20-F 1 d249746d20f.htm FORM 20-F Form 20-F
P1083DP1YfalseFY0001144967http://fasb.org/us-gaap/2022#OperatingLeaseLiabilityhttp://fasb.org/us-gaap/2022#OperatingLeaseLiability1.68http://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherAssetsFor fiscal year 2020 the amount represents Other than temporary impairment. The Bank adopted the CECL accounting guidance on April 1, 2020. Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to anon-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval. Effective April 1, 2020, the Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (see notes 2g, 2i, 5, 9, 20 and 23).Includes crop related agricultural loans with days past due less than 366 as they are not considered as non-performing of Rs. 33.6 billion.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 non-performing of Rs. 34.2 billion.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 25,658.9 million. Recoveries from retail loans are Rs. 22,548.7 million and from wholesale loans are Rs. 3,110.2 million.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 36,181.2 million (US$ 476.9 million). Recoveries from retail loans is Rs. 35,385.3 million and from wholesale loans is Rs. 796.1 million.Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 28,919.8 million (US$ 395.4 million). Recoveries from retail loans is Rs. 28,605.8 million and from wholesale loans is Rs. 314.0 million.Others include equity securities with carrying value amounting to Rs. 20,600.1 million and Rs. 14,736.7 million as at March 31, 2021 and March 31, 2022, respectively. Equity securities include non-marketable equity securities carried at cost of Rs. 999.2 million and Rs. 2,665.9 million as at March 31, 2021 and March 31, 2022, respectively. Unrealized gain/(loss) recognized in non-interest revenue–other, net amount to Rs. 7,618.1 million and Rs. (7,633.5) million for the years ended March 31, 2021 and March 31, 2022, respectively.Includes securities sold under repurchase agreements amounting to Rs. 90,200.0 million with a stated interest rate of 4.0% per annum and Rs. 90,200 (US$ 1,188.9 million) with stated interest rate of 4.0% per annum for the years ended March 31, 2021 and March 31, 2022, respectively, under RBI long-term repo operation with a three- year maturity period.Variable rate—( 1) and Perpetual debt—(2) 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. 169,064.5 million (net of debt issuance cost).Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.Comprised of securities and cash collaterals. 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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
, 2022
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, email 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, 2022                
5,545,540,976
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
 
     1  
     2  
     3  
     36  
     66  
     67  
     72  
     79  
     80  
     83  
     91  
     120  
     142  
     143  
     145  
     151  
     190  
     192  
     196  
     197  
     198  
        
        
 
i

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
   36
    
Selected Financial and Other Data
   80
Item 4   Information on the Company   
Business
   3
    
Selected Statistical Information
   83
    
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   91
    
Principal Shareholders
   142
    
Related Party Transactions
   143
    
Supervision and Regulation
   151
Item 5   Operating and Financial Review and Prospects   
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   91
Item 6   Directors, Senior Management and Employees   
Business—Employees
   30
    
Management
   120
    
Principal Shareholders
   142
Item 7   Major Shareholders and Related Party Transactions   
Principal Shareholders
   142
    
Management—Loans to Members of Our Senior Management
   134
    
Related Party Transactions
   143
Item 8   Financial Information   
Report of Independent Registered Public Accounting Firms
  
F-2
    
Consolidated Financial Statements and the Notes thereto
  
F-5
    
Business—Legal Proceedings
   31
Item 9   The Offer and Listing   
Certain Information About Our American Depositary Share and Equity Shares
   66
    
Restrictions on Foreign Ownership of Indian Securities
   192
Item 10   Additional Information   
Management
   120
    
Description of Equity Shares
   67
    
Dividend Policy
   79
    
Taxation
   145
    
Supervision and Regulation
   151
    
Exchange Controls
   190
    
Restrictions on Foreign Ownership of Indian Securities
   192
    
Additional Information
   196
 
ii

   
Item Caption
  
Location
      
Item 11   Quantitative and Qualitative Disclosures About Market Risk   
Business—Risk Management
     23  
    
Selected Statistical Information
     83  
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
     75  
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
     135  
    
Management’s Report on Internal Control Over Financial Reporting
     197  
    
Report of Independent Registered Public Accounting Firm—Internal Controls Over Financial Reporting
     198  
Item 16A   Audit Committee Financial Expert   
Management—Audit Committee Financial Expert
     136  
Item 16B   Code of Ethics   
Management—Code of Ethics
     136  
Item 16C   Principal Accountant Fees and Services   
Management—Principal Accountant Fees and Services
     136  
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
     137  
Item 16H   Mine Safety Disclosure   
Not Applicable
  
 
iii

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 “$”, “US$”, “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 of India” or 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 year 2015. During fiscal year 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 year 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 year 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 year 2018 as oil prices rose and trade war risks escalated globally. In fiscal year 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 year 2019. The rupee further depreciated in fiscal year 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 year 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. The rupee appreciated by 2.8 percent in fiscal year 2021, in part due to a weak dollar and robust foreign flows. In fiscal year 2021, the rupee traded in the range of
75.08-73.14 per
US $1.00. With foreign capital outflows and
geo-political
risks, the rupee depreciated by 3.8 percent against the United States dollar in fiscal year 2022. In fiscal year 2022, the rupee ranged between a high of Rs. 77.07 per US$ 1.00 and a low of Rs. 72.37 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. 75.87 on March 31, 2022. 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 15, 2022 was Rs. 79.74 per US$ 1.00.
 
