BANK OF AMERICA, N.A.

(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

Independent Auditor’s Report

To the Chief Executive Officer
Bank of America N.A. (India Branches)
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Bank of America N.A. (India Branches) (the ‘Bank’), which comprise the Balance Sheet as at 31 March 2021, the Profit and
Loss Account, the Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the
Banking Regulation Act, 1949 as well as the Companies Act, 2013 (the ‘Act’) in the manner so required for banking companies and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the Bank as at 31 March 2021, and its profit, and its cash flows for the year ended
on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (‘SAs’) specified under Section 143 (10) of the Act. Our responsibilities under those SAs are
further described in the Auditor’s Responsibilities for the Audit of the financial statements section of our report. We are independent of the Bank in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Emphasis of matter
As more fully described in Note 18 (V) (6) (vii) to the financial statements, the extent to which the COVID-19 pandemic will have an impact on the Bank’s financial
performance is dependent on future developments, which are highly uncertain.
Our opinion is not modified in respect of this matter.
Other information
The Bank’s management is responsible for the other information. The other information comprises the information included in the Basel III Pillar 3 Disclosures report
but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management’s responsibility for the financial statements
The Bank’s management is responsible for the matters stated in Section 134 (5) of the Act with respect to the preparation of these financial statements that give a true
and fair view of the state of affairs, profit/ loss and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, provisions of Section 29 of the Banking Regulation Act, 1949 and the circulars and guidelines issued by
Reserve Bank of India (‘RBI’) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act, for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic
alternative but to do so.
The Bank’s management is also responsible for overseeing the Bank’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)
(i) of the Act, we are also responsible for expressing our opinion on whether the bank has adequate internal financial controls with reference to the financial
statements in place and the operating effectiveness of such controls.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Bank to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on other legal and regulatory requirements
The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949
and Section 133 of the Act.
A. As required by sub-section (3) of Section 30 of the Banking Regulation Act, 1949, we report that:
(a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit
and have found them to be satisfactory;
(b) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
(c) since the key operations of the Bank are automated with the key applications integrated to the core banking systems, the audit is carried out centrally
as all the necessary records and data required for the purposes of our audit are available therein. However, during the course of our audit we have
visited three branches.
B. Further, as required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit;

1
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

(b) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books;
(c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, to the extent they
are not inconsistent with the accounting policies prescribed by RBI;
(e) the requirements of Section 164 (2) of the Act are not applicable to the Bank considering the Bank is a branch of Bank of America N.A., which is
incorporated in the United States of America; and
(f) with respect to the adequacy of the internal financial controls with reference to the financial statements of the Bank and the operating effectiveness
of such controls, refer to our separate Report in ‘Annexure A’.
C. with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
in our opinion and to the best of our information and according to the explanations given to us:
i. the Bank has disclosed the impact of pending litigations as at 31 March 2021 on its financial position in its financial statements – Refer Note 18
(V) (18) to the financial statements;
ii. the Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts – Refer Note 18 (V) (18) to the financial statements;
iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Bank; and
iv. The disclosures required on holdings as well as dealing in Specified bank notes during the period from 8 November 2016 to 30 December 2016 as
envisaged in notification G.S.R. 308(E) dated 30 March 2017 issued by the Ministry of Corporate Affairs is not applicable to the Bank.
D. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of Section 197(16) of the Act:
In our opinion and to the best of our information and according to the explanations given to us, being a banking company, Section 35B (2A) of the Banking
Regulation Act, 1949 regarding managerial remuneration applies to the Bank and Section 197 (16) of the Act is not applicable.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/W-100022
sd/-
Sameer Mota
Partner
Place: Mumbai Membership No: 109928
Date: 29 June 2021 UDIN No. 21109928AAAAPF8070
Annexure A to the Independent Auditor’s Report of even date on the financial statements of Bank of America
N.A. (India Branches) for the year ended 31 March 2021
Bank of America N.A. (India Branches)
Report on the internal financial controls with reference to the aforesaid financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph B (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Opinion
We have audited the internal financial controls with reference to the financial statements of Bank of America N.A. (India Branches) (the ‘Bank’) as of 31 March 2021 in
conjunction with our audit of the financial statements of the Bank for the year ended on that date.
In our opinion, the Bank has, in all material respects, adequate internal financial controls with reference to the financial statements and such internal financial controls
were operating effectively as at 31 March 2021, based on the internal financial controls with reference to the financial statements criteria established by the Bank
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India (the ‘Guidance Note’).
Management’s responsibility for internal financial controls
The Bank’s management is responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to the financial
statements criteria established by the Bank considering the essential components of internal control stated in the Guidance Note. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to the Bank’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (the ‘Act’).
Auditor’s responsibility
Our responsibility is to express an opinion on the Bank’s internal financial controls with reference to the financial statements based on our audit. We conducted our audit
in accordance with the Guidance Note and the Standards on Auditing prescribed under section 143 (10) of the Act, to the extent applicable to an audit of internal financial
controls with reference to the financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the financial statements were established and maintained and
whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to the financial statements and their operating
effectiveness. Our audit of internal financial controls with reference to the financial statements included obtaining an understanding of such internal financial controls, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Bank’s internal financial controls with
reference to the financial statements.
Meaning of internal financial controls over financial reporting
A bank’s internal financial controls with reference to the financial statements is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles. A bank’s internal financial
controls with reference to the financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the bank; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the bank are being
made only in accordance with authorizations of management and directors of the bank; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the bank’s assets that could have a material effect on the financial statements.
Inherent limitations of internal financial controls with reference to the financial statements
Because of the inherent limitations of internal financial controls with reference to the financial statements, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls
with reference to the financial statements to future periods are subject to the risk that the internal financial controls with reference to the financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/W-100022
sd/-
Sameer Mota
Partner
Place: Mumbai Membership No: 109928
Date: 29 June 2021 UDIN No. 21109928AAAAPF8070

2
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

PROFIT AND LOSS ACCOUNT FOR THE YEAR

BALANCE SHEET AS AT MARCH 31, 2021
ENDED MARCH 31, 2021

As at As at Year Ended Year Ended

March 31, March 31, March 31, March 31,
2021 2020 2021 2020
Schedule (Rs. '000) (Rs. '000) Schedule (Rs. '000) (Rs. '000)

CAPITAL AND LIABILITIES I. INCOME

Capital 1 31,882,612 31,882,612 Interest earned 13 28,228,665 36,462,888
Other income 14 11,773,513 10,712,461
Reserves and Surplus 2 102,729,093 90,460,773
TOTAL 40,002,178 47,175,349
Deposits 3 363,005,042 396,381,927

