Export-Import Bank of India

July 02, 2018

Summary of rated instruments

Previous Rated Amount Current Rated Amount
Instrument Rating Action
(Rs. crore) (Rs. crore)
Long-Term Bonds Programme 34,144.90 34,144.90 [ICRA]AAA(Stable); reaffirmed
Bank Lines 3,000.00 3,000.00 [ICRA]AAA(Stable); reaffirmed
Basel III Compliant Additional [ICRA]AA+(hyb)(Stable);
1,100.00 1,100.00
Tier-I Bonds reaffirmed
#
Short-Term Debt Programme 15,651.95 15,651.95# [ICRA]A1+; reaffirmed
Interchangeable rating of
Certificates of Deposit
15,651.95# 15,651.95# [ICRA]AAA(stable) / [ICRA]A1+;
Programme
reaffirmed
Fixed Deposits Programme - - MAAA(Stable); reaffirmed
Long-Term Bonds Programme 1,050 - [ICRA]AAA(Stable); withdrawn
Total 70,598.80 69,548.80
#
Total limit rated for long-term/short-term certificates of deposit and short-term debt is Rs. 15,651.95 crore; the amount outstanding
would not exceed the said limit

Rating action
ICRA has reaffirmed the rating of [ICRA]AAA (pronounced as ICRA triple A) for the Rs. 34,144.90-crore long-term bonds
programme and Rs. 3,000-crore long-term bank lines of Export-Import Bank of India (EXIM)1. ICRA has also reaffirmed
the rating of [ICRA]AA+(hyb) (pronounced as ICRA double A plus hybrid) for EXIM’s Rs. 1,100-crore Basel III compliant
additional tier-I (AT-I) bonds programme. ICRA has also reaffirmed the rating of [ICRA]A1+ (pronounced as ICRA A one
plus) for the Rs. 15,651.95-crore short-term debt programme and interchangeable rating of [ICRA]AAA/[ICRA]A1+ for the
Rs. 15,651.95-crore certificates of deposit programme of EXIM. ICRA has reaffirmed the rating of MAAA (pronounced as
M triple A) for EXIM’s fixed deposits programme as well. All long-term and medium-term ratings carry a Stable outlook.
ICRA has also withdrawn the rating of [ICRA]AAA(stable) for Rs. 1,050-crore long-term bonds programme. The ratings
were withdrawn since there is no amount outstanding against them

The rating for the Basel III compliant AT-I bonds is one notch lower than the rating for the long-term bonds of the bank as
these instruments have the following loss absorption features that make them riskier.

• Coupon payments are non-cumulative and discretionary, and the bank has full discretion at all times to cancel the
same. Cancellation of discretionary payments shall not be an event of default.
• Coupons can be paid out of current year profits. However, if the current year’s profit is not sufficient, or if the
payment of the coupon is likely to result in a loss, the coupon payment can be made through reserves and surpluses
created through the appropriation of profits (including statutory reserves). EXIM’s distributable reserves2 stood at
3.1% of risk-weighted assets (RWA) as on March 31, 2018. However, the coupon payment is subject to the bank
meeting the minimum regulatory requirements for common equity tier-I (CET-I), Tier-I and total capital ratios
(including capital conservation buffer, CCB), at all times, as prescribed by the Reserve Bank of India (RBI) under Basel
III regulations.

1
For complete rating scale and definitions, please refer to ICRA's website (www.icra.in) or other ICRA rating publications
2
ICRA has considered the reserve funds and special reserve u/s 36 (1) (vii) of the Income Tax Act, which are created through the
appropriation of net profits and, hence, will be available for servicing the coupons on the AT-I bonds. As per RBI guidelines for servicing
coupons on Basel III compliant AT-I instruments, reserves created through the appropriation of profits of previous years can be used to
service the coupon during the year when current year profits are not sufficient for the same

1
These AT-I bonds are expected to absorb losses through a write-down mechanism at the objective pre-specified trigger
point fixed at the bank’s CET-I ratio, as prescribed by the RBI i.e. 5.5% till March 2019 and, thereafter 6.125% of the
bank’s total RWA or when the point of non-viability trigger is breached in the RBI’s opinion.

