REC Limited

'CRISIL AAA/Stable' assigned to Long-Term Borrowing Programme

 

Rating Action

Rs.23000 Crore Long-Term Borrowing Programme&	CRISIL AAA/Stable (Assigned)
Rs.90000 Crore Long-Term Borrowing Programme&	CRISIL AAA/Stable (Reaffirmed)
Rs.100000 Crore Long-Term Borrowing Programme%	CRISIL AAA/Stable (Reaffirmed)
Rs.1000 Crore Long Term Principal Protected Market Linked Debentures@	CRISIL PPMLD AAA/Stable (Reaffirmed)
Rs.15000 Crore Bond!	CRISIL AAA/Stable (Reaffirmed)
Rs.3000 Crore Perpetual Non Convertible Debentures@	CRISIL AAA/Stable (Reaffirmed)
Rs.100000 Crore Long-Term Borrowing Programme@	CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Short Term Borrowing programme%	CRISIL A1+ (Withdrawn)
Rs.10000 Crore Short Term Borrowing programme&	CRISIL A1+ (Reaffirmed)
Long-Term Borrowing Programme Aggregating Rs.161131 Crore$ (Reduced from Rs1,94,514.83 Crore)	CRISIL AAA/Stable (Reaffirmed)

& Borrowing programme for fiscal 2023 (refers to financial year, April 1 to March 31). The overall limit for the long term borrowing programme and the short-term borrowing programme is Rs.1,23,000 crore, of which long term market borrowing programme is of Rs. 98000 crore. Total incremental long-term market borrowing not to exceed Rs.98000.0 crore at any point in time during fiscal 2023.

Long term borrowing of Rs 113000 crore which includes Rs.15000 crore of Bank loan facility over and above market borrowing programme.

Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.10000 crore at any point during fiscal 2023.It also includes commercial paper limit not exceeding Rs 5000 crore at any point during fiscal 2023

% Borrowing programme for fiscal 2022

@ Borrowing programme for fiscal 2021

! GOI Fully serviced bonds

$ Past year's borrowing programme

Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power

Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the long term borrowing programme of REC Limited (REC). CRISIL Ratings has also reaffirmed its ratings on the other debt instruments of REC at 'CRISIL AAA/CRISIL PPMLD AAA/Stable/CRISIL A1+'

 

CRISIL Ratings has withdrawn its rating on bonds aggregating Rs 31,833.83 crore and short term borrowing programme (fiscal 2022) of Rs 10,000 crore on the company's request as the outstanding against the same is nil and on receipt of confirmation from debenture trustee (See Annexure 'Details of Rating Withdrawn' for details). The withdrawal is in line with CRISIL's withdrawal policy.

 

Asset quality has been improving, led by recoveries in large delinquent private sector exposures. Gross non-performing assets (NPAs) and net NPAs stood at 3.6% and 1.1%, respectively, as on December 31, 2022, against 4.5% and 1.5%, respectively, as on March 31, 2022. The performance of the loan book and further recoveries from resolutions will remain a key monitorable.

 

The ratings continue to reflect the strategic importance of REC to the government, given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in its strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of REC and its subsidiaries. Furthermore, CRISIL Ratings factors in support from the ultimate parent, the Government of India, given its key role in financing the Indian power sector and expectation of continued support to REC, albeit routed through PFC.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

• Strategic importance to the government, given REC’s key role in financing India’s power sector

REC is strategically important to the central government as it plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. It is the nodal agency for channeling finance towards its rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (translated as the Prime Minister’s Programme to provide easy electricity access to all households), or ‘Saubhagya’ and Late payment surcharge scheme. Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme—an interest subsidy scheme introduced by the central government—to promote capital investment in the power distribution sector. REC, along with PFC is designated as nodal agency for facilitating implementation of RDSS which is reforms-based and results-linked scheme with an outlay of Rs 3.04 lakh crore over a period of 5 years and would be available till fiscal 2026. The company plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly state power utilities, which constitute 90% of its portfolio as on December 31, 2022.

 

The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL Ratings believes the government of India has strong strategic reasons and a moral obligation to support REC, both on an ongoing basis and in the event of distress, given the latter’s role in implementing the government’s power sector policies.

 

• Dominant market position in the power financing segment

REC plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans and debt refinancing.  REC’s outstanding loan book had exposure of 90% and 10% to the state sector and private sector, respectively, as on December 31, 2022. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by state power utilities. To support this role, REC has also received exemption from single and group borrower exposure norms for exposures to state power utilities till March 2022. Clearly, REC will remain a key financier to the state power utilities and, therefore, play a crucial role in sustaining their operations. Loans outstanding to the government sector stood at Rs 3.72 lakh crore as on December 31, 2022 (Rs 3.51 lakh crore as on March 31, 2022; Rs 3.39 lakh crore as on March 31, 2021). As on December 31, 2022, overall loan book stood at Rs 4.11 lakh crore (Rs 3.85 lakh crore as on March 31, 2022; Rs 3.77 lakh crore as on March 31, 2021)

 

• Strong resource profile

REC’s credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on December 31, 2022, overall borrowings stood at Rs 3.54 lakh crore with domestic bonds forming the largest share at 42%, foreign currency borrowings at 25%, funding from banks/financial institutions at 20% and capital gains/tax-free bonds at 10%. REC’s debt instruments have wide market acceptability, and the company typically borrows at low spreads over government securities. Its cost of borrowing is lower than that of most of its peers and stood at 7.1% for nine months period of fiscal 2023 (6.9% for corresponding period of previous fiscal.).

 

• Adequate capitalisation

REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The networth was Rs 54,840 crore as on December 31, 2022 (Rs 50,986 crore as on March 31, 2022). The overall capital adequacy ratio (CAR) and Tier 1 CAR improved to 25.00% and 22.04%, respectively, as on December 31, 2022 (23.61% and 19.58%, respectively, as on March 31, 2022). Gearing stood at 6.5 times as on December 31, 2022 (6.4 times as on March 31, 2022). The networth to net NPA ratio was 11.9 times as on December 31, 2022 (9.1 times as on March 31, 2022). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through private placement. Accretion to networth will be supported by the company's ability to maintain good interest spreads and low operating expense ratio. The return on assets (RoA) ratio was 2.5% for nine months period in fiscal 2023, against 2.5% for corresponding period of previous fiscal. The company’s ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.

 

Weakness:

• Inherent vulnerability in asset quality and significant sectoral and customer concentration

REC's asset quality remains inherently vulnerable as it caters predominantly to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, the state power utilities, Furthermore, the top 10 borrowers constitute ~41% of the total loan book. Effective execution of various reform measures is extremely critical for state power utilities to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff hikes to ensure sustained improvement in their performance. However, REC has been able to manage overall asset quality risks in this segment on account of its criticality to borrowers and through various asset protection mechanisms. Further, REC has recently forayed into logistics & infrastructure sector which is expected to diversify its loan book further.