Borrowings 4 2,558,850 58,922,059 II. EXPENDITURE

Interest expended 15 8,511,202 16,576,407
Other Liabilities and Provisions 5 133,546,130 148,535,364
Operating expenses 16 8,426,353 7,947,549
Provisions and contingencies 17 10,796,303 10,652,813
TOTAL 633,721,727 726,182,735
TOTAL 27,733,858 35,176,769
ASSETS
III. PROFIT
Cash and balances with Net profit for the year 12,268,320 11,998,580
Reserve Bank of India 6 16,055,937 13,571,642 Profit brought forward 8,693,086 6,503,151
Balances with Banks and Money
TOTAL 20,961,406 18,501,731
at Call and Short Notice 7 114,446,280 104,920,736

Investments 8 231,283,001 256,565,160 IV. APPROPRIATIONS

Transfer to Statutory Reserves 3,067,080 2,999,645
Advances 9 181,859,619 235,890,650 Transfer (From) / to Investment
Reserve Account (30,025) (112,046)
Fixed Assets 10 1,067,732 1,131,267
Transfer to Investment
Other Assets 11 89,009,158 114,103,280 Fluctuation Reserve Account 1,232,569 1,921,046
Amount retained in India for
meeting Capital to Risk-
TOTAL 633,721,727 726,182,735 weighted Asset ratio (CRAR) 1,500,000 5,000,000
Balance carried over to
Contingent Liabilities 12 9,605,896,627 9,019,277,713 Balance Sheet 15,191,782 8,693,086

Bills for Collection 413,095,348 445,596,481 TOTAL 20,961,406 18,501,731

Significant accounting policies Significant accounting policies

and notes to the and notes to the Financial
Financial Statements 18 Statements 18

Schedules referred to above form an integral part of the Schedules referred to above form an integral part of the profit and
Balance Sheet loss account

As per our report of even date As per our report of even date

For B S R & Co. LLP For BANK OF AMERICA, N.A. (INDIA BRANCHES)
Chartered Accountants
Firm Registration Number: 101248W/W-100022

Sd/- Sd/- Sd/-

Sameer Mota Kaku Nakhate Viral Damania
Partner Chief Executive Officer Chief Financial Officer
Membership Number: 109928
Place: Mumbai:
Date: June 29, 2021

3
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

Year Ended Year Ended

PARTICULARS March 31, 2021 March 31, 2020
(Rs. '000) (Rs. '000)

Cash flow from operating activities

Net profit before taxation 22,088,937 21,427,316
Adjustments for:
Depreciation and amortisation 301,912 309,623
Profit on sale of fixed assets (1,196) (2,174)
Provision for Enhancing Credit Supply 164,053 351,429
(Writeback of) / Provision for Standard Assets and unhedged foreign currency exposure (564,985) 624,353
Provision for Compensated Absences 130,856 75,098
Provision for gratuity 82,159 86,365
Provision for / (Writeback of) country risk 76,146 (16,964)
Provision for depreciation on investments 1,300,472 265,259
Operating profit before working capital changes 23,578,354 23,120,305
Adjustments for:
Decrease / (Increase) in investments 23,981,687 (31,326,524)
Decrease / (Increase) in advances 54,031,031 (41,373,174)
Decrease / (Increase) in other assets 24,280,196 (48,306,767)
(Decrease) / Increase in deposits (33,376,885) 170,129,042
(Decrease) / Increase in other liabilities and provisions (14,877,463) 71,645,080
Cash generated from Operations 77,616,920 143,887,962
Taxes Paid (net of refunds received) (9,006,691) (10,176,842)
Net Cash generated from Operating Activities (A) 68,610,229 133,711,120
Cash flow from investing activities
Purchase of fixed assets (260,077) (277,857)
Proceeds from sale of fixed assets 22,896 18,184
Net Cash used in Investing Activities (B) (237,181) (259,673)
Cash flow from Financing Activities
Decrease in borrowings (net) (56,363,209) (69,413,182)
Net Cash used in Financing Activities (C) (56,363,209) (69,413,182)

Net Increase in cash and cash equivalents (A+B+C) 12,009,839 64,038,265

Cash and Cash equivalents at the beginning of the year 118,492,378 54,454,113
Cash and Cash equivalents at the end of the year 130,502,217 118,492,378
Net Increase in cash and cash equivalents 12,009,839 64,038,265
Cash and cash equivalents include the following:
Cash and balances with Reserve Bank of India as per Schedule 6 16,055,937 13,571,642
Balances with banks and money at call and short notice as per Schedule 7 114,446,280 104,920,736
Total Cash and Cash equivalents 130,502,217 118,492,378

Notes to the Cash Flow Statement

1) The above cash flow statement has been prepared under “Indirect method” as set out in Accounting Standard- 3 “Cash Flow Statements”
specified under Section 133 of the Companies Act, 2013.
As per our report of even date

For B S R & Co. LLP For BANK OF AMERICA, N.A. (INDIA BRANCHES)
Chartered Accountants
Firm Registration Number: 101248W/W-100022

Sd/- Sd/- Sd/-

Sameer Mota Kaku Nakhate Viral Damania
Partner Chief Executive Officer Chief Financial Officer
Membership Number: 109928
Place: Mumbai:
Date: June 29, 2021

4
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE BALANCE SHEET

As at As at As at As at
March 31, March 31, March 31, March 31,
2021 2020 2021 2020
(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