The letters “hyb” in parenthesis suffixed to a rating symbol stand for “hybrid”, indicating that the rated instrument is a
hybrid subordinated instrument with equity like loss-absorption features; such features may translate into higher levels
of rating transition and loss severity vis-à-vis conventional debt instruments.

Rationale
The ratings for EXIM derive comfort from its sovereign ownership (100% held by the Government of India - GoI) and the
demonstrated support from the GoI in the form of periodic equity infusion. Further, EXIM’s status as a key policy
institution for driving the GoI’s objective of promoting trade competitiveness of Indian entities in international markets
gives it strategic importance. The ratings derive further comfort from EXIM’s relatively risk-free book under Lines of
Credit (LOC) and National Export Insurance Account (NEIA) 3, which accounted for 35.48% of its assets, and refinance to
banks4, which accounted for another 18.36% as on March 31, 2018. Additionally, the ratings derive comfort from the
bank’s favourable liquidity profile and its ability to raise both onshore and offshore funding at competitive rates.

However, the above-mentioned strengths are partially offset by EXIM’s weakened asset quality in other loan segments,
consequent losses and weakened capitalisation profile. The significant deterioration in asset quality in FY2018 (GNPA and
NNPA of 10.37% and 3.75% respectively as on March 31, 2018 vs 9.24% and 4.68% respectively as on March 31, 2017)
and the consequent impact on profitability because of elevated credit provisions, led to a loss before tax of Rs. 4,230
crore in FY2018. The losses also led to material deterioration in the bank’s capitalisation profile (though supported by
zero risk weight on its LOC5 with CRAR of 10.35%; Tier-I of 8.82%) as on March 31, 2018. Further, with the significant
erosion in the net worth, the leverage ratio stood at 17.22 times as on March 31, 2018 as against the regulatory
requirement of 10 times. Given the net NPA level (~3.75% as on March 31, 2018) and expectations of further slippages,
the internal capital generation is expected to remain weak during FY2019. Thus, the bank will be highly reliant on the GoI
for capital infusion to correct the leverage ratio. Despite expected capital infusion of Rs. 500 crore by the GoI for FY2019,
the leverage ratio is expected to remain above regulatory levels. In this regard, the bank’s board has approved the
roadmap for correcting the leverage ratio, though the same is pending GoI and RBI approval. This will remain a key
monitorable. With expectations of normalisation of credit provisions from FY2020 and consequently better internal
capital generation, as well as regular capital infusion from the GoI, the bank is likely to correct the leverage ratio during
the next 3- 5 years at the current level of business.

With the deterioration in capital ratios and the erosion of distributable reserves, which can be used to service the
coupons for the AT-I bonds in a year of loss, the two key parameters for serviceability of these bonds have weakened
from earlier levels. The CRAR stood at 10.35% (Tier-I of 8.82% and CET of 8.05%) as on March 31, 2018 against the
regulatory requirement6 of 10.875% (Tier-I of 8.875% and CET of 7.375%). Further, the level of distributable reserves

3
NEIA - EXIM Bank provides Buyer's Credit under NEIA for promoting India's export projects to traditional as well as new markets in
developing countries. The credit is directly extended to overseas buyers of projects from India without recourse to Indian exporters.
Exim Bank will obtain credit insurance cover under NEIA through Export Credit Guarantee Corporation of India (ECGC)
4
Refinance - EXIM Bank provides 100% refinance of deferred payment loans extended by commercial banks for the export of eligible
Indian goods. The credit risk remains with the originating bank
5
LOC - EXIM Bank extends LOCs to overseas financial institutions, regional development banks, sovereign Governments and other
overseas entities to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods and
services from India, on deferred credit terms
6
Requirements under Basel III since AT-I bond is a Basel III instrument though Basel III is current not applicable for EXIM

2
declined significantly during the year and stood at 3.1% of RWA as on March 31, 2018 (against 6.9% as on March 31,
2017). With expectations of marginal net losses for FY2019 and high likelihood of profitable operations from FY2020,
ICRA expects further erosion in distributable reserves to be limited with gradual improvement thereafter. Moreover,
with GoI capital infusion, the capital ratios shall also improve going forward. Any significant deterioration in the above
two parameters will be a credit negative for these bonds.