 

REC also has around 10% exposure to the private sector as on December 31, 2022 (9% as on March 31, 2022), which has been vulnerable to asset quality risks because of issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. As on December 31, 2022, the overall gross NPAs and Net NPAs improved to 3.63% and 1.12%, respectively, from 4.45% and 1.45%, respectively, as on March 31, 2022, led by recovery from large private delinquent accounts. As on December 31, 2022, 38% of private sector loans have been recognized as stage III assets on which the company has a provision coverage of 69%.

 

Overall, CRISIL Ratings believes the asset quality will remain vulnerable over the medium term primarily because of the increased challenges likely to be faced with private sector borrowers. The ability to resolve stressed accounts will also be a key monitorable going ahead.

Liquidity: Superior

Asset liability maturity (ALM) profile of REC shows that liquidity position is superior. The mismatches in the ALM buckets up to one year, given the relatively long tenure of its assets, are managed mainly through unutilised bank lines. Additionally, the debt repayment is well staggered across months, supporting its liquidity profile.

 

As on December 31, 2022, Rs. 1,962 crore is invested in High Quality Liquid Assets (HQLA). Total undrawn bank term loans are Rs. 10,562 crore. Additionally, Rs 6,100 crore of USD lines arealso sanctioned and unutilised as on same date. As on December 31, 2022, REC has LCR of 75%.

 

REC continues to tap debt capital markets for fresh issuances. Around Rs 22,238 crore were raised as domestic bonds in 9 months periods for fiscal 2023. REC also raised term loans of Rs 17,200 crore and foreign currency borrowings of Rs 30,178 crore over the same period.

Outlook: Stable

CRISIL Ratings believes REC will continue to benefit from government support, given its strategic role in the implementation of the government’s power sector initiatives. Moreover, REC will maintain its healthy position in the infrastructure-financing segment along with comfortable capitalisation and earnings.

 

In addition, the rating on the perpetual bonds remains sensitive to the capital buffer maintained by REC over regulatory capital requirements. Rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities.

Rating Sensitivity factors

Downward factors:

• Decline in REC's strategic importance to the government or reduced direct or indirect support from the government by way of reduction in PFC’s shareholding to below 50%
• Significant deterioration in asset quality, thereby impacting profitability and capitalisation

About the Company

Incorporated in 1969, REC is a public financial institution under the administrative control of the Ministry of Power, Government of India. The company is registered with the Reserve Bank of India as a non-banking infrastructure finance company (NBFC-IFC). Until 2003, its primary objective was to provide financial assistance on concession to state power utilities for rural electrification. Its mandate was broadened in 2003 to include financing of all segments of the power sector. REC finances generation projects, including independent power projects. Since September 2009, the company’s mandate has been further widened to include financing activities allied to the power sector and power-related infrastructure, such as coal and other mining activities, and fuel supply arrangements. The Company’s mandate has been extended further to lend to logistics & infrastructure sector with changes in its Memorandum of Association in November 2022.

 

In March 2019, PFC completed the acquisition of Government of India’s 52.63% stake in REC. The rating reaffirmation is driven by strategic importance of REC to the government and support, if any, provided by the government. Even after selling the government’s stake to PFC, the company continues to play its respective policy role and remains one of the nodal agencies for implementing  power sector policies. Furthermore, it is expected to operate all its functions independently as it did prior to the acquisition. The government will continue to appoint the board and CMD (chairman-cum-managing director) of REC and also have representation on the board even after the stake sale.

 

Furthermore, REC continues to operate as a public financial institution (PFI), NBFC-IFC and a central public sector enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to the stake sale by the government, including raising bonds under Section 54EC. Capital support, if required by REC, will be provided by the government, albeit through PFC.

 

Even after the proposed stake sale, given that PFC is majority owned by the central government, CRISIL Ratings believes the government will continue to be involved in matters related to the company and that PFC and the government would act in concert to support it, if required. The ratings also reflect REC’s sound resource profile and adequate capitalisation. The rating strengths are partially offset by the company’s exposure to risks related to inherent vulnerability of asset quality, and significant customer and sectoral concentration.

 

For nine months period ended December 31, 2022, REC reported profit after tax (PAT) of Rs 8,054 crore and total income (net of interest) of Rs 11,877 crore (Rs 7,758 crore and Rs 12,917 crore, respectively for corresponding period of previous fiscal).

Key Financial Indicators

As on / for the period ended December 31	Unit	2022	2021
Total assets	Rs crore	440,130	418,790
Total income (net of interest)	Rs crore	11,877	12,917
Profit after tax	Rs crore	8,054	7,758
Gross NPA	%	3.6	5.1
Gearing	Times	6.5	6.7
Overall capital adequacy ratio	%	25.0	23.3

 