SCHEDULE 1 - Capital SCHEDULE 4 - Borrowings

I. Deposit kept with Reserve Bank of I. Borrowings in India
India under Section 11(2)(b)(ii) of
i) Reserve Bank of India - -
the Banking Regulation Act, 1949 24,000,000 20,800,000
ii) Other Banks - -
II. Amount brought in as
start-up capital 2,000 2,000 iii) Other Institutions
Tier I Capital augmented by and Agencies - 33,277,217
Head Office 31,880,612 31,880,612 - 33,277,217
TOTAL 31,882,612 31,882,612 II. Borrowings outside India 2,558,850 25,644,842
SCHEDULE 2 - Reserves and Surplus
I. Statutory Reserve TOTAL (I and II) 2,558,850 58,922,059
Opening balance 23,480,099 20,480,454 Secured borrowings in I and II above - 33,277,217
Add : Transfer from Profit and
Loss Account 3,067,080 2,999,645
SCHEDULE 5 - Other Liabilities
26,547,179 23,480,099 and Provisions
II. Capital Reserve
Opening balance 3,457,657 3,457,657 I. Bills payable 362,306 524,679
Add : Transfer from Profit and II. Inter-office adjustments - net - 32,848
Loss Account - -
III. Interest accrued 1,025,643 1,511,986
3,457,657 3,457,657
IV. Others [including provisions] 132,158,181 146,465,851
III. Amount Retained in India for
meeting Capital to Risk-Weighted
Asset Ratio (CRAR) TOTAL 133,546,130 148,535,364
Opening balance 51,375,501 46,375,501
Add : Transfer from Profit and SCHEDULE 6 - Cash and Balances
Loss Account 1,500,000 5,000,000 with Reserve Bank of India
52,875,501 51,375,501 I. Cash in hand
IV. Revenue and Other Reserves (including foreign currency notes) 44,455 41,296
Investment Reserve II. Balances with Reserve
Opening balance 30,025 142,071 Bank of India
Less : Transfer to Profit and
Loss Account (30,025) (112,046) (i) In Current account 16,011,482 13,530,346
- 30,025 (ii) In Other accounts - -
Investment Fluctuation Reserve TOTAL 16,055,937 13,571,642
Opening balance 3,424,405 1,503,359
Add : Transfer from Profit and SCHEDULE 7 - Balances with
Loss Account 1,232,569 1,921,046 Banks and Money at Call
4,656,974 3,424,405 and Short Notice
V. Balance in Profit I. In India
and Loss Account 15,191,782 8,693,086 i) Balances with banks
a) In Current accounts 99,688 136,698
TOTAL (I, II, III, IV and V) 102,729,093 90,460,773 b) In Other deposit accounts - -
SCHEDULE 3 - Deposits ii) Money at call and
A. I. Demand Deposits short notice
i) From Banks 8,761,339 13,327,261 a) with banks 71,000,000 68,500,000
ii) From Others 176,119,747 148,889,426 b) with other institutions 38,962,919 33,728,156
II. Savings Bank Deposits 621,906 1,136,537 TOTAL (i and ii) 110,062,607 102,364,854
III. Term Deposits
i) From Banks - - II. Outside India
ii) From Others 177,502,050 233,028,703 i) In Current accounts 4,383,673 2,555,882
TOTAL (I, II and III) 363,005,042 396,381,927 ii) In Other deposit accounts - -
B. i) Deposits of Branches in India 363,005,042 396,381,927 iii) Money at call and short notice - -
ii) Deposits of Branches 4,383,673 2,555,882
outside India - -
TOTAL 363,005,042 396,381,927 TOTAL (I and II) 114,446,280 104,920,736

5
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE BALANCE SHEET

As at As at As at As at
March 31, March 31, March 31, March 31,
2021 2020 2021 2020
(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

SCHEDULE 8 - Investments SCHEDULE 10 - Fixed Assets

I. Investments in India I Premises
(i) Government securities * 203,606,219 256,830,419 II Other Fixed Assets (including
Furniture and Fixtures)* - -
(ii) Other approved securities - - At Cost on March 31
(iii) Shares - - of preceding year 2,639,093 2,480,015
Additions during the year 119,058 317,142
(iv) Debentures and bonds - -
2,758,151 2,797,157
(v) Subsidiaries and/or
Deductions during the year 78,173 158,064
joint ventures - -
2,679,978 2,639,093
(vi) Others - -
Accumulated depreciation/
Gross Investments in India 203,606,219 256,830,419 amortization 1,797,363 1,551,924
Less : Provision for depreciation 1,565,731 265,259 882,615 1,087,169
Capital Work in Progress 185,117 44,098
202,040,488 256,565,160
TOTAL (I and II) 1,067,732 1,131,267
II. Investments outside India *[Refer Note 17- Schedule 18(V)]
(i) Government securities 29,242,513 -
SCHEDULE 11 - Other Assets
Gross Investments outside India 29,242,513 - I. Interest accrued 4,505,436 4,797,222
Less : Provision for depreciation - - II. Advance tax and tax
Total 29,242,513 - deducted at source 563,134 1,240,043
[net of Provision for Taxation of
TOTAL (I and II) 231,283,001 256,565,160 Rs. 83,914,795 (‘000) (Previous
Year Rs. 74,231,114 (‘000) )]
* Includes securities of Face Value Rs. 15,620,000 (‘000) deposited III. Inter-office adjustments - net 1,595 -
with Clearing Corporation of India Limited (CCIL) as margin deposit IV. Deferred tax assets
[Previous Year: Rs. 56,020,000 (‘000)], Rs. 19,600,000 (‘000) pledged [Refer Note 14 - Schedule 18(V)] 1,389,731 1,526,667
with Reserve Bank of India for funds borrowed under liquidity V. Others 82,549,262 106,539,348
adjustment facility/marginal standing facility [Previous year: TOTAL 89,009,158 114,103,280
Rs. 20,000,000 (‘000)] and securities pledged in the repo market
SCHEDULE 12 - Contingent
through CCIL Nil [Previous year : Rs. 30,990,000 (‘000)]. Liabilities
SCHEDULE 9 - Advances I. Claims against the Bank
A (i) Bills purchased not acknowledged as Debts
and discounted 31,084,352 39,513,637 (including tax related matters) 1,522,233 1,337,296
(ii) Cash credits, overdrafts and II. Liability for partly
loans repayable on demand 137,624,021 185,441,143 paid investments - -
III. Liability on account
(iii) Term loans 13,151,246 10,935,870
of outstanding foreign
TOTAL 181,859,619 235,890,650 exchange contracts 5,370,725,206 3,175,750,196
IV. Liability on account of
B. (i) Secured by tangible assets outstanding derivative contracts 4,174,477,113 5,781,711,976
(including book debts) 2,152,500 22,087,683 V. Guarantees given on behalf
(ii) Covered by Bank/ of constituents *
Government guarantees - - (a) in India 37,381,524 36,680,967
(iii) Unsecured 179,707,119 213,802,967 (b) outside India 4,038,915 4,298,055
VI. Acceptances, endorsements
TOTAL 181,859,619 235,890,650 and other obligations 2,142,106 4,513,349
VII. Other items for which the
C. I. Advances in India Bank is contingently liable
(i) Priority sector 61,793,499 59,771,721 – Committed Lines of credit 15,230,820 14,648,373
(ii) Public sector - - – Capital Commitments 18,053 23,388
(iii) Banks 3,497,328 8,028,978 – Depositor Education and
Awareness Fund (DEAF)
(iv) Others 116,568,792 168,089,951
[Refer Note 39 -
TOTAL 181,859,619 235,890,650 Schedule 18(V)] 360,657 314,113
TOTAL 9,605,896,627 9,019,277,713
II.
Advances outside India - -
* Guarantees outstanding on the balance sheet have been shown after
TOTAL (I and II) 181,859,619 235,890,650 deducting therefrom any cash margin.