Outlook: Stable
In ICRA’s opinion, EXIM will remain strategically important to the GoI and will continue to receive capital support.
However, the recent breach in regulatory capitalisation and approval of the roadmap to correct the same remains a
monitorable. On the asset quality, ICRA expects fresh slippages from the corporate book to continue in the near term,
pending the recognition of some stressed exposures as NPAs. However, the incremental credit provisions are expected
to be limited as the bank has already made high provisions for these accounts during FY2018.

The outlook may be revised to Negative in case there is a dilution in the importance of EXIM to the GoI as a policy
institution or capital infusion is inadequate in relation to the requirements. Further, the extent of recovery/haircuts in
already slipped accounts will remain a key rating monitorable as this may drive the capital requirements in the near
future given EXIM’s modest profitability. For AT-I bonds, the cushion for capitalisation and distributable reserves will
remain key monitorables. Any further deterioration in these parameters from existing levels will be a credit negative.

Key rating drivers

Credit strengths
Sovereign ownership; strategic importance in fulfilling GoI’s mandate of promoting international trade - EXIM (100%
held by the GoI) commenced operations in 1982 under the Export-Import Bank of India Act, 1981, with the key objective
of providing financial assistance to exporters and importers. It functions as the principal financial institution for co-
ordinating the operations of institutions engaged in financing the export and import of goods and services for promoting
the country's international trade. EXIM promotes domestic exports by extending facilities like guarantees, lines of credit,
buyer’s credit, letters of credit/standby letters of credit, overseas investment finance (OIF) and loans to export-oriented
units and financial institutions. Given its role in promoting the trade competitiveness of Indian entities in international
markets, EXIM is of strategic importance to the GoI.

Healthy loan book; credit guarantee from GoI on about one-third of the portfolio - The bank’s gross advances grew at
~7% in FY2018 (~5% in FY2017) to Rs. 1,15,481 crore as on March 31, 2018 from Rs. 1,07,800 crore as on March 31, 2017.
The LOCs, backed by Government guarantees and loans to NEIA, are virtually risk free given that EXIM enjoys availability
of interest equalisation and credit guarantee from the GoI, thus reducing the credit risk on this portfolio. Further, the
credit risk on the refinance portfolio is on the corresponding bank, thereby reducing the overall risk for EXIM. The bank is
facing asset quality issues related to loans to corporates and SMEs. As a result, incremental credit to this segment has
been slow. With the bank expected to keep the absolute amount of borrowings stable (to correct the leverage ratio), the
total loan book is expected to remain stable in the next 3-5 years. However, the bank will continue to provide fresh loans
from the cash flows received from scheduled repayments, and the recoveries from slipped accounts.

Diversified funding profile with access to both domestic and foreign wholesale markets; borrowings expected to
remain constant - EXIM has demonstrated flexibility in raising funds from the domestic and foreign markets and for
providing hedging against foreign currency assets. As on March 31, 2018, out of total lendable resources of the bank,
70.62% constitute foreign currency resources, 20.51% constitute rupee resources and 8.87% is by way of capital and
reserves. Given EXIM’s quasi-sovereign status, it is able to mobilise funds at competitive rates from the markets.
However, without access to low cost demand deposits, its cost of funds for local currency remains above that of other

3
commercial banks. EXIM has been mobilising funds by issuing commercial papers and short-term debt in addition to
raising foreign currency borrowings to reduce its borrowing costs. However, with the decrease in net owned funds, EXIM
will need to reduce the quantum of short-term borrowings, which is expected to impact overall borrowing costs. With
EXIM’s leverage ratio breaching the regulatory prescribed ratio, it has proposed to keep the borrowings constant till the
correction in the leverage ratio, which is expected over the next 3-5 years.

Credit challenges
Capitalisation deteriorates during FY2018; approval for breach in regulatory leverage ratio remains monitorable -
Given its strategic importance to the GoI as a key policy institution for promoting international trade, EXIM has been
supported by the GoI in terms of periodic equity infusion. Though the bank received an equity infusion of Rs. 500 crore
from the GoI during FY2018 (Rs. 500 crore in FY2017 and Rs. 1,300 crore in FY2016), the high quantum of losses in
FY2018 far exceeded the capital infusion. As a result, CRAR deteriorated to 10.35% (Tier-I of 8.82%) as on March 31, 2018
compared to CRAR of 15.81% (Tier-I of 14.29%) as on March 31, 2017. Further, its leverage ratio deteriorated to 17.22
times against the regulatory requirement of maximum 10 times. As part of the plan to correct the leverage ratio, the
bank has decided to cap borrowings at current levels. Despite an expected capital infusion of Rs. 500 crore by the GoI in
FY2019, the leverage ratio is expected to remain above regulatory levels. In this regard, the bank’s board has approved
the roadmap for correcting the leverage ratio, which is pending approval from the GoI and RBI, and will remain a key
monitorable. With expectations of normalisation of credit provisions from FY2020 and consequently better internal
capital generation, and regular capital infusion from GoI, EXIM is likely to correct the leverage ratio during the next 3-5
years at the current level of business.