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of the instrument	Date of allotment	Coupon rate (%)	Maturity date	Issue size (Rs crore)	Complexity	Rating with outlook
INE020B08DR1	Bonds	22-Apr-21	5.74%	20-Jun-24	4,000	Simple	CRISIL AAA/Stable
INE020B08DO8	Bonds	12-Mar-21	7.40%	15-Mar-36	3,613.80	Simple	CRISIL AAA/Stable
INE020B07LS4	Bonds	30-Apr-20	5.75%	30-Apr-25	2,500	Simple	CRISIL AAA/Stable
INE020B07LT2	Bonds	31-May-20	5.75%	31-May-25	2,500	Simple	CRISIL AAA/Stable
INE020B07LU0	Bonds	30-Jun-20	5.75%	30-Jun-25	2,500	Simple	CRISIL AAA/Stable
INE020B07LV8	Bonds	31-Jul-20	5.75%	31-Jul-25	440.46	Simple	CRISIL AAA/Stable
INE020B07LW6	Bonds	31-Aug-20	5%	31-Aug-25	2,500	Simple	CRISIL AAA/Stable
INE020B07LZ9	Bonds	30-Nov-20	5%	30-Nov-25	2,500	Simple	CRISIL AAA/Stable
INE020B07MA0	Bonds	31-Dec-20	5%	31-Dec-25	543.64	Simple	CRISIL AAA/Stable
INE020B07MB8	Bonds	31-Jan-21	5%	31-Jan-26	509.48	Simple	CRISIL AAA/Stable
INE020B07MC6	Bonds	28-Feb-21	5%	28-Feb-26	562.04	Simple	CRISIL AAA/Stable
INE020B07MD4	Bonds	31-Mar-21	5%	31-Mar-26	1,214.28	Simple	CRISIL AAA/Stable
INE020B08DP5	Bonds	19-Mar-21	5.79%	20-Mar-24	1,550	Simple	CRISIL AAA/Stable
INE020B08DT7	Bonds	21-Oct-21	6.23%	31-Oct-31	1,200	Simple	CRISIL AAA/Stable
INE020B08DQ3	Bonds	26-Mar-21	6.50%	26-Mar-31	500	Simple	CRISIL AAA/Stable
INE020B07ME2	Bonds	30-Apr-21	0.05	30-Apr-26	435.04	Simple	CRISIL AAA/Stable
INE020B07MJ1	Bonds	30-Sep-21	5%	30-Sep-26	717.65	Simple	CRISIL AAA/Stable
INE020B07MH5	Bonds	31-Jul-21	5%	31-Jul-26	603.53	Simple	CRISIL AAA/Stable
INE020B07MF9	Bonds	31-May-21	5%	31-May-26	337.12	Simple	CRISIL AAA/Stable
INE020B07LY2	Bonds	31-Oct-20	5%	31-Oct-25	290.28	Simple	CRISIL AAA/Stable
INE020B08682	Bonds**	15-Feb-12	9.15%	15-Feb-27	2,500	Simple	CRISIL AAA/Stable
INE020B08BO2	Bonds (GoI Fully Serviced)@@	25-Mar-19	8.30%	25-Mar-29	4,000.00	Simple	CRISIL AAA/Stable
INE020B08CS1	Bonds (GoI Fully Serviced)@@	31-Mar-20	7.20%	31-Mar-30	1,750.00	Simple	CRISIL AAA/Stable
INE020B08CO0	Bonds (GoI Fully Serviced)@@	02-Mar-20	7.14%	02-Mar-30	1,500.00	Simple	CRISIL AAA/Stable
INE020B08BL8	Bonds (GoI Fully Serviced)@@	08-Mar-19	8.60%	08-Mar-29	1,200.00	Simple	CRISIL AAA/Stable
INE020B08DI0	Bonds (GoI Fully Serviced)@@	07-Jan-21	6.45%	07-Jan-31	1,000.00	Simple	CRISIL AAA/Stable
INE020B08DN0	Bonds (GoI Fully Serviced)@@	28-Jan-21	6.63%	28-Jan-31	1,000.00	Simple	CRISIL AAA/Stable
INE020B08CR3	Bonds (GoI Fully Serviced)@@	26-Mar-20	8.25%	26-Mar-30	532.3	Simple	CRISIL AAA/Stable
NA	Bonds (GoI Fully Serviced)@@^^	NA	NA	NA	4,017.70	Simple	CRISIL AAA/Stable
INE020B07LX4	Debentures	30-Sep-20	5.75%	30-Sep-25	353.23	Simple	CRISIL AAA/Stable
INE020B08724	Infrastructure Bonds	15-Feb-12	9.15%	15-Feb-27	2.83	Simple	CRISIL AAA/Stable
INE020B08732	Infrastructure Bonds	15-Feb-12	9.15%	15-Feb-27	1.13	Simple	CRISIL AAA/Stable
INE020B08DE9	Institutional Bond#	29-Oct-20	6.80%	20-Dec-30	5,000.00	Simple	CRISIL AAA/Stable
INE020B08DM2	Institutional Bond#	28-Jan-21	7.02%	31-Jan-36	4,589.90	Simple	CRISIL AAA/Stable
INE020B08CU7	Institutional Bond#	11-May-20	7.55%	11-May-30	3,740.00	Simple	CRISIL AAA/Stable
INE020B08DB5	Institutional Bond#	28-Aug-20	7.25%	30-Sep-30	3,500.00	Simple	CRISIL AAA/Stable
INE020B08CT9	Institutional Bond#	22-Apr-20	6.92%	22-Apr-23	2,985.00	Simple	CRISIL AAA/Stable
INE020B08DF6	Institutional Bond#	29-Oct-20	5.85%	20-Dec-25	2,777.00	Simple	CRISIL AAA/Stable
INE020B08DG4	Institutional Bond#	15-Dec-20	6.90%	31-Jan-31	2,500.00	Simple	CRISIL AAA/Stable
INE020B08DC3	Institutional Bond#	28-Aug-20	5.69%	30-Sep-23	2,474.00	Simple	CRISIL AAA/Stable
INE020B08DJ8	Institutional Bond#	13-Jan-21	4.99%	31-Jan-24	2,135.00	Simple	CRISIL AAA/Stable
INE020B08DH2	Institutional Bond#	15-Dec-20	5.81%	31-Dec-25	2,082.00	Simple	CRISIL AAA/Stable
INE020B08DK6	Institutional Bond#	13-Jan-21	5.94%	31-Jan-26	2,000.00	Simple	CRISIL AAA/Stable
INE020B08CX1	Institutional Bond#	08-Jun-20	7.96%	15-Jun-30	1,999.50	Simple	CRISIL AAA/Stable
INE020B08CW3	Institutional Bond#	21-May-20	7.79%	21-May-30	1,569.00	Simple	CRISIL AAA/Stable
INE020B08DA7	Institutional Bond#	30-Jul-20	6.90%	31-Mar-31	1,300.00	Simple	CRISIL AAA/Stable
INE020B08CZ6	Institutional Bond#	30-Jul-20	5.90%	31-Mar-25	900	Simple	CRISIL AAA/Stable
INE020B08831	Institutional Bonds	12-Apr-13	8.82%	12-Apr-23	4,300.00	Simple	CRISIL AAA/Stable
INE020B08AQ9	Institutional Bonds	12-Dec-17	7.70%	10-Dec-27	3,533.00	Simple	CRISIL AAA/Stable
INE020B08AC9	Institutional Bonds	30-Dec-16	7.54%	30-Dec-26	3,000.00	Simple	CRISIL AAA/Stable
INE020B08AH8	Institutional Bonds	14-Mar-17	7.95%	12-Mar-27	2,745.00	Simple	CRISIL AAA/Stable
INE020B08963	Institutional Bonds	07-Oct-15	8.11%	07-Oct-25	2,585.00	Simple	CRISIL AAA/Stable
INE020B08BH6	Institutional Bonds	07-Dec-18	8.37%	07-Dec-28	2,554.00	Simple	CRISIL AAA/Stable
INE020B08BG8	Institutional Bonds	29-Nov-18	8.56%	29-Nov-28	2,552.40	Simple	CRISIL AAA/Stable
INE020B08849	Institutional Bonds	31-May-13	8.06%	31-May-23	2,500.00	Simple	CRISIL AAA/Stable
INE020B08BA1	Institutional Bonds	09-Aug-18	8.55%	09-Aug-28	2,500.00	Simple	CRISIL AAA/Stable
INE020B08BB9	Institutional Bonds	27-Aug-18	8.63%	25-Aug-28	2,500.00	Simple	CRISIL AAA/Stable
INE020B08930	Institutional Bonds	10-Apr-15	8.30%	10-Apr-25	2,396.00	Simple	CRISIL AAA/Stable
INE020B08906	Institutional Bonds	06-Feb-15	8.27%	06-Feb-25	2,325.00	Simple	CRISIL AAA/Stable
INE020B08914	Institutional Bonds	23-Feb-15	8.35%	22-Feb-25	2,285.00	Simple	CRISIL AAA/Stable
INE020B08880	Institutional Bonds	22-Dec-14	8.57%	21-Dec-24	2,250.00	Simple	CRISIL AAA/Stable
INE020B08BP9	Institutional Bonds	28-Mar-19	8.97%	28-Mar-29	2,151.20	Simple	CRISIL AAA/Stable
INE020B08AA3	Institutional Bonds	07-Nov-16	7.52%	07-Nov-26	2,100.00	Simple	CRISIL AAA/Stable
INE020B07IZ5	Institutional Bonds	25-Aug-14	9.34%	25-Aug-24	1,955.00	Simple	CRISIL AAA/Stable
INE020B08898	Institutional Bonds	23-Jan-15	8.23%	23-Jan-25	1,925.00	Simple	CRISIL AAA/Stable
INE020B08443	Institutional Bonds	12-Jul-10	8.75%	12-Jul-25	1,800.00	Simple	CRISIL AAA/Stable
INE020B08427	Institutional Bonds	08-Jun-10	8.75%	08-Jun-25	1,250.00	Simple	CRISIL AAA/Stable
INE020B07LF1	Institutional Bonds	31-Mar-19	5.75%	31-Mar-24	1,078.38	Simple	CRISIL AAA/Stable
INE020B07KX6	Institutional Bonds	31-Jul-18	5.75%	31-Jul-23	683.92	Simple	CRISIL AAA/Stable
INE020B07LE4	Institutional Bonds	28-Feb-19	5.75%	28-Feb-24	569.95	Simple	CRISIL AAA/Stable
INE020B07LC8	Institutional Bonds	31-Dec-18	5.75%	31-Dec-23	565.71	Simple	CRISIL AAA/Stable
INE020B07LD6	Institutional Bonds	31-Jan-19	5.75%	31-Jan-24	549.95	Simple	CRISIL AAA/Stable
INE020B07LA2	Institutional Bonds	31-Oct-18	5.75	31-Oct-23	507.79	Simple	CRISIL AAA/Stable