6
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE PROFIT AND LOSS ACCOUNT

Year Ended Year Ended Year Ended Year Ended

March 31, March 31, March 31, March 31,
2021 2020 2021 2020
(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

SCHEDULE 13 - Interest earned SCHEDULE 16 - Operating

expenses
I. Interest/discount on
I. Payments to and provisions
advances/bills 9,818,178 15,081,085
for employees 3,638,628 3,600,636
II. Income on investments 15,109,842 17,966,696 II. Rent, taxes and lighting 444,823 448,505

III. Interest on balances III. Printing and stationery 60,179 79,026

with Reserve Bank IV. Advertisement and publicity 255 330
of India and other V. Depreciation on Bank’s property 301,912 309,623
inter-bank funds 2,442,986 1,902,805
VI. Directors’ fees, allowances
IV. Others 857,659 1,512,302 and expenses - -
VII. Auditors’ fees and expenses 18,981 15,673
TOTAL 28,228,665 36,462,888 VIII. Law Charges 19,679 15,947
IX. Postages, Telegrams,
Telephones, etc 310,695 185,121
SCHEDULE 14 - Other income
X. Repairs and maintenance 263,572 210,112
I. Commission, exchange XI. Insurance 433,798 282,946
and brokerage 1,957,046 1,134,401
XII. Other expenditure
II. Profit on sale of [Refer Note 34 and 42 -
investments (net) 3,293,482 3,115,404 Schedule 18(V)] 2,933,831 2,799,630

III. Profit on sale TOTAL 8,426,353 7,947,549

of land, buildings and
other assets (net) 1,196 2,174
SCHEDULE 17 - Provisions and
IV. Profit on exchange / contingencies
derivative transactions (net) 5,638,321 5,483,948 I. (Write back of) / Provision
V. Miscellaneous income for Standard Assets and
unhedged foreign
[Refer Note 43 -
currency exposure (564,985) 624,353
Schedule 18(V)] 883,468 976,534
II. Provision for / (Write back of)
TOTAL 11,773,513 10,712,461 country risk 76,146 (16,964)

III. Provision for Taxation

[Refer Note 15 -
SCHEDULE 15 - Interest Schedule 18(V)] 9,683,681 10,033,362
expended
IV. Provision for / (Write back of)
I. Interest on deposits 5,962,053 11,597,688 Deferred Tax [Refer Note 14 -
Schedule 18(V)] 136,936 (604,626)
II. Interest on Reserve Bank of V. Provision for depreciation
India/inter-bank borrowings 14,623 362,536 on investments 1,300,472 265,259

III. Others 2,534,526 4,616,183 VI. Other provisions [Provision

for Enhancing Credit Supply] 164,053 351,429

TOTAL 8,511,202 16,576,407 TOTAL 10,796,303 10,652,813

7
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
SCHEDULE 18 - Significant accounting policies and notes to the Financial Statements
I) Background
The financial statements for the year ended March 31, 2021 comprise the accounts of the India branches of Bank of America, N.A. (the
Bank), which is incorporated in the United States of America with limited liability.
II) Basis of preparation
The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting, unless
otherwise stated and are in accordance with the generally accepted accounting principles in India, requirement prescribed under the Third
Schedule of the Banking Regulation Act, 1949, circulars and guidelines issued by Reserve Bank of India (RBI) from time to time and
Accounting Standards (AS) prescribed under Section 133 of the Companies Act, 2013 and other relevant provisions of the Companies
Act, 2013 and Companies Act, 1956, to the extent applicable and conform to the statutory requirements prescribed by RBI from time
to time and current practices prevailing within the banking industry in India.
The financial statements are presented in Indian Rupees rounded off to the nearest thousand unless otherwise stated.
III) Use of Estimates
The preparation of the financial statements, in conformity with the Generally Accepted Accounting Principles, requires management to
make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent
liabilities as at the date of the financial statements. Actual results could differ from those estimates and difference between the actual
results and estimates are recognized in the period in which the results are known. Any revision in the accounting estimates is recognized
prospectively in the current and future periods.
IV) Significant Accounting Policies
1) Revenue recognition
i. Interest income is recognized in the Profit and Loss Account on an accrual basis, except in case of interest on non-performing
assets which is recognized as income upon receipt in accordance with the income recognition and asset classification norms of
RBI. Interest income on discounted instruments is recognized over the tenor of the instrument.
ii. Commission on guarantees and letters of credit is recognized upon receipt except commission exceeding the rupee equivalent of
USD 50,000, which is recognized on a straight line basis over the life of the contract.
2) Foreign Exchange Transactions
Transactions in foreign currency are recorded and translated at exchange rates prevailing on the date of the transaction. Exchange
differences arising on the settlement of monetary items or on reporting an enterprise’s monetary items at rates different from those
at which they were initially recorded during the period, or reported in the previous financial statements, are recognized as income
or as expenses in the period in which they arise.
Foreign currency monetary items are reported at the balance sheet date at exchange rates notified by the Foreign Exchange Dealers’
Association of India (FEDAI) and the resulting exchange differences are recognized as income or as expense in the Profit and Loss
Account.
Foreign exchange spot and forward contracts outstanding as at the balance sheet date and held for trading, are revalued at rates of
exchange notified by FEDAI and the resulting gains / losses are recognized in the Profit and Loss Account.
Foreign exchange forward contracts not intended for trading, which are entered into for establishing the amount of reporting currency
required or available at the settlement date of a transaction, and are outstanding at the balance sheet date, are valued at the closing spot
rate. Premium / discount arising at the inception of such contracts are amortized in the Profit and Loss Account over the life of the contract.
Contingent liabilities on account of foreign exchange contracts, guarantees and acceptances, endorsements and other obligations
denominated in foreign currencies at the balance sheet date are disclosed by using the closing rates of exchange notified by the FEDAI.
3) Derivatives
The Bank enters into derivative contracts such as interest rate swaps, cross-currency swaps, currency options, as well as exchange-
traded interest rate futures, currency futures and currency options.
All derivative contracts are classified as trading derivatives. Outstanding exchange-traded interest rate futures, currency futures
and currency options are marked-to-market using the closing price of relevant contracts as published by the exchanges / clearing
corporation. Margin money deposited with the exchanges is presented under ‘Other Assets’. All other outstanding derivative
contracts are valued at the estimated realizable market price (fair value). The resulting gains / losses are recognized in the Profit
and Loss Account under ‘Other Income’. The corresponding unrealized gains are presented under ‘Other Assets’ and unrealized
losses under ‘Other Liabilities’ on the Balance Sheet.
Fair value is determined by reference to a quoted market price or by using a valuation model. In case the market prices do not
appropriately represent the fair value that would be realized for a position or portfolio, valuation adjustments such as market risk
close-out costs and bid-offer adjustments are made to arrive at the appropriate fair value. These adjustments are calculated on a
portfolio basis and reported as part of the carrying value of the positions being valued, thus reducing trading assets or increasing
trading liabilities.
Valuation models, where used, calculate the expected cash flows under terms of the specific contracts, taking into account the
relevant market factors viz. interest rates, foreign exchange rates, volatility, prices etc.
The Bank also maintains general provision for standard assets on the current mark-to-market value of the contract, arising on
account of derivative and foreign exchange transactions in accordance with RBI Master circular (DBR.No.BP.BC.2/21.04.048/2015-
16 dated July 1, 2015) on prudential norms on income recognition, asset classification and provisioning pertaining to advances.
Any overdue receivables representing positive mark-to-market value of derivative and foreign exchange contracts are treated as
non-performing assets, if remaining unpaid for a period of 90 days or more pursuant to the above guidelines.