Asset quality expected to weaken further in near term though bank has largely provided for this during FY2018 -
During FY2017 and FY2018, EXIM’s asset quality deteriorated with its gross NPA increasing to 10.37% as on March 31,
2018 (9.24% as on March 31, 2017 from 4.17% as on March 31, 2016). The deterioration in the asset quality was on
account of the weakening of legacy corporate exposures and an increase in slippages from restructured accounts,
particularly in Q4 FY2018. This was due to the discontinuance of all the earlier schemes for the resolution of stressed
assets resulting in their slipping into NPAs. However, with the bank increasing its provision coverage ratio to 66.37% as
on March 31, 2018 from 51.79% as on March 31, 2017, net NPAs decreased to 3.75% as on March 31, 2018 from 4.68%
as on March 31, 2017. ICRA expects fresh slippages from the corporate book to continue in the near term, pending the
recognition of some stressed exposures as NPAs. However, incremental credit provisions are expected to be lower than
FY2018 levels as the bank has already made high provisions (to the extent of 75% on certain large accounts) on a major
part of these stressed accounts during FY2018.

Internal capital generation to remain weak in FY2019 but improve from FY2020 - During FY2018, net interest margins
reduced further to 1.41% (2.17% in FY2016 and 1.70% in FY2017) as the yields on loans declined following interest
reversals on fresh slippages. The bank’s credit provisions rose sharply in FY2018 with high incremental slippages.
Increase in the provision coverage ratio (PCR) and the creation of additional provisions for standard stressed assets led to
the bank reporting a net loss of Rs. 2,924 crore in FY2018 compared to a net profit of Rs. 41.21 crore in FY2017 with a
negative return on average total assets and return on average networth of -2.42% and -27.02%, respectively, in FY2018
(0.04% and 0.34%, respectively, in FY2017). The pressure on profitability is expected to continue in FY2019 with high
credit costs on account of slippages from standard stressed accounts and existing stock of net NPAs. ICRA expects the
bank’s net profitability to start improving from FY2020 with moderation in credit costs. However, the growth in
operating profits is expected to remain muted till the bank corrects its leverage ratio due to the cap on borrowing levels
and, hence, an increase in the loan book.

4
Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated below.

Links to applicable criteria:

ICRA Rating Methodology for Banks

About the company

Wholly-owned by the GoI, Export-Import Bank of India is a premier export finance and development institution. EXIM
was set up under an Act of Parliament in 1982 for providing financial assistance to exporters and importers, and for
functioning as the principal financial institution for coordinating the operations of institutions engaged in financing
export and import of goods and services with a view to promoting the country’s international trade.

During FY2018, the bank reported a net loss of Rs. 2,923.73 crore on a total income of Rs. 8,778.28 crore compared to a
net profit of Rs. 41.21 crore on a total income of Rs. 9,235.34 crore during FY2017. The reported gross and net NPAs
stood at 10.37% and 3.75%, respectively, as on March 31, 2018 compared to 9.24% and 4.68%, respectively, as on March
31, 2017. The bank’s capital adequacy ratio stood at 10.35% (Tier I of 8.82%) as on March 31, 2018.