1

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

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 including loans to small and medium enterprises, credit cards, debit cards, third-party mutual funds and insurance products, bill payment services, and other products and services. Under wholesale banking, we offer a wide range of commercial and transactional banking services, including working capital finance, trade services, transactional services and cash management. We are also a leading provider of structured solutions in India, which combine cash management services with vendor and distributor finance to facilitate supply chain management for our corporate customers. 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, and via multiple platforms,
i.e.
, online, mobile, telephone and branches.
As a result of trade tensions and
geo-political
risks, global growth slowed to 2.9 percent in 2019 from 3.6 percent in 2018, according to IMF estimates. In 2020, growth declined by a further 3.1 percent, driven by the
COVID-19
pandemic and related lockdowns and movement restrictions across the globe, which caused GDP to contract in major economies. With the availability of vaccines and policy support, the global economy started regaining strength in 2021, when, as per the IMF, global growth stood at 6.1 percent. However, global recovery is expected to halt again in 2022 on account of the Russia-Ukraine crisis, the China slowdown, rising commodity prices, and elevated inflation. Moreover, the decrease or removal of monetary stimulus across the globe could also weigh on global recovery. Volatility across industry sectors has increased contributing to an uncertain investment climate. The IMF estimates global growth to slow down to 3.6 percent in 2022.
The
COVID-19
pandemic also adversely impacted India’s economic growth. The Government imposed a strict lockdown between March 25, 2020 and May 31, 2020. While this helped to control the spread of the pandemic during the first wave, it adversely impacted all sectors of the economy, with the consumption and services sectors worst affected. India’s GDP contracted by 23.8 percent in the first quarter of fiscal year 2021. With improved mobility and policy measures, economic activity started to improve again from the second quarter of fiscal year 2021. GDP rebounded with 0.7 percent year on year growth in the third quarter of fiscal year 2021 as compared to a contraction of 6.6 percent in the second quarter of fiscal year 2021. The fourth quarter of the fiscal year 2021 reaffirmed that the economy was recovering as growth momentum picked up pace. India’s GDP grew by 2.5 percent in the fourth quarter, due to improvements across all sectors of the economy. For the full year, India’s GDP declined by 6.6 percent in fiscal year 2021 compared to growth of 3.7 percent in the prior year.
However, the “second wave” of
COVID-19
and related containment measures adversely affected the pace of recovery for the Indian economy during the first quarter of fiscal year 2022. On a
quarter-by-quarter
basis, India’s GDP declined by 17.1 percent in the first quarter of fiscal year 2022, although
year-on-year
growth stood at 20.1 percent, primarily due to support from a low base. Economic activity started recovering from the second quarter of fiscal year 2022 with improved access to vaccines and removal of
COVID-19-related
restrictions. In the second quarter of fiscal year 2022, India’s GDP growth stood at 8.4 percent, but economic activity came under stress again as the Omicron variant started spreading. With a reversal of the low base from fiscal year 2021 and Omicron related curbs, GDP growth slowed to 4.1 percent in the fourth quarter of fiscal year 2022 from 5.4 percent in the third quarter of fiscal year 2022. Overall, GDP growth stood at 8.7 percent in fiscal year 2022, against a decline of 6.6 percent in fiscal year 2021.
Moving forward, we expect India’s GDP growth to slow down in fiscal year 2023, with rising commodity prices and global supply chain disruptions resulting from
geo-political
tensions as major challenges. Elevated inflation levels could keep private consumption recovery slow and might delay private capital expenditure due to a likely decline in profit margins. Moreover, export growth could slow with a global slowdown. Foreign portfolio investments in India could remain weak, as investors are expected to prefer lower risk assets in uncertain times. We estimate India’s GDP growth at 7.3 percent for the fiscal year 2023 subject to further downside risks.
 
3

Besides growth,
geo-political
tensions and lingering supply side disruptions are likely to weigh on domestic retail inflation. CPI inflation rose to 6.95 percent in March 2022, reflecting the impact of higher food prices, fuel prices and core inflation (CPI excluding food and fuel). For fiscal year 2022, CPI inflation averaged 5.5 percent. More recently, headline CPI inflation rose to an
8-year
high of 7.8 percent in April 2022, led by an abroad-based increase in food, fuel and core (CPI excluding food and fuel) inflation. Going forward, CPI inflation is expected to average above 7 percent in the first half of fiscal year 2023 due to a rise in food prices, higher commodity prices and pass through of rising input costs. For the full fiscal year 2023, we expect CPI inflation to average
6.5-6.7 percent
(assuming average crude oil prices at US$ 105 pbl for fiscal year 2023), above the RBI’s target range of 4
+/-2 percent.
In response to the adverse impact of the
COVID-19
pandemic and related disruptions, the Government significantly increased spending in both fiscal year 2021 and fiscal year 2022. While the fiscal deficit was 9.2 percent in fiscal year 2021, it narrowed to 6.7 percent in fiscal year 2022 (as per provisional data), mainly due to improved revenue collections. In the wake of rising commodity prices, the Government has recently reduced excise duties on diesel and petrol and some other raw materials. To ease pressure on food prices, the Government has imposed a ban on wheat exports and removed import duty on crude, soybean and sunflower oil for two years. However, import exemptions for these vegetable oils are capped at 2.0 million metric tons. Additionally, to provide relief to farmers, the Government has extended the free food program until September 2022 and increased fertilizer subsidies. More recently, the Government has introduced a windfall tax on domestically produced crude oil along with export duty on petrol, diesel & ATF exports, which is expected to garner additional tax revenue of Rs. 1.0 trillion. Taking these factors into account, we estimate the fiscal deficit to be at 6.4 percent of GDP in the fiscal year 2023.
Since commencing operations in January 1995 we have grown rapidly. As of March 31, 2022, we had 6,342 branches and 18,130 ATMs/Cash Deposit and Withdrawal Machines (“CDMs”) in 3,188 cities and towns and 71.0 million customers. In addition, we had 15,341 business correspondents, which were primarily manned 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. 17,979.8 billion as of March 31, 2021 to Rs. 21,113.7 billion as of March 31, 2022. Our net income has increased from Rs. 326.0 billion for fiscal year 2021 to Rs. 386.0 billion for fiscal year 2022. Our loans and deposits as of March 31, 2022 amounted to Rs. 14,036.9 billion and Rs. 15,580.0 billion, respectively. Across business cycles, we believe we have maintained a strong balance sheet and a low cost of funds. As of March 31, 2022, gross
non-performing
customer assets as a percentage of gross customer assets was 1.32 percent. Our net customer assets represented 93.8 percent of our deposits and our deposits represented 73.8 percent of our total liabilities and shareholders’ equity. The average
non-interest-bearing
current accounts and
low-interest-bearing
savings accounts represented 44.6 percent of average total deposits for the year ended March 31, 2022. These
low-cost
deposits and the cash float associated with our transactional services led to an average cost of funds (including equity) of 3.1 percent for fiscal year 2022. We had a return on equity (net income as a percentage of average total shareholders’ equity) of 16.1 percent for fiscal year 2021 and 16.8 percent for fiscal year 2022. As at March 31, 2022 we had a total capital adequacy ratio (calculated pursuant to RBI guidelines) of 18.90 percent. Our Common Equity Tier I
(“CET-I”)
ratio was 16.67 percent as at March 31, 2022.
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 21.0 percent of our outstanding equity shares as of March 31, 2022 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, 2022 were Rs. 620.3 billion and Rs. 95.4 billion, respectively. HDBFSL’s net income was Rs. 10.1 billion for fiscal year 2022. As of March 31, 2022, HDBFSL had 1,374 branches across 989 cities in India. HSL’s total assets and shareholders’ equity as of March 31, 2022 were Rs. 79.2 billion and Rs. 16.6 billion, respectively. HSL’s net income was Rs. 9.8 billion for fiscal year 2022. 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.
 
