ICICI Bank 2015 Annual Report Download - page 229

forming part of the Consolidated Accounts (Contd.)
Schedules
227Annual Report 2014-2015
Consolidated Financial Statements
14. 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 has been providing
fully for any interest income which is funded through a FITL for cases restructured subsequent to the issuance of the
guideline. However, RBI has now required similar treatment of outstanding FITL pertaining to cases restructured prior
to the 2008 guidelines which have not yet been repaid. In view of the above, and since this item relates to prior years,
the Bank has 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. These FITLs relate to pre-2008 restructurings where the borrowers have since been
upgraded, and this impact would get reversed as FITLs are repaid as per their contractual maturities.
15. Additional disclosure
Additional statutory information disclosed in the separate financial statements of the Bank and subsidiaries having no
material bearing on the true and fair view of the consolidated financial statements and the information pertaining to
the items which are not material have not been disclosed in the consolidated financial statements.
16. Comparative figures
Figures of the previous year have been re-grouped to conform to the current year presentation.
The financial statements for the year ended March 31, 2015 have been audited by the statutory auditors, B S R & Co.
LLP, Chartered Accountants. The financial statements for the year ended March 31, 2014 had been audited by another
firm of chartered accountants.
Signatures to Schedules 1 to 18
As per our Report of even date. For and on behalf of the Board of Directors
For B S R & Co. LLP K. V. Kamath Homi Khusrokhan Chanda Kochhar
Chartered Accountants Chairman Director Managing Director & CEO
ICAI Firm Registration no.: 101248W/W-100022
Venkataramanan Vishwanath N. S. Kannan K. Ramkumar Rajiv Sabharwal
Partner Executive Director Executive Director Executive Director
Membership no.: 113156
P. Sanker Rakesh Jha Ajay Mittal
Place : Mumbai
Date : April 27, 2015
Senior General Manager
(Legal) & Company Secretary
Chief Financial Officer Chief Accountant