Key Financial Indicators

FY2017 FY2018
Net interest income 1,939 1,652
Profit before tax 313 (4,230)
Profit after tax 41 (2,924)
Net advances 102,641 107,532
Total assets 117,207 123,519

% Tier 1 14.29% 8.82%

% CRAR 15.81% 10.35%

% Net interest margin / Average total assets 1.70% 1.41%

% Net profit / Average total assets 0.04% -2.42%
% Return on net worth 0.35% -27.02%

% Gross NPAs 9.24% 10.37%

% Net NPAs 4.68% 3.75%
% Provision coverage excl. technical write offs 51.79% 66.37%
% Net NPA/ Net worth 39.94% 41.96%
Amount is Rs. crore
Source: EXIM, ICRA research
All ratios are as per ICRA calculations

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

5
Rating history for last three years:
Current Rating (FY2019) Chronology of Rating History for the past 3 years
Amount Amount FY2018 FY2017 FY2016
Instrume
Rated Outstandi
nt Type Jul 2018 Mar Jun Mar Sep Apr Feb Nov Sep Jun
(Rs. ng (Rs.
2018 2017 2017 2016 2016 2016 2015 2015 2015
crore) crore)
Long [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
[ICRA]A [ICRA]A [ICRA]A
term
Long 34,144. AA AA AA
1 bonds 31,361.80 AAA AAA AAA AAA AAA AAA AAA
Term 90
program
(stable) (stable) (stable)
me (stable) (stable) (stable) (stable) (stable) (stable) (stable)
Long [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
[ICRA]A [ICRA]A
term
Long withdra AA AA
2 bonds 1,050 0 AAA AAA AAA AAA AAA AAA AAA
Term wn
program
(stable) (stable)
me (stable) (stable) (stable) (stable) (stable) (stable) (stable)
Short
Term
Short 15,651. [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A
3 debt -
Term 95# 1+ 1+ 1+ 1+ 1+ 1+ 1+ 1+ 1+ 1+
program
me
[ICRA]
[ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
[ICRA]A [ICRA]A [ICRA]A
Certificat
Long AA AA AA AAA
es of AAA AAA AAA AAA AAA AAA
Term / 15,651. (Stable) (Stable) (Stable)
4 deposit - (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
Short 95# / / / (Stable)
program / / / / / /
Term [ICRA]A [ICRA]A [ICRA]A /
me [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A [ICRA]A
1+ 1+ 1+ [ICRA]A
1+ 1+ 1+ 1+ 1+ 1+
1+
[ICRA]A [ICRA]A [ICRA]A [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
Bank Long 3,000.0 [ICRA]
5 unutilised AA AA AA
Lines Term 0

6
 (stable) (stable) (stable) AAA AAA AAA AAA AAA AAA AAA

(stable) (stable) (stable) (stable) (stable) (stable) (stable)

Basel III [ICRA]A [ICRA]A [ICRA]A [ICRA]A
complian A+ A+ A+ A+
t Long 1,100.0
6 500.00 - - - - - -
Addition Term 0 (hyb) (hyb) (hyb) (hyb)
al Tier-I
bond (stable) (stable) (stable) (stable)
Fixed
Mediu MAAA MAAA MAAA MAAA [MAAA MAAA MAAA MAAA MAAA MAAA
Deposits
7 m - -
Program
Term (stable) (stable) (stable) (stable) (stable) (stable) (stable) (stable) (stable) (stable)
me
#
Total limit rated for long-term/short-term certificates of deposit and short-term debt is Rs. 15,651.95 crore; the amount outstanding would not exceed the said limit

Complexity level of the rated instrument:

ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according
to their complexity levels is available on the website www.icra.in