4

Proposed Transaction
The Board of Directors at its meeting held on April 4, 2022 approved a composite scheme of amalgamation (the “Scheme”) for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, each a subsidiary of HDFC Limited, with and into HDFC Limited; and (ii) HDFC Limited with and into HDFC Bank (the “Proposed Transaction”). The share exchange ratio shall be 42 equity shares of HDFC Bank (each having a face value of Rs. 1) for every 25 equity shares of HDFC Limited (each having a face value of Rs. 2).
We expect the Proposed Transaction to be strategically beneficial to both the Bank and HDFC Limited as it takes advantage of existing complementarities. Following the Proposed Transaction, we expect to grow our housing loan portfolio and enhance our existing customer base, benefiting from HDFC Limited’s technological capabilities to evaluate the credit worthiness of customers and its existing offices to market our products and services across India. The housing market environment has changed with recent laws bringing in greater transparency and price corrections lowering inventories. Home loan customers are typically retained for a longer time than our other retail customers. There is a sizeable customer base of HDFC Limited that presently does not do banking with us yet and to whom we can make product and service offerings. HDFC Limited’s rural and affordable housing lending is expected to qualify as priority sector lending for us and can enable a higher flow of credit into priority sector lending, including agriculture. At the same time, we expect the combined entity resulting from the completion of the Proposed Transaction to benefit from our lower cost of funds and distribution. As the present regulatory environment is more conducive in terms of reduced reserve requirements of about 22 percent (compared to 26 percent previously), we expect acquiring liability customers and deposit mobilization to be a key focus area for us to fund future growth. In addition, we expect to reduce the proportion of our exposure to unsecured loans and benefit from a larger balance sheet and capital base, which would allow us to underwrite larger ticket loans and also enable a greater flow of credit into the Indian economy. More secured and long-tenure products are expected to strengthen the Bank’s robust asset portfolio mix. The Scheme also enlists certain rationales and benefits of the Proposed Transaction. Those expectations and anticipated benefits as well as the rationales mentioned in the Scheme are based on estimations and there is no assurance that they will materialize or materialize to the fullest extent as anticipated. See also “
Risk Factors—The Scheme with HDFC Limited may be more difficult, costly or time-consuming than expected, and implementation may fail to realize the anticipated benefits of the merger and will expose us to incremental regulatory requirements
.”
The completion of the Scheme and the Proposed Transaction is subject to customary closing conditions, including the receipt of requisite approvals from the RBI, the Competition Commission of India, the National Housing Bank, the Insurance Regulatory and Development Authority of India, the Pension Fund Regulatory and Development Authority, the National Company Law Tribunal, the Securities Exchange Board of India, BSE Limited, the National Stock Exchange of India Limited and other statutory and regulatory authorities, and the respective shareholders and creditors, under applicable Indian law. The required satisfaction (or waiver) of the foregoing conditions could determine the completion of the Proposed Transaction for a significant period of time or prevent it from occurring. It is currently anticipated that the Proposed Transaction may be completed during fiscal year 2024 or earlier. While HDFC Bank has received certain approvals and no objection letters in regard to the Proposed Transaction subject to certain conditions, further approvals and letters will be required in due course. There can be no assurance that the remaining closing conditions will be satisfied in a timely manner or at all, or that an effect, event, development or change will not transpire that could delay or prevent these conditions from being satisfied.
The success of the Proposed Transaction will depend on, among other things, our ability to realize the anticipated revenue enhancements and efficiencies and to combine our businesses in a manner that does not materially disrupt the existing customer relationships of either institution, or result in decreased revenues or earnings including resulting from any loss of customers, and that permits growth opportunities to occur. If we are not able to successfully achieve these objectives, the anticipated benefits of the Scheme may not be realized fully or at all or may take longer to realize than expected. HDFC Bank is subject to various regulatory requirements, including capital requirements prescribed by the RBI. Upon the Scheme becoming effective, HDFC Bank as a combined entity may have heightened requirements to meet in this regard, such as meeting the incremental Statutory Liquidity Ratio (“SLR”), Cash Reserve Ratio (“CRR”) and Priority Sector Lending (“PSL”) requirements.
Upon the Scheme becoming effective and following RBI’s permission if received for relaxation of certain regulatory requirements for subsidiaries of HDFC Bank (for which forbearance application was filed on March 28, 2022), the subsidiaries of HDFC Limited will become subsidiaries of HDFC Bank leading to a simplified corporate structure. In addition, upon the Scheme becoming effective, the Bank will issue equity shares to the shareholders of HDFC Limited as on the record date, which is to be determined by the Boards of Directors of HDFC Limited and HDFC Bank, and the equity shares held by HDFC Limited in the Bank will be extinguished. The shares proposed to be issued pursuant to the Proposed Transaction will not be registered with the SEC under the Securities Act of 1933 (as amended, including the rules and regulations of the SEC promulgated thereunder, the “Securities Act”) or the securities law of any state or other jurisdiction of the United States, and are being offered and sold in reliance on certain exemptions from registration under the Securities Act. See also “
Risk Factors—
The Scheme with HDFC Limited is subject to a number of conditions, some of which are outside of the parties
control, and, if these conditions are not satisfied, the Scheme may be terminated and the Proposed Transaction may not be completed
” and “
Risk Factors—Uncertainty about the Proposed Transaction may adversely affect the relationships of the Parties with their respective investors, customers, business partners and employees, whether or not the Proposed Transaction is completed
”.
 