8
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
4) Investments
Investments are accounted for in accordance with RBI Master Circular (DBR No. BP.BC. 6/ 21.04.141 / 2015-16 dated July 1, 2015)
on prudential norms for classification, valuation and operation of investment portfolio by banks.
Classification
Investments are accounted on settlement date basis and are classified as “Held to Maturity” (HTM), “Held for Trading” (HFT) and
“Available for Sale” (AFS) at the time of purchase in accordance with RBI norms. Under each of these classifications, investments are
further categorized as i) Government Securities ii) Other approved securities iii) Shares iv) Debentures and Bonds v) Subsidiaries and/
or joint ventures and vi) Others.
Valuation
Investments held under HTM classification are carried at acquisition cost. If the acquisition cost is more than the face value, the
premium is amortized over the remaining tenor of the investments.
Investments classified under HFT and AFS portfolio are marked-to-market on a monthly basis. Investments classified under HFT
and AFS portfolio are valued as per rates declared by Financial Benchmark India Pvt. Ltd. (FBIL) and in accordance with RBI
guidelines. Consequently net depreciation, if any, under each of the classifications in respect of any category mentioned in ‘Schedule
8-Investments’ is provided for in the Profit and Loss Account. The net appreciation, if any, under any classification is ignored, except
to the extent of any depreciation provided previously. The book value of the individual securities is not changed consequent to periodic
valuation of investments.
Treasury Bills including US Treasury bills, Commercial Paper and Certificates of Deposit, being discounted instruments, are valued at
carrying cost. Cost of investments is based on the weighted average cost method.
Investment Reserve Account
In accordance with the aforesaid Master Circular, in case the provision on account of depreciation in the HFT and AFS categories
is found to be in excess of the required amount, the excess is credited to the Profit and Loss Account and an equivalent amount net
of taxes, if any, adjusted for transfer to Statutory Reserve (to the extent as applicable to such excess provision) is appropriated to the
Investment Reserve Account.
The provision required to be created on account of depreciation in investments in AFS and HFT categories is debited to the Profit and
Loss Account and an equivalent amount net of tax benefit, if any and net of consequent reduction in transfer to Statutory Reserves is
transferred from the Investment Reserve Account to the Profit and Loss Account, to the extent available.
Investment Fluctuation Reserve
In accordance with RBI Circular - DBR.No.BP.BC.102/21.04.048/2017-18 dated April 2, 2018, an Investment Fluctuation Reserve
was created to protect against increase in yields. As required by the aforesaid circular the transfer to this reserve will be lower of the
following – i) net profit on sale of investments during the year ; ii) net profit for the year less mandatory appropriations, until the amount
of the reserve is at least 2 percent of the HFT and AFS portfolio, on a continuing basis.
Transfer between classifications
Transfer of investment between classifications is accounted for in accordance with the extant RBI guidelines, as under:
a) Transfer from AFS/HFT to HTM is made at the lower of book value or market value at the time of transfer.
b) Transfer from HTM to AFS/HFT is made at acquisition price/book value if originally placed in HTM at a discount and at
amortized cost if originally placed in HTM at a premium.
c) Transfer from AFS to HFT is made at book value and the related provision for depreciation held, if any, is transferred to provision
for depreciation against the HFT securities and vice-versa.
Repo transactions
Market repurchase and reverse repurchase transactions are accounted for as secured borrowing and lending transactions in accordance
with RBI guidelines. Borrowing costs on the market repurchase transactions are accounted as interest expense and revenue on reverse
repurchase transactions are accounted as interest income.
Repurchase and reverse repurchase transactions with RBI under the Liquidity Adjustment Facility and Marginal Standing Facility are
also accounted for as secured borrowing and lending transactions.
Brokerage and Commission
Brokerage and Commission paid at the time of acquisition of a security is charged to the Profit and Loss Account.
Broken period interest
Broken period interest paid at the time of acquisition of the security is charged to the Profit and Loss Account.
5) Tangible fixed assets and capital work-in-progress
Tangible fixed assets are stated at the original cost of acquisition and related expenses less accumulated depreciation and/ or
accumulated impairment losses, if any. The cost comprises its purchase price, including import duties and other non-refundable taxes
or levies and any directly attributable cost of bringing the asset to its working condition for its intended use, any trade discounts
and rebates are deducted in arriving at the purchase price. Assets, which are not under active use and are held for disposal, are
stated at lower of their net book value and net realizable value. Capital work-in-progress comprises cost of fixed assets that are
not yet ready for their intended use as at the reporting date.
Profit on disposal of fixed assets is recognized in the Profit and Loss Account and an equivalent amount net of taxes, if any
adjusted for applicable transfer to Statutory Reserve is appropriated to the Capital Reserve; losses on disposal are recognized in
the Profit and Loss Account.
6) Intangible assets
The Bank capitalizes intangible assets, where it is reasonably estimated that the intangible asset has an enduring useful life.
Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated
amortization and accumulated impairment losses, if any.