7
Annexure-1: Instrument Details
Date of Amount
Coupon Maturity Current Rating and
ISIN No Instrument Name Issuance / Rated
Rate Date Outlook
Sanction (Rs. crore)
INE514E08746 Long term bonds 23-Jul-10 8.68% 23-Jul-22 250 [ICRA]AAA(stable)
INE514E08753 Long term bonds 28-Jul-10 8.68% 28-Jul-22 200 [ICRA]AAA(stable)
INE514E08761 Long term bonds 16-Aug-10 8.72% 16-Aug-22 50 [ICRA]AAA(stable)
INE514E08779 Long term bonds 25-Aug-10 8.70% 25-Aug-20 300 [ICRA]AAA(stable)
INE514E08803 Long term bonds 09-Sep-10 8.70% 09-Sep-20 100 [ICRA]AAA(stable)
INE514E08829 Long term bonds 13-Sep-10 8.68% 13-Sep-20 100 [ICRA]AAA(stable)
INE514E08928 Long term bonds 25-Feb-11 9.15% 25-Feb-21 348 [ICRA]AAA(stable)
INE514E08936 Long term bonds 08-Mar-11 9.15% 08-Mar-21 1060 [ICRA]AAA(stable)
INE514E08951 Long term bonds 18-Mar-11 9.15% 18-Mar-21 182.6 [ICRA]AAA(stable)
INE514E08977 Long term bonds 30-Mar-11 9.15% 30-Mar-21 80 [ICRA]AAA(stable)
INE514E08AG6 Long term bonds 29-Sep-11 9.38% 29-Sep-21 500 [ICRA]AAA(stable)
INE514E08AP7 Long term bonds 10-Jan-12 9.00% 10-Jan-19 1325 [ICRA]AAA(stable)
INE514E08AQ5 Long term bonds 07-Feb-12 9.00% 07-Feb-22 150 [ICRA]AAA(stable)
INE514E08AS1 Long term bonds 22-Feb-12 9.05% 22-Feb-22 400 [ICRA]AAA(stable)
INE514E08AT9 Long term bonds 21-Mar-12 9.30% 21-Mar-22 150 [ICRA]AAA(stable)
INE514E08AU7 Long term bonds 28-Mar-12 9.30% 28-Mar-22 100 [ICRA]AAA(stable)
INE514E08AV5 Long term bonds 18-Apr-12 9.25% 18-Apr-22 55 [ICRA]AAA(stable)
INE514E08AX1 Long term bonds 11-May-12 9.30% 11-May-22 767 [ICRA]AAA(stable)
INE514E08BA7 Long term bonds 15-Jun-12 9.10% 15-Jun-22 60 [ICRA]AAA(stable)
INE514E08BE9 Long term bonds 12-Jul-12 9.25% 12-Jul-22 130.7 [ICRA]AAA(stable)
INE514E08BJ8 Long term bonds 01-Aug-12 9.14% 01-Aug-22 425 [ICRA]AAA(stable)
INE514E08BK6 Long term bonds 05-Sep-12 9.15% 05-Sep-22 450 [ICRA]AAA(stable)
INE514E08BO8 Long term bonds 21-Sep-12 9.04% 21-Sep-22 240 [ICRA]AAA(stable)
INE514E08BQ3 Long term bonds 10-Oct-12 8.87% 10-Oct-22 153 [ICRA]AAA(stable)
INE514E08BS9 Long term bonds 18-Oct-12 8.88% 18-Oct-22 550 [ICRA]AAA(stable)
INE514E08BY7 Long term bonds 12-Dec-12 8.93% 12-Dec-22 100 [ICRA]AAA(stable)
INE514E08CB3 Long term bonds 31-Dec-12 8.94% 31-Dec-22 200 [ICRA]AAA(stable)
INE514E08CC1 Long term bonds 09-Jan-13 8.83% 09-Jan-23 250 [ICRA]AAA(stable)
INE514E08CE7 Long term bonds 14-Feb-13 8.76% 14-Feb-23 151 [ICRA]AAA(stable)
INE514E08CH0 Long term bonds 13-Mar-13 8.87% 13-Mar-25 100 [ICRA]AAA(stable)
INE514E08CI8 Long term bonds 15-Mar-13 8.80% 15-Mar-23 590 [ICRA]AAA(stable)
INE514E08CK4 Long term bonds 26-Apr-13 8.50% 26-Apr-23 150 [ICRA]AAA(stable)
INE514E08CO6 Long term bonds 22-May-13 7.94% 22-May-23 280 [ICRA]AAA(stable)
INE514E08CQ1 Long term bonds 08-Jul-13 8.50% 08-Jul-23 420 [ICRA]AAA(stable)
INE514E08CR9 Long term bonds 10-Jul-13 8.50% 10-Jul-23 500 [ICRA]AAA(stable)
INE514E08CT5 Long term bonds 14-Aug-13 9.40% 14-Aug-23 295 [ICRA]AAA(stable)
INE514E08CU3 Long term bonds 16-Sep-13 9.45% 16-Sep-23 269.5 [ICRA]AAA(stable)
INE514E08CW9 Long term bonds 04-Oct-13 9.75% 04-Oct-20 287 [ICRA]AAA(stable)
INE514E08CY5 Long term bonds 08-Oct-13 9.58% 04-Oct-23 405 [ICRA]AAA(stable)
INE514E08CZ2 Long term bonds 09-Oct-13 9.50% 09-Oct-18 155 [ICRA]AAA(stable)
INE514E08DA3 Long term bonds 15-Oct-13 9.28% 15-Oct-18 310 [ICRA]AAA(stable)
INE514E08DB1 Long term bonds 24-Oct-13 9.33% 24-Oct-18 280 [ICRA]AAA(stable)
INE514E08DC9 Long term bonds 20-Nov-13 9.75% 20-Nov-18 160 [ICRA]AAA(stable)
INE514E08DD7 Long term bonds 21-Nov-13 9.70% 21-Nov-18 1250 [ICRA]AAA(stable)
INE514E08DE5 Long term bonds 29-Nov-13 9.63% 29-Nov-18 637 [ICRA]AAA(stable)
INE514E08DF2 Long term bonds 02-Dec-13 9.60% 02-Dec-18 405 [ICRA]AAA(stable)
INE514E08DG0 Long term bonds 03-Dec-13 9.50% 03-Dec-23 245 [ICRA]AAA(stable)