5

Our Competitive Strengths
We attribute our growth and continuing success to the following competitive strengths:
We have a strong brand presence and extensive reach through a large distribution network
At HDFC Bank, we are focused on offering a comprehensive range of financial products and solutions tailored to meet the diverse needs of our customers. 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, the Government, employees and the community at large. We believe HDFC Bank is one of the most trusted and preferred bank brands in India. We have been acknowledged as “India’s Best Bank” by Euromoney Awards for Excellence 2021. We have also been acknowledged as the “Best Private Bank in India” by PWM Global Private Banking Awards 2021. We have capitalized on our strong brand presence by establishing an extensive banking network throughout India, serving a broad range of customers in metro, urban, semi-urban and rural regions. As of March 31, 2022, we had 6,342 branches and 18,130 ATMs/CDMs in 3,188 cities and towns and over 71.0 million customers, and of our total branches, 50.2 percent were in the semi-urban and rural areas. In addition, we had 15,341 business correspondents, which were primarily manned by CSCs. Our extensive branch network is further complemented by our digital platforms, including internet banking, mobile banking, WhatsApp banking and phone banking solutions, to provide our customers with a lifestyle banking experience, which is categorized into seven categories: Pay, Save, Invest, Borrow, Shop, Trade and Insure. Our focus is on delivering a highly personalized multi-channel experience to our customers.
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 16.5 million cards outstanding as of March 31, 2022. With respect to wholesale banking, we offer a wide range of commercial and transactional banking services to businesses and organizations of all sizes. Our services include working capital finance, trade services, transactional services and cash management. Our product offerings include documentary credits and bank guarantees, foreign exchange and derivative products, investment banking services and corporate deposit products and services such as custodial and clearing bank services and correspondent banking. We have made significant inroads into the banking consortia of a number of leading Indian corporates including multinationals. 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. 17,979.8 billion as of March 31, 2021 to Rs. 21,113.7 billion as of March 31, 2022. Our net interest margin was 4.4 percent in fiscal year 2021 and 4.3 percent in fiscal year 2022. Our current and savings account deposits as a percentage of our total deposits were 48.1 percent as of March 31, 2022, 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 1.32 percent as of March 31, 2022. Our net income has increased from Rs. 326.0 billion for fiscal year 2021 to Rs. 386.0 billion for fiscal year 2022. Net income as a percentage of average total shareholders’ equity was 16.1 percent in fiscal year 2021 and 16.8 percent in fiscal year 2022 and net income as a percentage of average total assets was 2.0 percent in fiscal year 2021 and 2.1 percent in fiscal year 2022. 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.
 
6

We have an advanced technology platform
We have accelerated the technology and digital transformation with a continued focus on creating a seamless digital experience for our customers. Our progress against our regulatory commitments over the past year has resulted in the partial lifting of the restrictions on new card acquisitions in August 2021, followed by the full removal of the embargo on the Digital 2.0 program in March 2022.
We have taken significant strides to ensure further fortification of our IT infrastructure and architecture as a robust, scalable and secure ecosystem. Strategic technology initiatives, such as a hybrid cloud approach, disaster recovery (“DR”) resiliency, capacity enhancements, data center migration to
state-of-the-art
facilities, comprehensive obsolescence management and monitoring, a next-generation security operations center, are pivotal for us to usher in the next age of digital banking.
We have invested in a digital banking platform, Backbase, to provide a single, unified omni-channel experience to our customers for mobile banking, online banking, the public website and payments. The latest version of our mobile banking app (v11.1) has been rolled out to our customers.
The
COVID-19
pandemic has also accelerated the shift towards digital banking over the past two years. In addition to services like Insta Account Opening, Video Know Your Customer (“KYC”) and Insta Credit Cards introduced at the beginning of the pandemic, several products and new features have been launched recently or are placed in a pipeline for launch to our customers. See also “
—Our Business Strategy—Project Future Ready
”.
We have an experienced management team
Our leadership team brings together a diversity of talent and a wealth of experience. 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. Our experienced management team is led by Mr. Sashidhar Jagdishan, who has been with our Bank since 1996 and who was appointed Managing Director and Chief Executive Officer of the Bank in October 2020. Formerly our Chief Financial Officer, Mr. Jagdishan was appointed as Change Agent in 2019. He was additionally responsible for legal and secretarial, human resources, corporate communication, infrastructure, administration and corporate social responsibility functions. 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. As the world becomes increasingly digital, our management team intends to steer the Bank to leadership in this emerging domain with innovative products and services. See also “
Management
”.
Our Business Strategy
Our business strategy emphasizes the following elements:
Project Future Ready
In fiscal year 2022 we launched our “Project Future Ready” to catalyse, create and capture the next wave of growth. Project Future Ready classifies its growth engines under business verticals, delivery channels and technology/digital, which will be backed by the Bank’s traditional strengths in internal audit, underwriting, risk management and governance.
We believe our growth engines will be powered by our robust technology and digital platforms and will account for the bulk of our future investments. The next wave of strategic technology and digital programs shall pave the way for new customer journeys and
best-in-class
products and services through innovation and transformation. We continue staying invested in creating a seamless and digital customer experience across digital touchpoints. Our digital factory approach to developing new products and customer experiences enables us to build our own capabilities to
co-create
tech-related intellectual property (“IP”). Additionally, agile and integrated Development, Operations and Security lifecycle (“DevSecOps”) principles and practices as well as revamping our tech to cloud-native architectures are pivotal enablers in the next phase of our digital transformation journey.
The focus on our digital programs is intended to pave the way towards the next level of
neo-banking
experiences for customers. From shaping new customer journeys to introducing
best-in-class
products and services, transformation and innovation shall be at the forefront. Key initiatives in this area are:
 
   
Vyapar: Digital onboarding of merchants for payment acceptance and servicing of banking transactions for the merchant community (Live);
 
   
Xpress Car Loans: Anytime-anywhere digital auto loans with seamless connectivity to multiple platforms and loan disbursement within 30 minutes;
 
7

   
PayZapp 2.0: Enhanced experience for
app-customers
to onboard and auto-link HDFC Bank cards, to manage the wallet and limits, and to display transactions via a rich user interface;
 
   
Wealth App: A new wealth management app with client-self-profiling, goal setting, mutual fund order execution and portfolio
re-balancing;
 
   
SME Customer Experience Transformation: New technology to support
scaled-up
business volumes and enhance the entire SME customer experience across commercial and retail business lines; and
 