9
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
7) Depreciation and amortization
i) Except for items forming part of (iii) and (iv) below, depreciation on tangible assets is provided, pro-rata for the period of
use, by straight line method (SLM), over the estimated useful life of each asset as determined by management and as stated
in the table below

Category Useful Life

Server, networking, computer and other computer equipment 2 to 5 years
Furniture and fixtures 10 years
Vehicles 5 years
Other equipment (mechanical / electronic) 3 to 6.67 years
Enterprise Core Network (larger complex core routers) 10 years
ii) The Bank has arrived at the above estimates of useful lives based on an internal assessment and technical evaluation and
believes that the useful lives stated above represent the best estimate of the period over which it expects to use the assets.
With the exception of Furniture and Fittings, the useful lives estimated by the Bank as stated in the table above are different
from the useful lives prescribed under “Part C” of “Schedule II” of the Companies Act, 2013 Part C.
iii) Tangible assets costing less than the rupee equivalent of USD 2,500 are fully depreciated in the year of purchase.
iv) Leasehold improvements are depreciated over the lease period including the renewal periods, if any. Assets associated with
premises taken on lease are depreciated on straight line basis over the lease period or the useful lives stated above, whichever
is shorter.
v) Intangible assets are amortized over their useful lives as estimated by the management commencing from the date the asset
is available for use as stated in the table below:
Category Useful Life
Software* 2 to 5 years
* Software individually costing less than the rupee equivalent of USD 10,000 is fully amortized in the year of purchase.
8. Impairment of Assets
An asset is considered as impaired when at the balance sheet date, there are indications that the asset may be impaired and the
carrying amount of the asset, or where applicable, the cash generating unit to which the asset belongs, exceeds its recoverable
amount (i.e. the higher of the asset’s net selling price and value-in- use). The Bank assesses at each balance sheet date whether
there is any indication that an asset may be impaired based on internal/external factors. If any such indication exists, the Bank
estimates the recoverable amount of the asset. If such recoverable amount of the asset is less than the carrying amount, the carrying
amount is reduced to the recoverable amount and the impairment loss is recognized as an expense in the Profit and Loss Account.
9. Advances
Advances are classified into performing and non performing advances in accordance with RBI Master Circular (DBR.No.BP.
BC.2/21.04.048/2015-16 dated July 1, 2015) on prudential norms on income recognition, asset classification and provisioning pertaining
to advances. Further, non-performing assets (NPA) are classified into sub-standard, doubtful and loss assets as per RBI guidelines.
Specific loan loss provisions in respect of non-performing advances are made based on management assessment of the degree of
impairment, subject to the minimum provisioning norms laid down by RBI. Interest on non-performing advances is not recognized
in the Profit and Loss Account until received.
Advances are stated net of bills re-discounted, specific loan loss provisions and interest-in-suspense for non- performing advances
in accordance with the prudential norms.
The Bank also maintains general provisions, in accordance with RBI guidelines, on standard assets over and above the specific
provisions to cover potential credit losses inherent in any loan portfolio.
Provision on standard assets, un-hedged foreign currency exposure of borrowers, country risk exposure and enhancing credit supply
to large borrowers is made in accordance with the norms prescribed by RBI and disclosed under Schedule 5 – ‘Other Liabilities
and Provisions’.
10. Employee Benefits
Provident fund
The Bank contributes to a Government administered provident fund in respect of its employees. The Bank has no further obligation
beyond making the contributions. Contributions to provident fund are made in accordance with the statute, and are recognized as an
expense when employees have rendered services entitling them to the contributions.
Gratuity
The Bank has a gratuity scheme, a defined benefit plan, for all eligible employees, which is administered by a trust set up by the Bank.
The costs of providing benefits under the gratuity scheme are determined using the Projected Unit Credit Method on the basis of
actuarial valuation carried out by an independent actuary at each balance sheet date. The Bank makes periodical contributions to the
trust. Gratuity benefit obligations recognised on the Balance Sheet represent the present value of the obligations as reduced by the fair
value of plan assets. Actuarial gains and losses are recognised in the Profit and Loss Account in the year in which they arise.
During the current year, the trust transferred management of its funds to a private insurance company.
Compensated Absences
Liability for defined benefit plans in the nature of sick leave and privilege leave for all eligible employees is recognized based on
actuarial valuation carried out by an independent actuary as at the balance sheet date.

10
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
Pension
The Bank has a pension scheme, a defined contribution plan, for all eligible employees, which is administered by a trust set up by the
Bank. The Bank’s contribution towards the pension scheme is accounted for on an accrual basis and recognized as an expense in the
Profit and Loss Account during the period in which employee renders the related service. The Bank has no further obligation beyond
making the contributions.
During the current year, the trust transferred management of its funds to a private insurance company.
11) Taxation
Current tax is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the applicable tax
rates and laws in respect of taxable income for the year, in accordance with the Income tax-Act, 1961.
Deferred tax is recognized in respect of timing differences between taxable income and accounting income
i.e. difference that originate in one period and are capable of reversal in one or more subsequent periods. The deferred tax charge
or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates and tax laws that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax assets arising on account of carry forward losses and unabsorbed depreciation under tax laws are recognized only if
there is virtual certainty of its realization, supported by convincing evidence that sufficient future taxable income will be available
against which such deferred tax assets can be realised. Deferred tax assets on account of other timing differences are recognized
only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized. Deferred tax assets are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably / virtually certain (as the case may be) to be realized.
12) Accounting for leases
Leases where the lessor effectively retains substantially all the risks and benefits of ownership over the lease term are classified as
operating leases. For operating leases, lease payments are recognized as an expense in the Profit and Loss Account on a straight
line basis over the lease term.
13) Provisions, contingent liabilities and contingent assets
A provision is recognized if, as a result of a past event, the Bank has a present obligation that can be estimated reliably and
is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognized at the best
estimate of the expenditure required to settle the present obligation at the balance sheet date. The provisions are measured on an
undiscounted basis. A contingent liability exists when there is a possible but not probable obligation, or a present obligation that
may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably.
Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of resources is remote.
Provisions are reviewed at each balance sheet date and adjusted to reflect the best available estimate. If it is no longer probable
that an outflow of resources would be required to settle the obligation, the provision is reversed.
Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually
certain that an economic benefit will arise, the asset and the related income are recognized in the period in which the change occurs.
14) Employee stock compensation
Liability in respect of restricted stocks / restricted units of the Ultimate Controlling Enterprise granted to the employees of the
Bank in terms of the global long-term incentive compensation plans of the Ultimate Controlling Enterprise is accounted for initially
at the fair value of the awards on the date of grant. The difference between the fair value on the date of grant and fair value
on the date of vesting is accounted for when the stocks vest. At the balance sheet date, liability in respect of unvested stocks is
re-measured based on the fair value of the stocks on that date.
15) Cash flow statement
Cash Flow Statement is prepared by the indirect method set out in Accounting Standard 3 on “Cash Flow Statements” and presents
the cash flows by operating, investing and financing activities of the Bank. Cash and cash equivalents consist of Cash and Balances
with Reserve Bank of India and Balances with Banks and Money at Call and Short Notice.
V) Other Disclosures
1. Capital to risk weighted assets ratio (CRAR)
The Bank’s capital adequacy ratio computed under Basel III framework is given below:
Sr. No. Particulars As at As at
March 31, 2021 March 31, 2020
i) Common Equity Tier I capital ratio (%) 18.96 % 16.72 %
ii) Tier 1 capital ratio (%) 18.96 % 16.72 %
iii) Tier 2 capital ratio (%) 1.09 % 0.90 %
iv) Total Capital to Risk Weighted Assets ratio [CRAR] (%) 20.05 % 17.62 %
v) Percentage of the shareholding of the Government of India in Nil Nil
public sector banks
vi) Amount of equity capital raised Nil Nil
vii) Amount of Additional Tier 1 capital raised; of which Nil Nil
Perpetual Non-Cumulative Preference Shares [PNCPS]: Nil Nil
Perpetual Debt Instruments [PDI]: Nil Nil
viii) Amount of Tier 2 capital raised; of which Nil Nil
Debt capital instrument: Nil Nil
Preference Share Capital Instruments: [Perpetual Cumulative Nil Nil
Preference Shares (PCPS)/Redeemable Non-Cumulative Preference
Shares (RNCPS)/Redeemable Cumulative Preference Shares (RCPS)]