8
 Date of Amount
Coupon Maturity Current Rating and
ISIN No Instrument Name Issuance / Rated
Rate Date Outlook
Sanction (Rs. crore)
INE514E08DH8 Long term bonds 16-Dec-13 9.58% 16-Dec-23 127 [ICRA]AAA(stable)
INE514E08DI6 Long term bonds 17-Dec-13 9.68% 17-Dec-20 465 [ICRA]AAA(stable)
INE514E08DJ4 Long term bonds 17-Dec-13 9.62% 17-Dec-23 170 [ICRA]AAA(stable)
INE514E08DK2 Long term bonds 10-Jan-14 9.57% 10-Jan-24 311 [ICRA]AAA(stable)
INE514E08DL0 Long term bonds 22-Jan-14 9.45% 22-Jan-19 560 [ICRA]AAA(stable)
INE514E08DM8 Long term bonds 07-Feb-14 9.60% 07-Feb-24 255 [ICRA]AAA(stable)
INE514E08DN6 Long term bonds 14-Feb-14 9.62% 14-Feb-19 150 [ICRA]AAA(stable)
INE514E08DO4 Long term bonds 26-Feb-14 9.65% 26-Feb-24 1000 [ICRA]AAA(stable)
INE514E08DP1 Long term bonds 04-Apr-14 9.65% 04-Apr-24 348 [ICRA]AAA(stable)
INE514E08DS5 Long term bonds 29-May-14 9.25% 29-May-24 270 [ICRA]AAA(stable)
INE514E08ED5 Long term bonds 30-Oct-14 8.87% 30-Oct-29 350 [ICRA]AAA(stable)
INE514E08EE3 Long term bonds 03-Nov-14 8.83% 03-Nov-29 250 [ICRA]AAA(stable)
INE514E08EJ2 Long term bonds 21-Jan-15 8.15% 21-Jan-30 465 [ICRA]AAA(stable)
INE514E08EK0 Long term bonds 03-Feb-15 8.11% 03-Feb-25 155 [ICRA]AAA(stable)
INE514E08EL8 Long term bonds 05-Mar-15 8.15% 05-Mar-25 250 [ICRA]AAA(stable)
INE514E08EO2 Long term bonds 24-Jul-15 8.38% 24-Jul-25 320 [ICRA]AAA(stable)
INE514E08EP9 Long term bonds 28-Sep-15 8.25% 28-Sep-25 250 [ICRA]AAA(stable)
INE514E08EQ7 Long term bonds 29-Oct-15 8.02% 29-Oct-25 325 [ICRA]AAA(stable)
INE514E08ER5 Long term bonds 05-Nov-15 7.81% 05-Nov-18 445 [ICRA]AAA(stable)
INE514E08ES3 Long term bonds 19-Nov-15 8.10% 19-Nov-25 225 [ICRA]AAA(stable)
INE514E08EU9 Long term bonds 07-Dec-15 8.18% 07-Dec-25 700 [ICRA]AAA(stable)
INE514E08EX3 Long term bonds 25-Feb-16 8.03% 25-Mar-19 100 [ICRA]AAA(stable)
INE514E08FB6 Long term bonds 20-Apr-16 8.02% 20-Apr-26 350 [ICRA]AAA(stable)
INE514E08FC4 Long term bonds 25-Apr-16 8.12% 25-Apr-31 400 [ICRA]AAA(stable)
INE514E08FD2 Long term bonds 27-May-16 8.00% 27-May-21 520 [ICRA]AAA(stable)
INE514E08FE0 Long term bonds 23-Jun-16 8.25% 23-Jun-31 240 [ICRA]AAA(stable)
INE514E08FF7 Long term bonds 11-Jul-16 8.11% 11-Jul-31 475 [ICRA]AAA(stable)
INE514E08FG5 Long term bonds 01-Sep-16 7.62% 01-Sep-26 675 [ICRA]AAA(stable)
INE514E08FH3 Long term bonds 25-Nov-16 7.02% 25-Nov-31 350 [ICRA]AAA(stable)
INE514E08FI1 Long term bonds 02-Dec-16 6.54% 02-Dec-19 500 [ICRA]AAA(stable)
INE514E08FJ9 Long term bonds 01-Feb-17 7.25% 01-Feb-27 350 [ICRA]AAA(stable)
INE514E08FK7 Long term bonds 02-Mar-17 7.09% 02-Mar-20 1000 [ICRA]AAA(stable)
INE514E08FM3 Long term bonds 18-May-17 7.35% 18-May-22 325 [ICRA]AAA(stable)
INE514E08FN1 Long term bonds 18-May-17 7.56% 18-May-27 325 [ICRA]AAA(stable)
INE514E08FO9 Long term bonds 26-May-17 7.74% 26-May-37 325 [ICRA]AAA(stable)
INE514E08FP6 Long term bonds 03-Aug-17 7.22% 03-Aug-27 650 [ICRA]AAA(stable)
INE514E08FQ4 Long term bonds 11-Jan-18 7.88% 11-Jan-33 350 [ICRA]AAA(stable)
INE514E08FR2 Long term bonds 17-Jan-18 7.92% 17-Jan-33 650 [ICRA]AAA(stable)
INE514E08FS0 Long term bonds 14-Mar-18 8.50% 14-Mar-33 820 [ICRA]AAA(stable)
NA Long term bonds unutilised NA NA 2,783.10 [ICRA]AAA(stable)
Certificate of
INE514E16AI5 Deposits (Long 23-Jul-15 8.50% 23-Jul-18 10.29 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AQ8 Deposits (Long 29-Mar-16 8.40% 29-Mar-19 1.47 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AQ8 Deposits (Long 29-Mar-16 8.40% 29-Mar-19 2.02 [ICRA]AAA(stable)
Term) *

