customers added value and convenience. These include a time deposit account that allows for automatic transfers from a time deposit account to a savings account, as well as a time deposit account with an automatic overdraft facility.
Other Retail Services and Products
Debit Cards
We had approximately 26.9 million and 32.1 million debit cards outstanding as of March 31, 2019 and March 31, 2020, respectively. The cards can be used at ATMs and
point-of-sales
terminals in India and in other countries across the world.
Individual Depositary Accounts
We provide depositary accounts to individual retail customers for holding debt and equity instruments. Securities traded on the Indian exchanges are generally not held through a broker’s account or in a street name. Instead, an individual has his or her own account with a depositary participant. Depositary participants, including us, provide services through the major depositaries established by the two major stock exchanges. Depositary participants record ownership details and effect transfers in book-entry form on behalf of the buyers and sellers of securities. We provide a complete package of services, including account opening, registration of transfers and other transactions and information reporting.
 
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Mutual Fund Sales
We are a registered distributor with the Association of Mutual Funds in India (“AMFI”). We engage in distributing mutual fund products to our customers through our staff, who are AMFI certified. We offer units of most large and reputable mutual fund houses in India to our customers. We distribute mutual fund products primarily through our banking outlets and our private banking relationship managers. We receive trail income on the new business as well as on the existing assets under management.
Insurance
We have arrangements with HDFC Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited and Aditya Birla Health Insurance Company Limited to distribute their life insurance, general insurance and health insurance products, respectively, to our customers. We also have two similar distribution arrangements in each of these segments. We earn commission on new premiums collected as well as trail income in subsequent years in certain cases while the policy is still in force. Our commission income for fiscal 2020 included fees of Rs. 21,827.6 million in respect of life insurance business and Rs. 2,722.5 million in respect of
non-life
insurance business, of which Rs. 10,126.4 million was for displaying publicity materials at the Bank’s banking outlets/ATMs.
Bill Payment Services
We offer our customers bill payment services for all utility companies, including water, electricity, gas, telephone,
direct-to-home,
and internet service providers, as well as financial products such as insurance and mutual funds. Customers can also set up autopay for these bills. We believe this is a valuable convenience that we offer our customers. We offer these services to customers through multiple distribution channels: internet banking, our mobile application and telephone banking.
Corporate Salary Accounts
We offer Corporate Salary Accounts, which allow employers to make salary payments to a group of employees with a single transfer. We then transfer the funds into the employees’ individual accounts and offer them preferred services, such as lower minimum balance requirements. As of March 31, 2020, these accounts constituted 29.0 percent of our savings deposits by value.
Non-Resident
Indian Services
Non-resident
Indians are an important target market segment for us given their relative affluence and strong ties with family members in India. Our
non-resident
deposits amounted to Rs. 1,023.3 billion as of March 31, 2019 and Rs. 1,119.4 billion as of March 31, 2020.
Retail Foreign Exchange
We purchase foreign currency from and sell foreign currency to retail customers in the form of cash, traveler’s checks, demand drafts, foreign exchange cards and other remittances. We also carry out foreign currency check collections.
 
