ICICI Bank 2016 Annual Report Download - page 244

Annual Report 2015-2016242
Schedules
forming part of the Consolidated Accounts (Contd.)
Consolidated Financial Statements
14. Sale of equity shareholding in insurance subsidiaries
Pursuant to approval by the Board of Directors of the Bank on November 16, 2015, the Bank sold equity shares representing
6% shareholding in ICICI Prudential Life Insurance Company Limited and 9% shareholding in ICICI Lombard General
Insurance Company Limited during the year ended March 31, 2016 for a total consideration of ` 19,500.0 million and
` 15,502.5 million respectively.
15. Provision on Funded Interest Term Loan
In 2008, RBI issued guidelines on debt restructuring, which also covered the treatment of funded interest in cases
of debt restructuring, that is, instances where interest for a certain period is funded by a Funded Interest Term
Loan (FITL) which is then repaid based on a contracted maturity schedule. In line with these guidelines, the Bank
had been providing fully for any interest income which is funded through a FITL for cases restructured subsequent
to the issuance of the guideline. However, during the year ended March 31, 2015, RBI required similar treatment of
outstanding FITL pertaining to cases restructured prior to the 2008 guidelines which were not yet been repaid. In view
of the above, and since this item relates to prior years, the Bank with the approval of the RBI debited its reserves by
` 9,291.6 million to fully provide outstanding FITLs pertaining to restructurings prior to the issuance of the guideline in
the quarter ended March 31, 2015 as against over three quarters permitted by RBI.
16. Additional disclosure
Additional statutory information disclosed in the separate nancial statements of the Bank and subsidiaries having no
material bearing on the true and fair view of the consolidated nancial statements and the information pertaining to the
items which are not material have not been disclosed in the consolidated nancial statements.
17. Comparative gures
Figures of the previous year have been re-grouped to conform to the current year presentation.
Signatures to Schedules 1 to 18
As per our Report of even date.
For B S R & Co. LLP
Chartered Accountants
ICAI Firm Registration
no.: 101248W/W-100022
Venkataramanan Vishwanath
Partner
Membership no.: 113156
Place : Mumbai
Date : April 29, 2016
For and on behalf of the Board of Directors
M. K. Sharma Dileep Choksi Chanda Kochhar
Chairman Director Managing Director & CEO
N. S. Kannan K. Ramkumar Rajiv Sabharwal Vishakha Mulye
Executive Director Executive Director Executive Director Executive Director
P. Sanker Rakesh Jha Ajay Mittal
Senior General Manager Chief Financial Ofcer Chief Accountant
(Legal) & Company Secretary