INE020B07KW8	Institutional Bonds	30-Jun-18	5.75%	30-Jun-23	504.74	Simple	CRISIL AAA/Stable
INE020B07KY4	Institutional Bonds	31-Aug-18	5.75%	31-Aug-23	499.33	Simple	CRISIL AAA/Stable
INE020B07KZ1	Institutional Bonds	30-Sep-18	5.75%	30-Sep-23	493.84	Simple	CRISIL AAA/Stable
INE020B07LB0	Institutional Bonds	30-Nov-18	5.75%	30-Nov-23	480.95	Simple	CRISIL AAA/Stable
INE020B07KV0	Institutional Bonds	31-May-18	5.75%	31-May-23	438.29	Simple	CRISIL AAA/Stable
INE020B07KU2	Institutional Bonds	30-Apr-18	5.75%	30-Apr-23	278.47	Simple	CRISIL AAA/Stable
INE020B08BE3	Institutional Bonds (GoI Serviced)	15-Nov-18	8.54%	15-Nov-28	3,600.00	Simple	CRISIL AAA/Stable
INE020B08BC7	Institutional Bonds (GoI Serviced)	28-Sep-18	8.70%	28-Sep-28	3,000.00	Simple	CRISIL AAA/Stable
INE020B08BJ2	Institutional Bonds (GoI Serviced)	22-Jan-19	8.80%	22-Jan-29	2,027.00	Simple	CRISIL AAA/Stable
INE020B08AX5	Institutional Bonds (GoI Serviced)	21-Mar-18	8.09%	21-Mar-28	1,837.00	Simple	CRISIL AAA/Stable
INE020B08AY3	Institutional Bonds (GoI Serviced)	26-Mar-18	8.01%	24-Mar-28	1,410.00	Simple	CRISIL AAA/Stable
INE020B08AZ0	Institutional Bonds (GoI Serviced)	27-Mar-18	8.06%	27-Mar-28	753	Simple	CRISIL AAA/Stable
INE020B08BW5	Institutional Bonds&	22-Aug-19	8.18%	22-Aug-34	5,063.00	Simple	CRISIL AAA/Stable
INE020B08CJ0	Institutional Bonds&	28-Jan-20	7.92%	31-Mar-30	3,054.90	Simple	CRISIL AAA/Stable
INE020B08BX3	Institutional Bonds&	16-Sep-19	8.29%	16-Sep-34	3,028.00	Simple	CRISIL AAA/Stable
INE020B08CK8	Institutional Bonds&	10-Feb-20	6.88%	20-Mar-25	2,500.00	Simple	CRISIL AAA/Stable
INE020B07LR6	Institutional Bonds&	31-Mar-20	5.75%	31-Mar-25	2,500.00	Simple	CRISIL AAA/Stable
INE020B08CP7	Institutional Bonds&	06-Mar-20	7.50%	28-Feb-30	2,382.00	Simple	CRISIL AAA/Stable
INE020B08BU9	Institutional Bonds&	25-Jun-19	8.30%	25-Jun-29	2,070.90	Simple	CRISIL AAA/Stable
INE020B08BQ7	Institutional Bonds&	16-Apr-19	8.85%	16-Apr-29	1,600.70	Simple	CRISIL AAA/Stable
INE020B08CF8	Institutional Bonds&	26-Nov-19	7.40%	26-Nov-24	1,500.00	Simple	CRISIL AAA/Stable
INE020B08CH4	Institutional Bonds&	08-Jan-20	7.12%	31-Mar-23	1,400.00	Simple	CRISIL AAA/Stable
INE020B08CI2	Institutional Bonds&	08-Jan-20	7.89%	31-Mar-30	1,100.00	Simple	CRISIL AAA/Stable
INE020B08CN2	Institutional Bonds&	25-Feb-20	6.80%	30-Jun-23	1,100.00	Simple	CRISIL AAA/Stable
INE020B08CM4	Institutional Bonds&	25-Feb-20	6.99%	30-Sep-24	1,100.00	Simple	CRISIL AAA/Stable
INE020B08BS3	Institutional Bonds&	14-May-19	8.80%	14-May-29	1,097.00	Simple	CRISIL AAA/Stable
INE020B08BV7	Institutional Bonds&	25-Jun-19	8.1	25-Jun-24	1,018.00	Simple	CRISIL AAA/Stable
INE020B07LJ3	Institutional Bonds&	31-Jul-19	5.75%	31-Jul-24	593.94	Simple	CRISIL AAA/Stable
INE020B07LN5	Institutional Bonds&	30-Nov-19	5.75%	30-Nov-24	552.73	Simple	CRISIL AAA/Stable
INE020B07LO3	Institutional Bonds&	31-Dec-19	5.75%	31-Dec-24	526.54	Simple	CRISIL AAA/Stable
INE020B07LM7	Institutional Bonds&	31-Oct-19	5.75%	31-Oct-24	518.4	Simple	CRISIL AAA/Stable
INE020B07LQ8	Institutional Bonds&	28-Feb-20	5.75%	28-Feb-25	540.11	Simple	CRISIL AAA/Stable
INE020B07LK1	Institutional Bonds&	31-Aug-19	5.75%	31-Aug-24	500.25	Simple	CRISIL AAA/Stable
INE020B07LL9	Institutional Bonds&	30-Sep-19	5.75%	30-Sep-24	497.55	Simple	CRISIL AAA/Stable
INE020B07LP0	Institutional Bonds&	31-Jan-20	5.75%	31-Jan-25	481.06	Simple	CRISIL AAA/Stable
INE020B07LH7	Institutional Bonds&	31-May-19	5.75%	31-May-24	459.1	Simple	CRISIL AAA/Stable
INE020B07LI5	Institutional Bonds&	30-Jun-19	5.75%	30-Jun-24	413.49	Simple	CRISIL AAA/Stable
INE020B07LG9	Institutional Bonds&	30-Apr-19	5.75%	30-Apr-24	391.12	Simple	CRISIL AAA/Stable
INE020B08CC5	Institutional Bonds&	26-Sep-19	7.55%	26-Sep-23	300	Simple	CRISIL AAA/Stable
INE020B08BY1	Institutional Bonds&	26-Sep-19	8.25%	26-Sep-29	290.2	Simple	CRISIL AAA/Stable
NA	Long-term borrowing programme (FY23)^^	NA	NA	NA	86,516	Simple	CRISIL AAA/Stable
NA	Short-term borrowing programme (FY23)^^	NA	NA	NA	10,000	Simple	CRISIL A1+
INE020B08CY9	Long-term principal protected market-linked debentures#	08-Jul-20	Linked to 10 year G-Sec	30-Jun-23	500	Highly Complex	CRISIL PP-MLD AAA/Stable
NA	Long-term principal protected market-linked debentures^^#	NA	NA	NA	500	Highly Complex	CRISIL PP-MLD AAA/Stable
NA	Perpetual non-convertible debentures#	NA	NA	NA	2,441.60	Highly Complex	CRISIL AAA/Stable
INE020B08DL4	Perpetual non-convertible debentures#	44218	0.0797	Perpetual	558.4	Highly Complex	CRISIL AAA/Stable
INE020B07GH7	Tax-free bonds	27-Mar-12	8.12%/ 8.32%	27-Mar-27	1,983.15	Simple	CRISIL AAA/Stable
INE020B07HP8	Tax-free bonds	24-Sep-13	8.46%	24-Sep-28	1,638.78	Simple	CRISIL AAA/Stable
INE020B07HN3	Tax-free bonds	29-Aug-13	8.46%	29-Aug-28	1,141.00	Simple	CRISIL AAA/Stable
INE020B07HS2	Tax-free bonds	24-Sep-13	8.71%	24-Sep-28	210.86	Simple	CRISIL AAA/Stable
INE020B07GX4	Tax-free bonds	19-Dec-12	7.38%/ 7.88%	19-Dec-27	480.11	Simple	CRISIL AAA/Stable
INE020B07HR4	Tax-free bonds	24-Sep-13	8.26%	24-Sep-23	35.45	Simple	CRISIL AAA/Stable
INE020B07JO7	Tax-free bonds	23-Jul-15	7.17%	23-Jul-25	300	Simple	CRISIL AAA/Stable
INE020B07IC4	Tax-free bonds	24-Mar-14	8.19%	24-Mar-24	289.25	Simple	CRISIL AAA/Stable
INE020B07IG5	Tax-free bonds	24-Mar-14	8.88%	24-Mar-29	262.59	Simple	CRISIL AAA/Stable
INE020B07JT6	Tax-free bonds	05-Nov-15	7.18%	05-Nov-35	235.11	Simple	CRISIL AAA/Stable
INE020B07HO1	Tax-free bonds	24-Sep-13	8.01%	24-Sep-23	245.54	Simple	CRISIL AAA/Stable
INE020B07ID2	Tax-free bonds	24-Mar-14	8.63%	24-Mar-29	237.88	Simple	CRISIL AAA/Stable
INE020B07GV8	Tax-free bonds	21-Nov-12	7.38%	21-Nov-27	245	Simple	CRISIL AAA/Stable
INE020B07HM5	Tax-free bonds	29-Aug-13	8.01%	29-Aug-23	209	Simple	CRISIL AAA/Stable
INE020B07JU4	Tax-free bonds	05-Nov-15	7.43%	05-Nov-35	49.21	Simple	CRISIL AAA/Stable
INE020B07JR0	Tax-free bonds	05-Nov-15	7.09%	05-Nov-30	133.64	Simple	CRISIL AAA/Stable
INE020B07IF7	Tax-free bonds	24-Mar-14	8.44%	24-Mar-24	7.06	Simple	CRISIL AAA/Stable
INE020B07HU8	Tax-free bonds	11-Oct-13	8.18%	11-Oct-23	105	Simple	CRISIL AAA/Stable
INE020B07IH3	Tax-free bonds	24-Mar-14	8.86%	24-Mar-34	83.3	Simple	CRISIL AAA/Stable
INE020B07GY2	Tax-free bonds	25-Mar-13	6.88%/ 7.38%	25-Mar-23	81.4	Simple	CRISIL AAA/Stable
INE020B07JQ2	Tax-free bonds	05-Nov-15	7.14%	05-Nov-25	0.86	Simple	CRISIL AAA/Stable
INE020B07JP4	Tax-free bonds	05-Nov-15	6.89%	05-Nov-25	51.25	Simple	CRISIL AAA/Stable
INE020B07GZ9	Tax-free bonds	25-Mar-13	7.04%/ 7.54%	25-Mar-28	12.58	Simple	CRISIL AAA/Stable
INE020B07HV6	Tax-free bonds	11-Oct-13	8.54%	11-Oct-28	45	Simple	CRISIL AAA/Stable
INE020B07JS8	Tax-free bonds	05-Nov-15	7.34%	05-Nov-30	0.38	Simple	CRISIL AAA/Stable
INE020B07HT0	Tax-free bonds	24-Sep-13	8.62%	24-Sep-33	4.48	Simple	CRISIL AAA/Stable