11
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
2. Investments (Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
1) Value of Investments
i) Gross Value of Investments
(a) In India 203,606,219 256,830,419
(b) Outside India 29,242,513 Nil
ii) Provisions for Depreciation on Investments
(a) In India 1,565,731 265,259
(b) Outside India Nil Nil
iii) Net Value of Investments
(a) In India 202,040,488 256,565,160
(b) Outside India 29,242,513 Nil
2) Movement of provisions held towards depreciation on investments
i) Opening balance 265,259 Nil
ii) Add: Provisions made during the year 1,300,472 265,259
iii) Less: Write-back of excess provision during the year Nil Nil
iv) Closing balance 1,565,731 265,259
The Bank has not held any security in Held to Maturity (HTM) category and has not sold or transferred securities to or from HTM
category during the year ended March 31, 2021 and the previous year ended March 31, 2020.
3. Information on Repo and Reverse Repo Transactions (in face value terms) (Rs. ‘000)
Year ended March 31, 2021 Minimum Maximum Daily Average Outstanding
Outstanding Outstanding Balance as at
during the year during the year Outstanding March 31, 2021
during the year
Securities  sold  under repo*
• Government securities Nil 111,006,751 8,747,609 Nil
• Corporate debt securities Nil Nil Nil Nil
Securities  purchased under  reverse repo*
• Government securities 37,384,920 539,440,850 96,712,168 108,002,620
• Corporate debt securities Nil Nil Nil Nil
* Includes repo and reverse repo transactions under the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) with RBI.
(Rs. ‘000)
Year ended March 31, 2020 Minimum Maximum Daily Average Outstanding as at
Outstanding Outstanding Balance March 31, 2020
during the year during the year Outstanding
during the year
Securities  sold  under repo*
• Government securities Nil 175,579,996 53,031,987 30,990,000
• Corporate debt securities Nil Nil Nil Nil
Securities  purchased under  reverse repo*
• Government securities 13,860,000 146,324,550 57,039,033 92,707,050
• Corporate debt securities Nil Nil Nil Nil
* Includes repo and reverse repo transactions under the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) with RBI.

4. Non-SLR Investment Portfolio

(i) Issuer Composition of Non-SLR Investments
As at March 31, 2021 (Rs. ‘000)
Sr. No. Issuer Amount Extent of Extent of ‘below Extent of Extent of
(Book Value) private investment grade’ ‘unrated’ ‘unlisted’
placement securities securities securities
(1) (2) (3) (4)# (5)# (6)# (7)#
1) Public Sector Undertakings Nil Nil Nil Nil Nil
2) Financial Institutions Nil Nil Nil Nil Nil
3) Banks Nil Nil Nil Nil Nil
4) Private corporate Nil Nil Nil Nil Nil
5) Subsidiaries/Joint ventures Nil Nil Nil Nil Nil
6) Others 29,242,513 Nil Nil Nil Nil
7) Provision held towards
depreciation Nil Nil Nil Nil Nil

Total 29,242,513 Nil Nil Nil Nil

# Amounts reported under columns (4), (5), (6) and (7) above are not mutually exclusive.

12
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
As at March 31, 2020 (Rs. ‘000)
Sr. No. Issuer Amount Extent of Extent of ‘below Extent of Extent of
(Book Value) private investment grade’ ‘unrated’ ‘unlisted’
placement securities securities securities
(1) (2) (3) (4)# (5)# (6)# (7)#
1) Public Sector Undertakings Nil Nil Nil Nil Nil
2) Financial Institutions Nil Nil Nil Nil Nil
3) Banks Nil Nil Nil Nil Nil
4) Private corporate Nil Nil Nil Nil Nil
5) Subsidiaries/Joint ventures Nil Nil Nil Nil Nil
6) Others Nil Nil Nil Nil Nil
7) Provision held towards
depreciation Nil Nil Nil Nil Nil

Total Nil Nil Nil Nil Nil

# Amounts reported under columns (4), (5), (6) and (7) above are not mutually exclusive.
(ii) Non-Performing Non-SLR Investments
There are no non-performing non-SLR Investments as at March 31, 2021 (as at March 31, 2020: Nil).
5. Derivatives
(i) Interest Rate Swaps
(Rs. ‘000)
Sr. No. Particulars As at As at
March 31, 2021 March 31, 2020
i) The notional principal value of interest rate swaps 3,954,797,455 5,602,542,148
ii) Losses which would be incurred if counterparties failed to 27,686,776 45,342,672
fulfill their obligations under the agreements
iii) Collateral required by the bank upon entering into swaps 6,730,815 7,089,797
iv) Concentration of credit risk arising from the swaps 98.2 % 99.6 %
(in the banking industry)
v) The fair value of interest rate swaps – Gains/(Losses) 1,781,051 (2,316,599)
Notes:
a) There are no forward rate agreements outstanding as at March 31, 2021 (as at March 31, 2020: Nil).
b) For accounting policies relating to the Interest Rate Swaps, please refer Note (IV) (3) – Schedule 18.