   
Biz Express: A new web portal for SME segments covering digital
on-boarding,
managing their multiple accounts, making payments with hierarchy, raising GST; compliant invoices for payment, multiple collection modes, raising service requests online, etc.
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, 2022, we had 6,342 branches and 18,130 ATMs/CDMs in 3,188 cities and towns. In addition, we had 15,341 business correspondents, which were primarily manned by CSCs. In line with the Bank’s core value of product leadership, the bank has significantly enhanced its process of managing the retail distribution franchise and its expansion by developing a scientific approach and using a “Distribution Planning Tool”. This data science tool combines data sources, including
geo-spatial
data on urbanization levels in India, credit bureau information on the presence of financial companies in an area and various internal data sources with a
front-end
data visualization solution. The Distribution Planning Tool has enabled the Bank to merge data-based insights with
on-the-ground
intelligence to take informed decisions on the expansion of distribution points (branches, ATMs/CDMs and business correspondents) at locations which carry high business potential across the country. We expect this approach to help optimize our expansion and increase our market share and profitability.
Continue our investments in technology to support our digital strategy
We have taken multiple steps to ensure our robust and scalable technology setup is strengthened further as we continue monitoring our progress against commitments to the regulator. To this effect, significant strides were taken in the following technology areas:
 
  1.
Implementation of a Landing Zone for Hyperscalers
We have invested in a Hybrid-Cloud approach with leading cloud service partners, AWS, Azure and GCP. A common landing zone has been implemented across these partners to create a secure and streamlined environment for all cloud deployments in the future. The landing zone also forms part of the Bank’s agenda to foster agility and DevSecOps in the technology and digital transformation journey.
 
  2.
Capacity Upgrades
Our capacity management program has made significant inroads to ensure capacity planning and management are adequate for the Bank’s business growth. Strengthening of capacity management practices has culminated in a threshold of 70 percent across key parameters such as user concurrency, system performance, etc. in the utilization of databases, servers, storage, networks and security devices. This has resulted in planned capacity upgrades of critical applications, such as:
 
   
NetBanking and MobileBanking being scaled up to cater to 90,000 concurrent users.
 
   
The foundations of the banking platform being upgraded along with the modernization of more than 300 services. This enhances our scalability and capacity to cater to cater more than three times the number of Unified Payments Interface (“UPI”) transactions. Successfully managing over 2.3 million UPI transactions per hour, we are ranked among the top players in India as published in National Payments Corporation of India’s (“NPCI”) UPI performance metrics dashboard. Our average customer uptime has increased to 99.94 percent through lower technical declines in fiscal year 2022.
Our senior management and the Board continue remaining focused on capacity, performance, scalability and availability of the Bank’s critical applications.
 
8

  3.
DR & Resiliency
We have notably intensified the rigor in our DR drills for critical applications and plan to continue strengthening our DR processes and capabilities, with a focus on the following projects:
 
   
Reduction of the recovery time objective (“RTO”) for key applications to
40-60
minutes, which has been completed for 56 key applications;
 
   
Deep automation to improve configuration drift management between primary and DR sites;
 
   
Enrichment of existing automation tools for DR to cover all DR scenarios and reduce the RTO time further; and
 
   
Refactoring key applications into an “Hot DR”/“Active-Active” design.
 
  4.
Migration of the primary data center
We started fully migrating and consolidating our primary data center to
state-of-the-art
facilities in Mumbai and Bengaluru, partnering with Sify and NTT. We achieved 100 percent migration of production applications in November 2021 followed by 100 percent migration of UAT applications in March 2022. Further, a phase-wise plan is in place to migrate the Bank’s Chandivali, Mumbai data center to the NTT facility by January 2023.
The migration to the new facilities forms part of the Board’s continued focus on ensuring a robust IT infrastructure for the Bank’s applications and operations with higher customer uptimes across digital touchpoints.
 
  5.
Technology Obsolescence Management
We established a technology obsolescence program management office in June 2021 to allow for comprehensive obsolescence tracking and management. As part of this, we have introduced procedures to identify and remediate obsolete components 6 months before their support ends. As of the date of this report, the scope covers more than 19,000 components across the Bank’s IT environment. Further, a detailed plan is in place to remediate components pertaining to high-risk applications. Together with our senior management, we continue monitoring obsolescence through periodic reviews and reporting.
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 1.32 percent as of March 31, 2022. 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 48.1 percent of our total deposits as of March 31, 2022. Our average cost of funds (including equity) was 3.6 percent for fiscal year 2021 and 3.1 percent in fiscal year 2022.
 
9

Embed ESG principles within our wider business strategy
We include environmental, social and governance (“ESG”) factors in our business strategy, including in the design of our products and services and the implementation of our processes and policies. Our ESG strategy, which seeks to create value for all stakeholders, focuses on climate change, community and society, along with certain practices related to customers and suppliers, lending, procurement and governance. We have a board-level Corporate Social Responsibility and ESG Committee with oversight of our sustainability and climate change initiatives, and the Board has approved an ESG policy framework to identify and mitigate the Bank’s climate change-related risks. In fiscal year 2022, we committed to become carbon neutral in our operations by fiscal year 2032 and are putting in place an implementation framework to achieve carbon neutrality, including continuing our investments in renewable energy and energy efficiency projects to lower our carbon footprint. Other initiatives to reduce ESG risks include initiatives in digital banking, contributions to tree planting targets, green building, managing greenhouse gas emissions through various initiatives, including those to reduce fuel consumption by our corporate fleet and paper consumption across the Bank, the use of renewable energy and a reduction in energy consumption.
With increasing focus on formalizing climate change risk management and enhancing related disclosures, some stakeholders are also placing more emphasis on financial institutions’ actions and investment decisions in respect of ESG matters. We continue to monitor the impacts of climate change risks, including as the result of regulatory developments, changing market practices and the transition to a low carbon economy, and to accelerate the development of our climate risk management capabilities. Developments in data and methodologies are expected to continue to help improve and enhance our measurement and reporting of climate change risks and financed emissions. We are exploring frameworks to model and assess climate risks. We also continue our efforts to acquire granular data and test tools for climate risk assessments and to adopt suitable methodologies to analyze exposures under different climate scenarios through suitable partnerships—including exploring options to tie up with data providers.
Evaluation of environmental and social risk is also an integral part of our overall credit appraisal and approval process. In particular, large industrial/infrastructure projects where the extension of long term financing is greater than Rs. 100 million and longer than 5 years are covered under our Social and Environment Monitoring System (“SEMS”). SEMS necessitates an assessment of environmental, health, social and safety risks in addition to other risks as part of the overall credit appraisal process. Recently, we introduced a new ESG assessment framework in corporate lending to enable a more comprehensive assessment of ESG and climate change issues relating to our corporate borrowers and to expand the scope of our lending that is subject to SEMS. In addition, we are increasingly emphasizing green financing solutions and tailoring the Bank’s portfolio towards climate-sensitive financing and companies with appropriate risk assessment systems and processes.
COVID-19
Pandemic
On March 11, 2020, the
COVID-19
outbreak was declared a pandemic by the World Health Organization (“WHO”). Following the discovery of a “double mutant” variant in the country in March 2021, India has experienced a significant surge of
COVID-19
cases. Governments and companies introduced a variety of measures to contain the spread of the virus. We also took measures and implemented 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 our capital and liquidity position remains strong 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 present both challenges and opportunities for the Indian banking system. For example, opportunities in the healthcare sector are likely to continue growing, as the management of the pandemic underscores the need to expand capacity in this area. Growth in the healthcare sector also has a positive impact on the pharmaceuticals and medical equipment segments. To strengthen the manufacturing segment, the Government announced the Production Linked Incentive Scheme in March 2020. In the fiscal year 2022 budget, Rs. 1.9 trillion were allocated to the scheme for five years, with a focus to boost production in textiles, electronics, pharmaceuticals and 10 other segments. Additionally, the Government plans to increase its capital spending to Rs. 7.5 trillion in fiscal year 2023 from Rs. 5.9 trillion in fiscal year 2022. This may lead to increased demand for ancillary products in the infrastructure segment, as well as the
crowding-in
of private capital expenditure.
The government has also allocated considerable funding (Rs. 100.0 billion) 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.
 