INE020B07IE0	Tax-free bonds	24-Mar-14	8.61%	24-Mar-34	24.63	Simple	CRISIL AAA/Stable
INE020B07HQ6	Tax-free bonds	24-Sep-13	8.37%	24-Sep-33	13.66	Simple	CRISIL AAA/Stable
INE020B07GW6	Tax-free bonds	19-Dec-12	7.22%	19-Dec-22	1,165.30	Simple	CRISIL AAA/Stable
INE020B07MQ6	54EC CGTE Bonds Series XVI	30-Apr-22	5.00%	30-Apr-27	797.29	Simple	CRISIL AAA/Stable
INE020B07MR4	54EC CGTE Bonds Series XVI	31-May-22	5.00%	31-May-27	942.45	Simple	CRISIL AAA/Stable
INE020B07MS2	54EC CGTE Bonds Series XVI	30-Jun-22	5.00%	30-Jun-27	929.85	Simple	CRISIL AAA/Stable
INE020B07MT0	54EC CGTE Bonds Series XVI	31-Jul-22	5.00%	31-Jul-27	1231.08	Simple	CRISIL AAA/Stable
INE020B07MU8	54EC CGTE Bonds Series XVI	31-Aug-22	5.00%	31-Aug-27	699.08	Simple	CRISIL AAA/Stable
INE020B07MV6	54EC CGTE Bonds Series XVI	30-Sep-22	5.00%	30-Sep-27	1023.08	Simple	CRISIL AAA/Stable
INE020B07MW4	54EC CGTE Bonds Series XVI	31-Oct-22	5.00%	31-Oct-27	816.8	Simple	CRISIL AAA/Stable
INE020B07MX2	54EC CGTE Bonds Series XVI	30-Nov-22	5.00%	30-Nov-27	956.15	Simple	CRISIL AAA/Stable
INE020B07MY0	54EC CGTE Bonds Series XVI	31-Dec-22	5.00%	31-Dec-27	1041.59	Simple	CRISIL AAA/Stable
INE020B07MZ7	54EC CGTE Bonds Series XVI	31-Jan-23	5.00%	31-Jan-28	854.22	Simple	CRISIL AAA/Stable
INE020B08DW1	Series 214 A	23-Sep-22	7.32%	28-Feb-26	500	Simple	CRISIL AAA/Stable
INE020B08DX9	Series 214 B	23-Sep-22	7.50%	28-Feb-33	1,947.60	Simple	CRISIL AAA/Stable
INE020B08DX9	Series 214 B (reissue)	21-Oct-22	7.50%	28-Feb-33	3,000.00	Simple	CRISIL AAA/Stable
INE020B08DZ4	Series 215	25-Nov-22	7.65%	30-Nov-37	3,889.00	Simple	CRISIL AAA/Stable
INE020B08EA5	Series 216 A	02-Dec-22	7.55%	31-Mar-28	1,701.50	Simple	CRISIL AAA/Stable
INE020B08EB3	Series 216 B	02-Dec-22	7.67%	30-Nov-37	2,000.00	Simple	CRISIL AAA/Stable
INE020B08EC1	Series 217	16-Dec-22	7.53%	31-Mar-33	500	Simple	CRISIL AAA/Stable
INE020B08ED9	Series 218 A	12-Jan-23	7.56%	30-Jun-26	3,000.00	Simple	CRISIL AAA/Stable
INE020B08EE7	Series 218 B	12-Jan-23	7.69%	31-Jan-33	2,004.40	Simple	CRISIL AAA/Stable
INE020B08EF4	Series 219	02-Feb-23	7.60%	28-Feb-26	3,148.70	Simple	CRISIL AAA/Stable
NA	Short-term loans (HDFC Bank)	NA	NA	NA	1150	Simple	CRISIL A1+
NA	Short-term loans (KEB Hana Bank)	NA	NA	NA	100	Simple	CRISIL A1+
NA	Working Capital Demand Loan (HDFC Bank)	NA	NA	NA	50	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (ICICI Bank)	NA	NA	NA	1,200	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (IDBI Bank)	NA	NA	NA	750	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (IDFC First Bank)	NA	NA	NA	300	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Indian Bank)	NA	NA	NA	1,000	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Indusind Bank)	NA	NA	NA	500	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Karnataka Bank)	NA	NA	NA	250	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Mizuho Bank)	NA	NA	NA	850	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Punjab National Bank)	NA	NA	NA	1,550	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (RBL Bank)	NA	NA	NA	500	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (South Indian Bank)	NA	NA	NA	100	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (State Bank of India)	NA	NA	NA	210	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Union Bank of India)	NA	NA	NA	750	Simple	CRISIL AAA/Stable
NA	Working Capital Demand Loan (Yes Bank)	NA	NA	NA	1,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	28-Sep-22	NA	29-Sep-29	1,540	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	14-Oct-22	NA	29-Sep-29	1,100	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	15-Nov-22	NA	29-Sep-29	360	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	16-Nov-22	NA	29-Sep-29	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	18-Nov-22	NA	29-Sep-29	600	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	05-Jan-23	NA	29-Sep-29	400	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank Of Baroda )	21-Nov-22	NA	29-Sep-29	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank of India )	27-Sep-21	NA	27-Sep-28	200	Simple	CRISIL AAA/Stable
NA	Long-term loans (Bank of India )	05-Oct-21	NA	27-Sep-28	550	Simple	CRISIL AAA/Stable
NA	Long-term loans (Central Bank  )	31-Mar-22	NA	29-Feb-32	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Central Bank )	26-Sep-22	NA	26-Mar-24	1,500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Central Bank )	19-Nov-22	NA	17-Oct-25	400	Simple	CRISIL AAA/Stable
NA	Long-term loans (Deutsche Bank )	18-Dec-20	NA	18-Dec-23	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Deutsche Bank )	21-May-21	NA	21-May-24	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Deutsche Bank )	15-Jun-22	NA	15-Jun-27	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	29-Sep-18	NA	29-Sep-23	300	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	11-Oct-18	NA	11-Oct-23	350	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	06-Nov-18	NA	05-Nov-23	350	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	15-Jan-19	NA	15-Jan-24	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	19-Jun-20	NA	19-Jun-23	1,500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	15-Jun-21	NA	15-Jun-23	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	30-Sep-21	NA	30-Sep-23	1,500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	17-Nov-21	NA	17-Nov-26	850	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	31-Mar-22	NA	31-Mar-27	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )	07-Sep-22	NA	07-Sep-27	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (HDFC Bank )*	29-Dec-22	NA	29-Dec-27	5000	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	19-May-20	NA	19-May-25	565	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	18-Dec-20	NA	18-Dec-25	188	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	25-Mar-21	NA	25-Mar-26	900	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	05-Jul-21	NA	06-Jul-26	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	09-Jul-21	NA	09-Jul-26	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	25-Mar-22	NA	25-Mar-30	85	Simple	CRISIL AAA/Stable
NA	Long-term loans (HSBC )	28-Mar-22	NA	28-Mar-30	665	Simple	CRISIL AAA/Stable
NA	Long-term loans (ICICI Bank )	24-Jan-23	NA	23-Jan-30	4,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	26-Feb-21	NA	23-Feb-24	1,500	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	15-Mar-21	NA	14-Mar-24	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	26-Mar-21	NA	25-Mar-26	1,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	30-Mar-21	NA	27-Mar-26	1,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	10-Aug-21	NA	09-Aug-26	1,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (IIFCL )	29-Jul-22	NA	29-Jul-27	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Indian Bank )	05-Aug-22	NA	04-Aug-29	345	Simple	CRISIL AAA/Stable