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Customers and Marketing
We identify and target distinct market customer segments for our retail services. We market our products through our banking outlets, through our digital channels such as our website, e-mails, SMS, WhatsApp and mobile app, through telemarketing and through our dedicated sales team for niche market segments. We also use third-party agents and direct sales associates to market certain products and to identify prospective customers.
Additionally, we obtain new customers through joint marketing efforts with our wholesale banking department, such as our Corporate Salary Account package and we cross-sell several retail products to our customers. We also market our auto loan and
two-wheeler
loan products through joint efforts with relevant manufacturers and distributors.
We have programs that target other specific segments of the retail market. Under our private and premium banking programs, the relationship managers distribute mutual funds and insurance products, provide incidental advice related to these products and refer fixed income products, alternate funds and structured products offered by third parties. The program also offers succession planning services, including efficient tax planning, trust formation and will-writing through referrals. Clients seeking investment advice are referred to HDFC Securities (a registered investment adviser regulated by SEBI IA Regulations, 2013) where a team of certified investment advisers provide unbiased and independent advice to clients of the private banking programs. As of March 31, 2020, 34.0 percent of our retail deposit customers contributed 70.0 percent of our retail deposits.
We also have a strong commitment to financial inclusion programs to extend banking services to underserved populations. Our Sustainable Livelihood Initiative targets lower income individuals to finance their economic activity, and also provides skill training, credit counseling and market linkages for better price discovery. Through this initiative we reach out to the
un-banked
and under-banked segments of the Indian population.
Wholesale Banking
Overview
We provide our corporate and institutional clients with a wide range of commercial banking products and transactional services.
Our principal commercial banking products include a range of financing products, documentary credits (primarily letters of credit) and bank guarantees, foreign exchange and derivative products, investment banking services and corporate deposit products. Our financing products include loans, overdrafts, bill discounting and credit substitutes, such as commercial paper, debentures, preference shares and other funded products. Our foreign exchange and derivatives products assist corporations in managing their currency and interest rate exposures.
In terms of commercial banking products, our customers include companies that are part of private sector business houses, public sector enterprises and multinational corporations, as well as small and
mid-sized
businesses. Our customers also include suppliers and distributors of corporations to whom we provide credit facilities and with whom we thereby establish relationships as part of a supply chain initiative for both our commercial banking products and transactional services. We aim to provide our corporate customers with high-quality customized service. We have relationship managers who focus on particular clients and who work with teams that specialize in providing specific products and services, such as cash management and treasury advisory services.
Loans to small and medium enterprises, which are generally loans for commercial vehicles, construction equipment and business purposes, are included as part of our retail banking business. We group these loans as part of our retail banking business considering, among other things, the customer profile, the nature of the product, the differing risks and returns, our organization structure and our internal business reporting mechanism. Such grouping ensures optimum utilization and deployment of specialized resources in our retail banking business.
Our principal transactional services include cash management services, capital markets transactional services and correspondent banking services. We provide physical and electronic payment and collection mechanisms to a range of corporations, financial institutions and Government entities. Our capital markets transactional services include custodial services for mutual funds and clearing bank services for the major Indian stock exchanges and commodity exchanges. In addition, we provide correspondent banking services, including cash management services and funds transfers, to foreign banks and
co-operative
banks.
 
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Commercial Banking Products
Commercial Loan Products and Credit Substitutes
Our principal financing products are working capital facilities and term loans. Working capital facilities primarily consist of cash credit facilities and bill discounting. Cash credit facilities are revolving credits provided to our customers that are secured by working capital such as inventory and accounts receivable. Bill discounting consists of short-term loans which are secured by bills of exchange that have been accepted by our customers or drawn on another bank. In many cases, we provide a package of working capital financing that may consist of loans and a cash credit facility as well as documentary credits or bank guarantees. Term loans consist of short-term loans and medium-term loans which are typically loans of up to five years in duration. Over 90.0 percent of our loans are denominated in rupees with the balance being denominated in various foreign currencies, principally the US dollar.
We also purchase credit substitutes, which typically comprise commercial paper and debentures issued by the same customers with whom we have a lending relationship in our wholesale banking business. Investment decisions for credit substitute securities are subject to the same credit approval processes as loans, and we bear the same customer risk as we do for loans extended to these customers. Additionally, the yield and maturity terms are generally directly negotiated by us with the issuer.
The following table sets forth the asset allocation of our commercial loans and financing products by asset type. For accounting purposes, we classify commercial paper and debentures as credit substitutes (which in turn are classified as investments).
 