10

Loans to micro, small and medium enterprises (“MSMEs”) are likely to see further improvement as the Government extended the Emergency Credit Line Guarantee Scheme until March 2023. The Government has also increased the cover by another Rs. 500 billion to Rs. 5 trillion, in February 2022. 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 earlier decision to infuse Rs. 500 billion as equity through a 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.
Finally, an anticipated shift in global value chains away from China, in order to reduce concentration risk, as well as in response to a shifting
geo-political
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. As a result of
geo-political
tensions and rising commodity prices, we expect GDP growth to slow to 7.3 percent in fiscal year 2023. Elevated inflation levels could hurt private capital expenditure recovery due to low profit margins as well as private consumption. With respect to Indian exports, a slowdown in global demand could hurt investments. The Bank expects the
COVID-19
pandemic to have a prolonged impact in the hospitality travel, tourism, recreation, personal services and civil aviation sectors of the Indian economy. The possibility of rising unemployment, which is often the corollary of a slowdown in economic growth, could reduce the demand for retail lending.
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, including the length of the pandemic and how long it takes our clients’ businesses to recover, 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
”.
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 fiscal years:
 
    
Years ended March 31,
 
    
2020
   
2021
   
2022
 
                             
    
(in millions, except percentages)
 
Retail banking
     Rs.540,456.5        80.2     Rs.567,389.2        72.5     Rs.640,670.1      US$ 8,444.2        71.8
Wholesale banking
     126,677.3        18.8     198,576.0        25.4     235,811.3        3,108.1        26.4
Treasury operations
     6,990.7        1.0     16,463.6        2.1     15,952.8        210.3        1.8
Net revenue
     Rs.674,124.5        100.0     Rs.782,428.8        100.0     Rs.892,434.2      US$ 11,762.6        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, payment wallets, 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, the market segment, our organization structure and our internal business reporting mechanism. Such grouping ensures optimal 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, 2022, we had 6,342 branches and 18,130 ATMs/CDMs in 3,188 cities and towns. In addition, we had 15,341 business correspondents, which were primarily manned by 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.
 
11

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 27.4 percent were unsecured, constituted 64.6 percent of our gross loans as of March 31, 2022. 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 cheques covering repayments at the time a retail loan is made. It is a criminal offense in India to issue a bad cheque. 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. See also “
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
”.
The following table shows the gross book value and percentage share of our retail credit products:
 
    
At March 31, 2022 Value
    
% of Total Value
 
    
(in millions)
        
Retail Assets:
        