NA	Long-term loans (Indian Bank )	06-Aug-22	NA	04-Aug-29	320	Simple	CRISIL AAA/Stable
NA	Long-term loans (Indian Bank )	08-Aug-22	NA	04-Aug-29	175	Simple	CRISIL AAA/Stable
NA	Long-term loans (Indian Bank )	10-Aug-22	NA	04-Aug-29	420	Simple	CRISIL AAA/Stable
NA	Long-term loans (Indian Bank )	22-Sep-22	NA	04-Aug-29	240	Simple	CRISIL AAA/Stable
NA	Long-term loans (Jammu & Kashmir Bank )	29-Oct-21	NA	28-Oct-26	300	Simple	CRISIL AAA/Stable
NA	Long-term loans (Karnataka Bank )	15-Jun-22	NA	15-Jun-25	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Karur Vysya Bank )	29-Oct-21	NA	29-Oct-26	250	Simple	CRISIL AAA/Stable
NA	Long-term loans (NSSF )	13-Dec-18	NA	13-Dec-28	5,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (NSSF )	04-Oct-19	NA	04-Oct-29	5,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab & Sind Bank )	09-Dec-22	NA	09-Dec-25	320	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab & Sind Bank )	12-Dec-22	NA	09-Dec-25	380	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	27-Aug-20	NA	27-Aug-25	50	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	24-Sep-20	NA	27-Aug-25	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	01-Dec-20	NA	27-Aug-25	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	18-Dec-20	NA	27-Aug-25	950	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	11-Nov-21	NA	11-Nov-26	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	30-Mar-22	NA	29-Dec-31	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (Punjab National Bank )	31-Mar-22	NA	29-Dec-31	500	Simple	CRISIL AAA/Stable
NA	Long-term loans (South Indian Bank )	09-Nov-21	NA	08-Nov-26	60	Simple	CRISIL AAA/Stable
NA	Long-term loans (South Indian Bank )	11-Nov-21	NA	08-Nov-26	240	Simple	CRISIL AAA/Stable
NA	Long-term loans (South Indian Bank )	05-Aug-22	NA	05-Aug-27	200	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	15-Oct-18	NA	05-Mar-23	700	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	05-Mar-19	NA	05-Mar-24	920	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	15-Jul-20	NA	15-Jul-25	714	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	29-Jul-20	NA	15-Jul-25	1,428	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	14-Aug-20	NA	15-Jul-25	1,428	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	29-Oct-21	NA	29-Oct-31	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	11-Nov-21	NA	29-Oct-31	1,625	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	12-Nov-21	NA	29-Oct-31	200	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India )	15-Nov-21	NA	29-Oct-31	175	Simple	CRISIL AAA/Stable
NA	Long-term loans (State Bank of India)*	16-Dec-22	NA	15-Dec-23	1712	Simple	CRISIL AAA/Stable
NA	Long-term loans (Union Bank of India )	3/31/2022	NA	31-Mar-31	2,000	Simple	CRISIL AAA/Stable
NA	Long-term loans (Union Bank of India)*	05-Jan-23	NA	05-Jan-26	2,000	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	07-Jul-17	NA	07-Jul-27	3,725	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	22-Mar-18	NA	22-Mar-28	2,484	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	13-Nov-18	NA	13-Nov-23	5,795	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	25-Jul-19	NA	25-Jul-24	5,381	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	12-Dec-19	NA	12-Dec-24	4,139	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	19-May-20	NA	19-May-23	4,139	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	01-Mar-21	NA	01-Sep-26	4,139	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Bank of New York Mellon)	13-Jul-21	NA	13-Jan-27	3,311	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (THE BANK OF YOKOHAMA)	29-Mar-19	NA	29-Mar-24	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (THE BANK OF YOKOHAMA)	29-Dec-21	NA	29-Dec-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Gunma Bank Ltd)	25-Sep-20	NA	25-Sep-25	62	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Gunma Bank Ltd)	25-Aug-21	NA	25-Aug-26	41	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Gunma Bank Ltd)	03-Mar-22	NA	03-Mar-27	62	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (AfrAsia Bank Limited)	25-Aug-21	NA	25-Aug-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Aozora Asia Pacific Finance Limited)	25-Sep-20	NA	25-Sep-25	94	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Aozora Asia Pacific Finance Limited)	03-Mar-22	NA	03-Mar-27	250	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Axis Bank )	29-Dec-21	NA	29-Dec-26	41	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of Baroda)	29-Aug-18	NA	29-Aug-23	2,070	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of Baroda)	29-Dec-21	NA	29-Dec-26	2,318	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of China)	29-Dec-21	NA	29-Dec-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of China)	29-Dec-21	NA	29-Dec-26	331	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of India)	27-Mar-19	NA	27-Mar-24	2,070	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of India)	03-Mar-22	NA	03-Mar-27	360	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of India)	29-Dec-21	NA	29-Dec-26	414	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of India)	23-Feb-22	NA	23-Feb-23	828	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of Kaohsiung)	25-Aug-21	NA	25-Aug-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of Taiwan)	25-Aug-21	NA	25-Aug-26	195	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Bank of Taiwan)	29-Dec-21	NA	29-Dec-26	248	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Canara Bank)	16-Mar-21	NA	16-Mar-26	828	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Canara Bank)	25-Aug-21	NA	25-Aug-26	828	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Canara Bank)	29-Dec-21	NA	29-Dec-26	1,242	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Chang Hwa Commercial Bank Ltd.)	16-Mar-21	NA	16-Mar-26	248	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Chang Hwa Commercial Bank Ltd.)	25-Aug-21	NA	25-Aug-26	116	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Chang Hwa Commercial Bank Ltd.)	29-Dec-21	NA	29-Dec-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (CTBC Bank Co., Ltd.)	25-Aug-21	NA	25-Aug-26	116	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS)	17-Jan-23	NA	17-Jan-24	613	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS Bank)	27-Oct-22	NA	27-Oct-27	1,248	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS Bank )	29-Mar-19	NA	29-Mar-24	207	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS Bank )	30-Mar-20	NA	30-Mar-25	444	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS Bank )	25-Aug-21	NA	25-Aug-26	41	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (DBS Bank )	29-Dec-21	NA	29-Dec-26	687	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (First Commercial Bank Ltd )	29-Mar-19	NA	29-Mar-24	124	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (First Commercial Bank Ltd)	25-Aug-21	NA	25-Aug-26	97	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (First Commercial Bank Ltd)	25-Aug-21	NA	25-Aug-26	97	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (HSBC)	31-Oct-22	NA	31-Oct-27	639	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Hua Nan Commercial Bank, Ltd.)	29-Mar-19	NA	29-Mar-24	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Hua Nan Commercial Bank, Ltd.)	16-Mar-21	NA	16-Mar-26	124	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Hua Nan Commercial Bank, Ltd.)	25-Aug-21	NA	25-Aug-26	195	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Hua Nan Commercial Bank, Ltd.)	07-Oct-21	NA	07-Oct-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Hua Nan Commercial Bank, Ltd.)	29-Dec-21	NA	29-Dec-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (ICICI Bank )	27-May-22	NA	27-May-23	1,162	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (ICICI Bank )	03-Jun-22	NA	03-Jun-23	1,551	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (ICICI Bank )	21-Jun-22	NA	21-Jun-23	1,171	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (ICICI Bank )	30-Dec-22	NA	29-Dec-23	1,658	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (ICICI Bank )	15-Feb-23	NA	15-Feb-24	1,240	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (IIFCL UK)	16-Jun-20	NA	06-Oct-25	1,407	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Indian Bank)	16-Mar-21	NA	16-Mar-26	248	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Indian Bank)	25-Aug-21	NA	25-Aug-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Indian Overseas Bank)	29-Dec-21	NA	29-Dec-26	538	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Korea Development Bank)	25-Aug-21	NA	25-Aug-26	203	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Mega International Commercial Bank Co., Ltd.)	29-Mar-19	NA	29-Mar-24	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Mega International Commercial Bank Co., Ltd.)	25-Aug-21	NA	25-Aug-26	137	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Mega International Commercial Bank Co., Ltd.)	29-Dec-21	NA	29-Dec-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Mizuho Bank)	03-Mar-22	NA	03-Mar-27	541	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (MUFG)	31-Oct-22	NA	31-Oct-27	1,036	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (MUFG Bank Ltd)	08-Aug-18	NA	08-Aug-23	614	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (MUFG Bank Ltd)	25-Sep-20	NA	25-Sep-25	326	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (MUFG Bank Ltd)	29-Dec-21	NA	29-Dec-26	1,523	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (NDB)	02-Jun-20	NA	02-Jun-30	2,484	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (SBI Mauritius Bank Limited)	16-Mar-21	NA	16-Mar-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Shinsei Bank Limited)	29-Mar-19	NA	29-Mar-24	145	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (SMBC)	07-Oct-21	NA	07-Oct-26	538	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (SMBC)	03-Mar-22	NA	03-Mar-27	1,129	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (SMBC)	29-Dec-21	NA	29-Dec-26	190	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	01-Jul-19	NA	01-Jul-24	828	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	30-Mar-20	NA	30-Mar-25	621	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	16-Mar-21	NA	16-Mar-26	1,863	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	25-Aug-21	NA	25-Aug-26	1,656	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	13-Jun-22	NA	13-Jun-27	778	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	28-Jul-22	NA	28-Jul-27	1,595	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	13-Sep-22	NA	13-Sep-27	1,195	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	31-Oct-22	NA	31-Oct-27	419	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	24-May-22	NA	24-May-23	1,550	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	07-Jun-22	NA	07-Jun-23	582	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	09-Dec-22	NA	08-Dec-23	1,651	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	13-Dec-22	NA	13-Dec-23	2,465	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	14-Dec-22	NA	14-Dec-23	620	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (State Bank of India)	16-Dec-22	NA	15-Dec-23	824	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Sunny Bank Ltd.)	25-Aug-21	NA	25-Aug-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Sunny Bank Ltd.)	29-Dec-21	NA	29-Dec-26	41	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Taipei Fubon Commercial Bank Co)	29-Mar-19	NA	29-Mar-24	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Taiwan Business Bank)	25-Aug-21	NA	25-Aug-26	137	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Taiwan Business Bank)	29-Dec-21	NA	29-Dec-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Taiwan Cooperative Bank)	25-Aug-21	NA	25-Aug-26	195	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Taiwan Cooperative Bank)	29-Dec-21	NA	29-Dec-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Hokkoku Bank Ltd)	29-Mar-19	NA	29-Mar-24	41	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Hyakugo Bank Ltd.)	25-Sep-20	NA	25-Sep-25	31	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Korea Development Bank)	29-Mar-19	NA	29-Mar-24	145	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Nanto Bank Ltd.)	25-Sep-20	NA	25-Sep-25	31	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Nishi-Nippon City Bank, Ltd)	25-Aug-21	NA	25-Aug-26	137	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Shanghai Commercial & Saving Bank Ltd )	25-Aug-21	NA	25-Aug-26	116	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Shiga Bank Ltd)	25-Sep-20	NA	25-Sep-25	62	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Shiga Bank Ltd)	25-Aug-21	NA	25-Aug-26	83	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Shikoku Bank Ltd)	08-Aug-18	NA	08-Aug-23	31	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Tokyo Star Bank Limited)	25-Sep-20	NA	25-Sep-25	50	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (The Woori Bank Ltd )	25-Aug-21	NA	25-Aug-26	166	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (UCO Bank)	16-Mar-21	NA	16-Mar-26	124	Simple	CRISIL AAA/Stable
NA	Foreign Currency Term Loan (Union Bank of India)	29-Dec-21	NA	29-Dec-26	1,242	Simple	CRISIL AAA/Stable