    
As of March 31,
 
    
2018
    
2019
    
2020
    
2020
 
    
(in millions)
 
Gross commercial loans
   Rs. 2,162,814.4      Rs. 2,873,561.0      Rs. 3,583,055.2      US$ 47,527.0  
Credit substitutes:
           
Commercial paper
   Rs. 34,248.6      Rs. 25,734.3      Rs. 124,393.4      US$ 1,650.0  
Non-convertible
debentures
     289,782.9        247,152.5        237,980.3        3,156.7  
Total credit substitutes
   Rs. 324,031.5      Rs. 272,886.8      Rs. 362,373.7      US$ 4,806.7  
Gross commercial loans plus credit substitutes
   Rs. 2,486,845.9      Rs. 3,146,447.8      Rs. 3,945,428.9      US$ 52,333.7  
Whilst we generally lend on a cash-flow basis, we also require collateral from a large number of our borrowers. As of March 31, 2020, approximately 64.4 percent of the aggregate principal amount of our gross wholesale loans was secured by collateral (Rs. 1,274.1 billion in aggregate principal amount of loans were unsecured). However, collateral securing each individual loan may not be adequate in relation to the value of the loan. All borrowers must meet our internal credit assessment procedures, regardless of whether the loan is secured. See “
Risk Management—Credit Risk—Wholesale Credit Risk”.
We price our loans based on a combination of our own cost of funds, market rates, tenor of the loan, our rating of the customer and the overall revenues from the customer. An individual loan is priced on a fixed or floating rate and the pricing is based on a margin that depends on, among other factors, the credit assessment of the borrower. We are required to follow the system requirements related to the interest rate on advances, issued by the RBI from time to time, while pricing our loans. For a detailed discussion of these requirements, see “Supervision and Regulation—Regulations Relating to Making Loans”.
The RBI requires banks to lend to specific sectors of the economy. For a detailed discussion of these requirements, see “Supervision and Regulation—Directed Lending”.
 
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Bill Collection, Documentary Credits and Bank Guarantees
We provide bill collection, documentary credit facilities and bank guarantees for our corporate customers. Documentary credits and bank guarantees are typically provided on an ongoing basis. The following table sets forth, for the periods indicated, the value of transactions processed with respect to our bill collection, documentary credits and bank guarantees:
 
    
As of March 31,
 
    
2018
    
2019
    
2020
    
2020
 
    
(in millions)
 
Bill collection
     Rs.4,345,163.8        Rs.5,197,456.2        Rs.6,039,408.6      US$ 80,108.9  
Documentary credits
     1,262,413.0        1,787,206.9        1,753,159.7        23,254.5  
Bank guarantees
     289,821.8        313,578.3        303,348.0        4,023.7  
Total
     Rs.5,897,398.6        Rs.7,298,241.4        Rs.8,095,916.3      US$ 107,387.1  
Bill collection
: We provide bill collection services for our corporate clients in which we collect bills on behalf of a corporate client from the bank of our client’s customer (
i.e.
, import bill collection). Under the import bill collection system, we receive instructions from overseas banks, deal with necessary documents and effect remittances on behalf of our clients. We also provide export collection, where we receive documents from our corporate clients and send such documents to the overseas bank for collection. Once the export collection is realized, we credit our corporate clients’ accounts with the relevant amount.
Documentary credits
: We issue documentary credit facilities on behalf of our customers for trade financing, sourcing of raw materials and capital equipment purchases.
Bank guarantees:
We provide bank guarantees on behalf of our customers to guarantee their payment or performance obligations. A part of our guarantee portfolio consists of margin guarantees to brokers issued in favor of stock exchanges.
Foreign Exchange and Derivatives
Our foreign exchange and derivative product offering to our customers covers a range of products, including foreign exchange and interest rate transactions and hedging solutions, such as spot and forward foreign exchange contracts, forward rate agreements, currency swaps, currency options and interest rate derivatives. These transactions enable our customers to transfer, modify or reduce their foreign exchange and interest rate risks. A specified group of relationship managers from our treasury front office works on such product offerings in line with the customers’ risk and other requirements and within the framework of the Suitability and Appropriateness policy of the Bank.
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 and exchange of principal amounts at maturity based on predetermined rates. Rupee interest rate swaps are commitments to exchange fixed and floating rate cash flows in rupees. 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 being 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.
We enter into forward exchange contracts, currency options, forward rate agreements, currency swaps and rupee interest rate swaps in the inter-bank market, broadly to support our customer requirements and to a limited extent, for our own account. The following table presents the aggregate notional principal amounts of our outstanding foreign exchange and derivative contracts with our customers as of March 31, 2018, 2019 and 2020, together with the fair values on each reporting date.
 