Auto loans
     Rs.1,042,793.0      US$ 13,744.5        11.2  
Personal loans/Credit cards
     2,341,971.8        30,868.2        25.2  
Retail business banking
     2,617,087.1        34,494.4        28.1  
Commercial vehicle and construction equipment finance
     951,066.0        12,535.5        10.2  
Housing loans
     830,882.4        10,951.4        8.9  
Other retail loans
     1,526,734.4        20,122.9        16.4  
Total retail loans
     Rs.9,310,534.7      US$ 122,716.9        100.0  
Auto Loans
We offer loans at fixed interest rates for financing of new and used car purchases. In addition to our general promotional efforts, we specifically market our offerings at various customer touch points such as authorized original equipment manufacturers, dealer showrooms and outlets, authorized direct sales agents and our banking outlets, as well as actively cross-selling these products through other lending businesses of the Bank. We also market our products through outbound and inbound calls with customers, as well as through the bank’s digital touch points. We recently launched “Xpress Car Loans”, an industry-first
end-to-end
digital new car loan program for both existing customers and new customers, where the loan amount can be credited to dealers’ accounts within 30 minutes. Having established our presence in this business over the last two decades we believe we have consistently been a market leader and are well-equipped to serve the entire automobile ecosystem, including original equipment manufacturers, dealers and
end-customers.
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 on VISA, MasterCard, Diners and RuPay platforms under the classification of corporate cards, business cards,
co-brand
cards, premium retail cards and super premium retail cards. We had approximately 15.0 million and 16.5 million cards outstanding (
i.e.,
total credit cards in circulation) as of March 31, 2021 and March 31, 2022, respectively.
We offer Easy EMI (equated monthly installments) through credit cards, debit cards and consumer loans. Easy EMI is available at no extra cost across multiple product categories, including offline and online channels under multiple brands.
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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Over the past two years, we have experienced outages in our internet banking, mobile banking and payment utilities, including an outage in our internet banking and payment system in November 2020 due to a power failure in the primary data center. In response to these outages, the RBI issued an order on December 2, 2020 (the “December 2020 Order”), advising us to temporarily stop (a) all launches of the digital business- generating activities under our planned Digital 2.0 program and other proposed business-generating IT applications and (b) the sourcing of new credit card customers. In addition, the RBI appointed a third-party auditor to conduct an audit of the Bank’s systems. After completion of that audit, our progress against regulatory commitments resulted in the partial lifting of the restrictions imposed by the December 2020 Order in August 2021, followed by the full removal of the embargo on the Digital 2.0 program in March 2022. See also “
Risk Factors
A failure, inadequacy or security breach in our information technology and telecommunication systems may adversely affect our business, results of operation or financial condition
”.
We have adopted preventive measures to strengthen our technology infrastructure and mitigate the risks of outages. Some of the key initiatives undertaken include the migration of core data centres in Bengaluru and Mumbai to
state-of-the-art
facilities which has reinforced our capability to switchover in less than 45 minutes when needed. The capacity for unified payment interface UPI has been tripled, Net Banking and Mobile Banking capacity has been doubled to manage 90,000 users concurrently (a significant step as most of our customers now rely on our digital channels for banking needs), disaster recovery drills have been completed for all critical payment systems and upgrades in network and security have been carried out. In addition, we have intensified our DR drills for critical applications and intend to further strengthen our DR processes and capabilities through (a) a focus on reducing RTO for key applications to
40-60
minutes, which has been completed for critical applications as planned, (b) deep automation to improve configuration drift management between Primary and DR sites, (c) enrichment of existing automation tools for DR to cover all scenarios and further reduce RTO time, and (d) refactoring key applications into an “Active-Active” always available design.
Retail Business Banking
We address the borrowing needs of the community of small businessmen primarily located within the 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 have a strong market presence in the commercial vehicle and construction equipment financing businesses. We offer a wide range of banking products across the country which can be customized to the individual needs of our customers.
We provide secured financing for a full range of commercial vehicles and construction equipment along with working capital, trade advances, bank guarantees, and transaction banking products and services, among others, both traditional and digital, to companies active in the infrastructure, logistics and transportation industries. 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, including forex and forward exchange covers. We have an excellent relationship with most leading original equipment manufacturers, together with whom we collaborate to promote and market financing options.
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 distribution channels. 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. The collateral value of the security for these loans is dependent on the quoted price of the security.
 
13

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
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, miscellaneous consumption needs, and allied agricultural activities, such as animal husbandry, poultry farming and maintaining fisheries. In addition to loans for recurring needs, long term investment loans are granted for purposes including the purchase of farm machinery, establishing logistical facilities and land development activities, such as the digging of tube wells, installation of irrigation sprinklers, construction of post-harvest management infrastructure and community farming assets like storage facilities, packaging, assaying and sorting grading units, primary processing centres, 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 our knowledge of rural customers’ preferences, 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. Our focus in rural markets is not only to increase credit uptake, but also to strengthen relationships with rural customers by empowering them. 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, interest subvention and agriculture infrastructure.
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, small and marginal farmers and MSME customers. 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. Customers may avail themselves of an additional loan in case of an increase 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 81.1 percent of our total deposits as of March 31, 2022. The following chart shows the book value of our retail deposits by our various deposit products:
 
    
At March 31, 2022
 
    
Value (in millions)
    
% of total
 
Savings
     Rs.5,008,100.3      US$ 66,009.0        39.6  
Current
     1,556,279.5        20,512.4        12.3  
Time
     6,071,527.5        80,025.4        48.1  
Total
     Rs.12,635,907.3      US$ 166,546.8        100.0  
 
14

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
accounts designed primarily for business customers. Customers have a choice to select from a wide range of product offerings which are differentiated by basis minimum average quarterly account balance requirements and the nature of the transactions.
 
   
Time deposits, which pay a fixed return over a predetermined time period.
As of March 31, 2022, 29 percent of our retail deposit customers contributed 81 percent of our retail deposits.
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 overdraft facility.
Other Retail Services and Products
Debit Cards
We had approximately 36.7 million and 43.0 million debit cards outstanding as of March 31, 2021 and March 31, 2022, respectively. The cards can be used at ATMs,
point-of-sale
terminals and payment gateways 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.
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 wealth relationship managers. We receive trail income on the new business as well as on the existing assets under management.
Insurance
HDFC Bank is registered as a corporate agent for the solicitation of life, general and health insurance business under regulations prescribed by the Insurance Regulatory and Development Authority of India. Currently, we have arrangements with three life insurance companies, namely HDFC Life Insurance Company Limited, Tata AIA Life Insurance Company Limited and Aditya Birla Sun Life Insurance Company Limited, three general insurance companies, namely HDFC ERGO General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited and ICICI Lombard General Insurance Company Limited (formerly known as Bharti AXA General Insurance Company Limited) and two health insurance companies, namely Aditya Birla Health Insurance Company Limited and Niva Bupa Health Insurance Company Limited. We earn commissions on new premium collected as well as trail income in subsequent years in certain cases while the policy is still in force. Our commission income for fiscal year 2022 included fees of Rs. 15,565.1 million in respect of life insurance business and Rs. 2,661.1 million in respect of
non-life
insurance business
.
Bill Payment Services
We are a part of the Bharat Bill Payment System network and offer our customers bill payment services for all utility companies, including water, electricity, gas, telephone,
direct-to-home,
mobile recharge, Fastag, LPG cylinder, cable television, housing society and internet service providers, as well as financial products such as insurance and mutual funds. We also offer Smartpay (autopay functionality) for all 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, mobile banking and phone banking.
 