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 Date of Amount
Coupon Maturity Current Rating and
ISIN No Instrument Name Issuance / Rated
Rate Date Outlook
Sanction (Rs. crore)
Certificate of
INE514E16AS4 Deposits (Long 09-Sep-16 7.60% 09-Sep-19 4.28 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AS4 Deposits (Long 09-Sep-16 7.60% 09-Sep-19 1.43 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AS4 Deposits (Long 09-Sep-16 7.60% 09-Sep-19 1.1 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AV8 Deposits (Long 27-Dec-16 7.20% 27-Dec-19 6.11 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AX4 Deposits (Long 30-Mar-17 7.45% 30-Mar-20 1.62 [ICRA]AAA(stable)
Term) *
Certificate of
INE514E16AY2 Deposits (Long 08-Jun-17 7.50% 08-Jun-20 9 [ICRA]AAA(stable)
Term) *
Certificate of
NA Deposits (Short NA NA NA NA [ICRA]A1+
Term) *
Basel III Compliant [ICRA]AA+(hyb)
INE514E08FL5 31-Mar-17 8.60% Perpetual 500
Tier I (stable)
Basel III Compliant [ICRA]AA+(hyb)
NA unutilised NA NA 600
Tier I (stable)
NA Short Term Debt * NA NA 7-365 days NA [ICRA]A1+
Fixed Deposit
NA NA NA NA NA MAAA(stable)
Programme
Bank Lines
NA unutilised NA NA 3000 [ICRA]AAA(stable)
Programme
*Total limit rated for long-term/short-term certificates of deposit and short-term debt is Rs. 15,651.95 crore; the amount outstanding
would not exceed the said limit
Source: EXIM

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Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of
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