   
As of March 31,
 
   
2018
   
2019
   
2020
   
2020
 
   
Notional
   
Fair Value
   
Notional
   
Fair Value
   
Notional
   
Fair Value
   
Notional
   
Fair Value
 
   
(In millions)
 
Interest rate swaps and forward rate agreements
  Rs. 1,106,546.0     Rs. 1,847.5     Rs. 1,073,100.9     Rs. 698.2       Rs.1,545,303.1     Rs. 1,404.5     US$ 20,497.5     US$ 18.6  
Forward exchange contracts, currency swaps, currency options
  Rs. 864,449.8     Rs. (5,261.4)     Rs. 884,608.8     Rs. 2,416.0       Rs.1,309,254.8     Rs. 7,532.1     US$ 17,366.4     US$ 100.0  
 
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Investment Banking
Our Investment Banking Group offers services in the debt and equity capital markets. The group has arranged project financing for clients across various sectors including telecoms, roads, healthcare, energy, real estate and cement. The group advised on aggregate issuances of over Rs. 500 billion worth of rupee denominated corporate bonds across public sector undertakings, financial institutions and our corporate clients during fiscal 2020, becoming the third largest corporate bond arranger in the market for fiscal 2020. In the equity capital markets business, the group concluded various transactions, including an initial public offering, a qualified institutional placement, a rights issue and share buybacks. In the advisory business, we advise clients in the infrastructure, new economy and digital, financial services, industrials and healthcare sectors.
Wholesale Deposit Products
As of March 31, 2020, we had wholesale deposits aggregating to Rs. 2,615.5 billion, which represented 22.8 percent of our total deposits. We offer both
non-interest
bearing current accounts and time deposits. We are permitted to vary the interest rates on our wholesale deposits based on the size of the deposit (for deposits greater than Rs. 20.0 million), provided the rates booked on a day are the same for all customers of that deposit size for that maturity. See “Selected Statistical Information” for further information about our total deposits.
Transactional Services
Cash Management Services
We believe that the Indian market is one of the most promising Cash Management Services (“CMS”) markets. However, it is also marked by some distinctive characteristics and challenges such as a vast geography, a large number of small business-intensive towns, a large unorganized sector in various business supply chains, and infrastructural limitations for accessibility to many parts of the country. Over the years, such challenges have made it a daunting task for CMS providers in the country to uncover the business potential and extend suitable services and product solutions to the business community.
We have been providing CMS to our customers from diverse industry segments. We believe that we have been consistently aligning our product and services strategy to meet our customers’ needs. This, we believe, has helped us to keep ahead of competitors and retain a satisfied customer base that is growing by the year.
We offer traditional and new age electronic banking products and experience an increasing demand for electronic banking services. While we believe that we have been one of the leading banks in the traditional CMS market, we believe that we have also been able to forge a similar position in the new age CMS market,
i.e.,
electronic cash management, and we also believe that we have aligned our product offering with changing and dynamic customer needs. Currently, approximately 80 percent of our transactions are done on the electronic platform.
Today, we believe that we are a leading service provider of electronic banking products with a large share of business across customer segments. We have, thus, been able to reduce our transaction costs while maintaining our fees and float levels.
Clearing Bank Services for Stock and Commodity Exchanges
We serve as a clearing bank for the equity cash and derivatives segment, currency derivatives, commodity derivatives and other segments for major stock and commodity exchanges in India, including the National Stock Exchange of India Limited, the BSE Limited, Multi Commodity Exchange and National Commodity and Derivatives Exchange Limited. As a clearing bank, we provide the exchanges or their clearing corporations with a means for collecting payments due to them from their members or custodians and a means of making payments to these institutions. In addition to benefiting from the cash float, which reduces our overall cost of funds, we also earn interest, and generate transaction fees, and commissions by offering various fund based and
non-fund
based facilities and transactional services to the exchanges and their members.
 