15

Corporate Salary Accounts
We offer Corporate salary accounts to employees of corporate and government entities, enabling employees’ salaries to be credited by the entity directly or via the Bank. A salary account is a type of savings account with no minimum balance requirement in lieu of regular salary credits. Benefits, including a premium debit card and complimentary personal accident cover are provided, amongst others. We also offer salary accounts tailored for employees of the defense and government sector. As of March 31, 2022, these accounts constituted 27.9 percent of our savings deposits by value.
Non-Resident
Indian Services
Non-resident
Indians (NRIs) are an important target market segment for us given their relative affluence and strong ties with family members in India. Our private and premium banking programs in India are also extended to NRI clients. Relationship managers in India facilitate the banking and investment transactions of our NRI clients. Through our overseas branch in Bahrain, we offer deposits, bonds, equity, mutual funds, treasury and structured products offered by third parties to our NRI clients. We also have referral arrangements with product/service providers for NRI clients. Our
non-resident
deposits amounted to Rs. 1,144.8 billion as of March 31, 2021 and Rs. 1,186.0 billion as of March 31, 2022.
Retail Foreign Exchange
We purchase foreign currency from and sell foreign currency to retail customers in the form of cash, traveler’s cheques, demand drafts, foreign exchange cards and other remittances. We also carry out foreign currency cheque collections.
Customers and Marketing
We identify and target distinct market customer segments for our retail services. Customers are at the core of all marketing initiatives of the Bank, and we rely on digital and analytics to improve their experience. Digital marketing relies on advanced analytics to identify and target the right customer with the right product at the right time and to provide customers with an omni-channel experience with high levels of personalization. Our investments in advanced analytics tools in the cloud have contributed to our understanding of customer behavior and preferences and thus help curate personalized interventions at scale and create relevant customer engagement. We have invested in marketing technology solutions to create frictionless digital journeys that allow customers to consume our financial products and services with minimum physical interface. We execute digital marketing plans at scale and in tandem with traditional marketing channels to provide our customers quick and easy access to all our financial solutions, including loans, deposits and payment solutions.
The “Infinite Smiles” program helps us establish customer-centric actions through improvements in products, services, processes and policies, and enables us to measure customer loyalty through a closed-loop customer feedback system. The insights we receive help us implement changes to further improve customer experiences and strengthen their loyalty.
We also have programs that target other specific segments of the retail market. For example, under our private and premium banking programs, the relationship managers distribute mutual funds and insurance products and provide incidental advice related to these products. Customers interested in alternate products (such as fixed income, private equity, alternate investment funds and structures) or services such as succession planning, tax planning, trust formation and will-writing are referred to HSL who have referral arrangements with the concerned product/service providers. Customers seeking investment advice on alternate products are also referred to HSL (a registered investment adviser regulated by SEBI (Investment Advisers) Regulations 2013), where a team of certified investment advisers provide this service. In addition, we participate in the distribution of government bonds and have referral
tie-ups
with other corporates for customers desirous of availing their products and services that synergize with our businesses. Our commission income included income from marketing and distribution of Rs. 30,590.5 million for fiscal year 2022 and Rs. 21,126.7 million for fiscal year 2021, which comprised income for displaying publicity materials at our branches/ATMs, commissions on mutual funds, pension and other investment/saving products and sourcing and referral income.
We continue to be strongly committed to financial inclusion programs that extend banking services to underserved populations. Our Sustainable Livelihood Initiative caters to lower-income individuals to finance their economic activity, and also provides skills training, livelihood financing, credit counseling and market linkages in terms of access to, or contacts in, their local markets. Through these initiatives, we aim to reach the unbanked and underbanked segments of the Indian populations and to empower vulnerable and economically weaker sections of the society.
Wholesale Banking
Overview
We provide our corporate and institutional clients with a wide range of commercial banking products and transactional services.
 
16

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 optimal 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.
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 U.S. 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,
 
    
2020
    
2021
    
2022
    
2022
 
    
(in millions)
 
Gross commercial loans
   Rs. 3,583,055.2      Rs. 4,214,885.3      Rs. 5,099,009.3      US$ 67,207.2  
Credit substitutes:
           
Commercial paper
   Rs. 124,393.4      Rs. 9,804.1      Rs. 1,468.2      US$ 19.4  
Non-convertible
debentures
     237,980.3        537,472.8        581,551.5        7,665.1  
Preferred shares
                   0.5        0.0  
Total credit substitutes
   Rs. 362,373.7      Rs. 547,276.9      Rs. 583,020.2      US$ 7,684.5  
Gross commercial loans plus credit substitutes
   Rs. 3,945,428.9      Rs. 4,762,162.2      Rs. 5,682,029.5      US$ 74,891.7  
Whilst we generally lend on a cash flow basis, we also require collateral from a large number of our borrowers. As of March 31, 2022, approximately 60.6 percent of the aggregate principal amount of our gross wholesale loans was secured by collateral and Rs. 2,007.5 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
”.
 
17

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 and with reference to the applicable benchmark. 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
”.
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,
 
    
2020
    
2021
    
2022
    
2022
 
                 
           
(in millions)
        
Bill collection
   Rs. 6,039,408.6      Rs. 5,863,622.6      Rs. 8,826,470.0      US$ 116,336.8  
Documentary credits
     1,753,159.7        1,410,029.3        2,543,661.3        33,526.6  
Bank guarantees
     303,348.0        420,229.2        455,008.5        5,997.2  
Total
   Rs. 8,095,916.3      Rs. 7,693,881.1      Rs. 11,825,139.8      US$ 155,860.5  
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 our Suitability and Appropriateness policy.
Forward exchange contracts are commitments to buy or sell fixed amounts of 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 without exchanging the notional principal. 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. The underlying rate of interest could be an interest rate curve, interest rate index or bond yield. 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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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 customers’ 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, 2020, 2021 and 2022, together with the fair values on each reporting date.
 
    
As of March 31,
 
    
2020
    
2021
    
2022
    
2022
 
    
Notional
    
Fair Value
    
Notional
    
Fair Value
    
Notional
    
Fair Value
    
Notional
    
Fair Value
 
                                 
    
(In millions)
 
Interest rate swaps and forward rate agreements
     Rs.1,545,303.1        Rs.1,404.5        Rs.1,684,294.2      Rs. 785.5        Rs.3,163,571.7      Rs. 2,253.9      US$ 41,697.3      US$ 29.7  
Forward exchange contracts, currency swaps, currency options
     Rs.1,309,254.8        Rs.7,532.1        Rs.1,490,543.6      Rs. 4,275.8        Rs.1,892,709.0      Rs. (12,243.4)      US$ 24,946.7      US$ (161.4
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, data centres and cement. The group advised on aggregate issuances of over Rs. 550.8 billion worth of rupee-denominated corporate bonds across public sector undertakings, financial institutions and our corporate clients, becoming the third-largest corporate bond arranger in the market for fiscal year 2022. In the equity capital markets business, the group concluded various transactions, including seven initial public offerings, one rights issue and one share buyback. 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, 2022, we had wholesale deposits aggregating to Rs. 2,944.1 billion, which represented 18.9 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 “
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