Notes: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax-free bonds, zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme,

^^Not yet issued

#Part of borrowing programme for fiscal 2021

&Part of borrowing programme for fiscal 2020

@@ GOI fully serviced bonds

*includes undrawn limits

**CRISIL Ratings has received an intimation from the issuer on early redemption of this instrument (ISIN INE020B08682) and is awaiting independent confirmation before withdrawal of rating on this instrument.

 

 Annexure - Details of Rating withdrawn

ISIN	Name of the instrument	Date of allotment	Coupon rate (%)	Maturity date	Issue size (Rs crore)	Complexity Level
INE020B08DD1	Bonds@	26-Sep-19	8.25%	26-Sep-29	1,451	Simple
INE020B08CV5	Institutional Bond	21-May-20	6.60%	21-Mar-22	2,596.00	Simple
INE020B08AK2	Institutional Bonds	7-Sep-17	7.03%	7-Sep-22	2,670.00	Simple
INE020B08BF0	Institutional Bonds	22-Nov-18	8.45%	22-Mar-22	2,571.80	Simple
INE020B08BM6	Institutional Bonds	13-Mar-19	8.35%	13-Mar-22	2,500.00	Simple
INE020B08740	Institutional Bonds	15-Jun-12	9.35%	15-Jun-22	2,378.20	Simple
INE020B08807	Institutional Bonds	19-Nov-12	9.02%	19-Nov-22	2,211.20	Simple
INE020B08AP1	Institutional Bonds	30-Nov-17	7.45%	30-Nov-22	1,912.00	Simple
INE020B08AM8	Institutional Bonds	17-Oct-17	7.09%	17-Oct-22	1,225.00	Simple
INE020B08922	Institutional Bonds	9-Mar-15	8.27%	9-Mar-22	700	Simple
INE020B08AF2	Institutional Bonds	28-Feb-17	7.46%	28-Feb-22	625	Simple
INE020B08CD3	Institutional Bonds	13-Nov-19	7.09%	13-Dec-22	2,769.00	Simple
INE020B08CE1	Institutional Bonds	26-Nov-19	6.90%	30-Jun-22	2,500.00	Simple
INE020B08CG6	Institutional Bonds	26-Dec-19	7.24%	31-Dec-22	2,090.00	Simple
INE020B08CB7	Institutional Bonds	26-Sep-19	7.55%	26-Sep-22	300	Simple
INE020B08BY1	Institutional Bonds@	26-Sep-19	8.25%	26-Sep-29	290.2	Simple
INE020B08BT1	Institutional Bonds	10-Jun-19	8.15%	10-Jun-22	1,000.00	Simple
INE020B07GG9	Tax-free bonds	27-Mar-12	7.93%/ 8.13%	27-Mar-22	839.43	Simple
NA	Short term borrowing programme	FY22	NA	NA	10,000	Simple
INE020B07GU0	Tax-free bonds	21-Nov-12	7.21%	21-Nov-22	255.00	Simple
INE020B08AT3	Institutional Bonds	23-Feb-18	7.99%	23-Feb-23	950	Simple

@ Replaced with new ISIN on account of change in paid up value