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Custodial Services
We provide custodial services to domestic and foreign investors that include domestic mutual funds, portfolio managers, insurance companies, alternative investment funds and foreign portfolio investors (“FPIs”). These services include safekeeping of securities, trade settlement, collection of dividends and interest payments on securities, fund accounting services and derivatives clearing services (including currency derivatives and interest rate futures). We are registered as a designated depository participant with the local securities regulator,
i.e.,
the Securities and Exchange Board of India, and are permitted to grant registration to FPIs.
Correspondent Banking Services
We act as a correspondent bank for
co-operative
banks, foreign banks and certain private banks. We provide cash management services, funds transfer services, such as letters of credit, foreign exchange transactions and foreign check collection. We earn revenue on a
fee-for-service
basis and benefit from the cash float, which reduces our overall cost of funds.
We are well-positioned to offer this service to
co-operative
banks, foreign banks and select private banks in light of the structure of the Indian banking industry and our position within it.
Co-operative
banks are generally restricted to a particular state and foreign banks/some private banks have limited branch networks. The customers of these banks frequently need services in other areas of the country where their own banks do not operate. Because of our technology platforms, our geographical reach and the electronic connectivity of our branch network, we can provide these banks with the ability to provide such services to their customers.
Tax Collections
We have been appointed by the Government of India to collect direct taxes. In fiscal 2019 and 2020 we collected Rs. 3,156 billion and Rs. 3,005 billion, respectively, of direct taxes for the Government of India. We are also appointed to collect Goods and Services Tax (“GST”) and excise duties in India. In fiscals 2019 and 2020 we collected Rs. 2,076 billion and Rs. 1,867 billion, respectively, of such indirect taxes for the Government of India and relevant state Governments. We earn a fee from the Government of India for each tax collection and benefit from the cash float. We hope to expand our range of transactional services by providing more services to Government entities.
Treasury
Overview
Our treasury group manages our balance sheet, including our maintenance of reserve requirements and the management of market and liquidity risk. Our treasury group also provides advice and execution services to our corporate and institutional customers with respect to their foreign exchange and derivatives transactions. In addition, our treasury group seeks to optimize profits from our proprietary trading, which is principally concentrated on Indian Government securities.
Our client-based activities consist primarily of advising corporate and institutional customers and transacting spot and forward foreign exchange contracts and derivatives. Our primary customers are multinational corporations, large and
medium-sized
domestic corporations, financial institutions, banks and public sector undertakings. We also advise and enter into foreign exchange contracts with some small companies and NRIs.
The following describes our activities in the foreign exchange and derivatives markets, domestic money markets and debt securities desk and equities market. See also “—Risk Management” for a discussion of our management of market risk.
Foreign Exchange and Derivatives
We enter into forward exchange contracts, currency options, forward rate agreements, currency swaps and rupee interest rate swaps with inter-bank participants. To support our clients’ activities, we are an active participant in the Indian inter-bank foreign exchange market. We also trade, to a more limited extent, for our own account. We also engage in proprietary trades of rupee-based interest rate swaps and use them as part of our asset liability management. 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 amounts at maturity based on predetermined rates. Rupee interest rate swaps are commitments to exchange fixed and floating rate cash flows in rupees. 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 being 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.
 
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The following table sets out the aggregate notional principal amounts of our outstanding foreign exchange and derivative inter-bank contracts as of March 31, 2018, 2019 and 2020, together with the fair values on each reporting date:
 
   
As of March 31,
 
   
2018
 
2019
 
2020
   
2020
 
   
Notional
   
Fair Value
 
Notional
   
Fair Value
 
Notional
   
Fair Value
   
Notional
   
Fair Value
 
   
(In millions)
 
Interest rate swaps and forward rate agreements
    Rs.1,980,227.2     Rs.(750.2)        Rs.2,086,766.2     Rs.131.0     Rs.2,099,192.7       Rs.(3,504.6)     US$ 27,844.4     US$ (46.5
Forward exchange contracts, currency swaps, currency options
    Rs.3,876,140.5     Rs.(1,124.3)     Rs.5,156,391.8     Rs.829.9     Rs.5,276,918.2       Rs.322.6           US$ 69,994.9     US$ 4.3  
Domestic Money Market and Debt Securities Desk
Our principal activity in the domestic money market and debt securities market is to ensure that we comply with our reserve requirements including Liquidity Coverage Ratio (“LCR”). These consist of a cash reserve ratio, which we meet by maintaining balances with the RBI, and a statutory liquidity ratio, which we meet by purchasing Indian Government securities. See also “Supervision and Regulation—Legal Reserve Requirements”. Our local currency desk primarily trades Indian Government securities for our own account. We also participate in the inter-bank call deposit market and engage in limited trading of other debt instruments. The LCR requirement stands at 100.00 percent as of March 31, 2020. The Bank meets the LCR requirement by maintaining an adequate level of high quality liquid assets mainly government securities above its mandated statutory requirements. See also “Supervision and Regulation—Regulations on Asset Liability Management”.
Equities Market
We trade a limited amount of equities of Indian companies for our own account, which are specified in the approved list of equity universe that is reviewed at least on a quarterly basis. As of March 31, 2020, we had an internal aggregate approved limit of Rs. 300 million for proprietary equity trading, which included Rs. 100 million (defined as a
sub-limit
of the aggregate approved limit) for primary purchases of equity investments for proprietary trading and Rs. 100 million (defined as a
sub-limit
of the aggregate approved limit) for investment in index funds or equity mutual funds for proprietary trading. We set limits on the amount invested in any individual company as well as a stop-loss trigger level and a value at risk (“VaR”) limit for the proprietary equity trading portfolio. Our exposure as of March 31, 2020 was within these limits.
In addition, we had long-term and strategic investments in equities and equity-linked instruments within the board-approved quantum for such investments. All such investments are carried out after review and approval of the proposal by the investment committee and the board, if applicable.
Distribution Channels
We deliver our products and services through a variety of distribution channels, including banking outlets, direct sales agents, ATMs, telephone, mobile and internet banking.
Banking Outlets
As of March 31, 2020, we had a total of 5,416 banking outlets covering 2,803 cities and towns, which include 162 banking outlets that were manned by our business correspondents. In addition, we had 5,379 banking outlets managed by the CSCs. All of our banking outlets are electronically linked so that our customers can access their accounts from any banking outlet regardless of where they have their accounts.
Almost all of our banking outlets focus exclusively on providing retail services and products, though a few also provide wholesale banking services. The range of products and services available at each banking outlet depends in part on the size and location of the banking outlet. We offer various banking services to our customers through our arrangements with correspondent banks and exchange houses in overseas locations.
 
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As part of its banking outlet licensing conditions, the RBI requires that at least 25.00 percent of all incremental banking outlets added during the year be located in unbanked rural areas that do not have a brick and mortar structure of any scheduled commercial bank for customer-based banking transactions. As per the guidelines of the RBI, a rural area is defined as a center with a population up to 9,999. As of March 31, 2020, 2,385 of our banking outlets (including banking outlets managed by the CSCs) are in unbanked areas. With the objective of liberalizing and rationalizing the branch licensing process, the RBI granted general permission, effective from October 2013, to banks like us to open banking outlets in Tier 1 to Tier 6 centers, subject to a requirement to report to the RBI and other prescribed conditions. In May 2017, the RBI further liberalized the branch authorization policy. See “Supervision and Regulation—Regulations Relating to the Opening of Banking Outlets”.
We have overseas banking outlets in Bahrain, Hong Kong and the Dubai International Finance Centre (“DIFC”). These banking outlets cater to the needs of our overseas clients, both corporate and individual. They offer banking, trade finance and wealth management (primarily for
non-resident
individual customers). In addition, we have representative offices in Abu Dhabi, Dubai and Nairobi. We also have a presence in the International Financial Service Centre Banking Unit at the Gujarat International Finance
Tec-City
(“GIFT City”) in Gandhinagar, Gujarat. This unit operates in a similar fashion to our foreign banking outlets and customers are able to purchase products such as trade credits and foreign currency term loans, including external commercial borrowings and derivatives to hedge loans. Our unit in GIFT City is regulated and supervised by the RBI.