(ii) Nature and terms of interest rate swaps

As of March 31, 2021
(Rs. 000’s)
Nature No. of Contracts Notional Principal Benchmark Term
Trading 1 350,000 INBMK Fixed Payable vs Floating Receivable
Trading 250 191,210,000 MIFOR Fixed Payable vs Floating Receivable
Trading 215 173,150,000 MIFOR Floating Payable vs Fixed Receivable
Trading 1,142 1,082,421,872 MIBOR Fixed Payable vs Floating Receivable
Trading 1,495 878,070,655 MIBOR Floating Payable vs Fixed Receivable
Trading 147 584,668,579 LIBOR Fixed Payable vs Floating Receivable
Trading 332 629,530,409 LIBOR Floating Payable vs Fixed Receivable
Trading 58 382,955,739 LIBOR Floating Payable vs Floating Receivable
Trading 14 11,833,500 EURIBOR Fixed Payable vs Floating Receivable
Trading 14 11,833,500 EURIBOR Floating Payable vs Fixed Receivable
Trading 2 4,386,600 SOFR Floating Payable vs Fixed Receivable
Trading 2 4,386,600 SOFR Fixed Payable vs Floating Receivable
Total 3,672 3,954,797,455
MIFOR : Mumbai Interbank Forward Offer Rate MIBOR : Mumbai Interbank Offered Rate INBMK : India Benchmark
LIBOR : London Interbank offered rate EURIBOR : Euro Interbank Offered Rate SOFR : Secured Overnight Financing Rate

13
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
As of March 31, 2020
(Rs. 000’s)

Nature No. of Contracts Notional Principal Benchmark Term

Trading 2 850,000 INBMK Fixed Payable vs Floating Receivable
Trading 238 118,280,000 MIFOR Fixed Payable vs Floating Receivable
Trading 176 100,550,000 MIFOR Floating Payable vs Fixed Receivable
Trading 2,805 2,365,341,142 MIBOR Fixed Payable vs Floating Receivable
Trading 2,383 1,839,318,527 MIBOR Floating Payable vs Fixed Receivable
Trading 297 483,948,504 LIBOR Fixed Payable vs Floating Receivable
Trading 286 450,050,585 LIBOR Floating Payable vs Fixed Receivable
Trading 66 193,702,402 LIBOR Floating Payable vs Floating Receivable
Trading 16 14,733,059 EURIBOR Fixed Payable vs Floating Receivable
Trading 16 14,733,059 EURIBOR Floating Payable vs Fixed Receivable
Trading 4 18,083,935 FEDFUNDS Fixed Payable vs Floating Receivable
Trading 2 2,950,935 FEDFUNDS Floating Payable vs Fixed Receivable
Total 6,291 5,602,542,148
MIFOR : Mumbai Interbank Forward Offer Rate MIBOR : Mumbai Interbank Offered Rate INBMK : India Benchmark
LIBOR : London Interbank offered rate EURIBOR : Euro Interbank Offered Rate

(iii) Exchange Traded Interest Rate Derivatives

(Rs. ‘000)

Sr. No. Particulars As at As at

March 31, 2021 March 31, 2020
1) Notional principal amount of exchange traded interest rate
derivatives undertaken during the year,
– Interest rate futures (Government bond) 33,368,681 121,403,674
2) Notional principal amount of exchange traded interest rate
derivatives outstanding as at March 31,
– Interest rate futures (Government bond) Nil 2,872,600
3) Notional principal amount of exchange traded interest rate
derivatives outstanding and not "highly effective" Nil 2,872,600
4) Mark-to-market value of exchange traded interest rate
derivatives outstanding and not "highly effective" Nil 51,204

(iv) Disclosure on Risk Exposure in Derivatives

a. Qualitative Disclosure
• The Bank enters into derivative contracts for the purposes of market-making and to meet customer requirements to manage
their risks.
• The Bank has a policy in place for measurement, reporting, monitoring and mitigating credit, market and operational risk.
◦ Credit risk is managed based on the risk profile of the borrower or counterparty, repayment sources and other support
given the current events, conditions and expectations. Credit risk for a derivative contract is sum of the potential future
changes in value and the replacement cost, which is the positive mark-to-market value of the contract.
◦ The Bank uses Value-at-Risk (VaR) modeling and stress testing to measure and manage market risk. Trading limits
and VaR are used to manage day-to-day risks and are subject to testing where expected performance is compared to
actual performance. All limit excesses are communicated to senior management for review.
◦ There exists an organizational set up for the management of risk. All lines of business are responsible for the risks
within the business including operational risks. Such risks are managed through corporate-wide and/or line of business
specific policies and procedures, controls, and monitoring tools.

14
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
• Treasury front-office, mid-office and back-office are managed by officials with necessary systems support and clearly
defined responsibilities.
• There exist policies for recording derivative transactions, recognition of income, valuation of outstanding contracts, provisioning
and credit risk mitigation. The gains or losses are reported under the head ‘Profit on exchange/derivative transactions’ in the
Profit and Loss account. On the Balance Sheet, unrealized gains are reported under “Other Assets” in Schedule 11 and unrealized
losses are reported under “Other Liabilities” in Schedule 5. Outstanding amounts in respect of unrealized gains and losses
summarized by major product types forming part of “Other Assets” and “Other Liabilities” respectively are as under:
(Rs. ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
Asset (+) Liability (-) Asset (+) Liability (-)
Forward exchange contracts 49,385,897 (50,783,213) 53,228,368 (48,917,967)
Interest rate swap 27,686,776 (25,905,725) 45,342,673 (47,659,271)
Cross-currency interest rate swap 629,841 (1,630,443) 920,482 (3,340,738)
Interest rate futures - - 51,204 Nil
Currency futures - - Nil (8,889)
Options 419,197 (1,107,355) 472,228 (1,061,174)

Total 78,121,711 (79,426,736) 100,014,955 (100,988,039)

b) Quantitative Disclosure
(Rs. ‘000)
Sr. No. Particulars Currency Interest Rate
Derivatives$ Derivatives**
As at As at
March 31, 2021 March 31, 2021
1) Derivatives (Notional Principal Amount)
a) For hedging Nil Nil
b) For trading 219,679,657 3,954,797,455
2) Marked to Market Positions
a) Asset (+) 1,049,038 27,686,776
b) Liability (-) (2,737,798) (25,905,725)
3) Credit Exposure# 10,290,928 59,973,467
Likely impact of one percentage change in interest rate
4)
(100*PV01)***
a) on hedging derivatives Nil Nil
b) on trading derivatives 826,083 655,643
5) Maximum and Minimum of 100*PV01 observed during the year ***
a) on hedging Nil Nil
b) on trading (Maximum) 1,213,854 2,593,910
c) on trading (Minimum) 703,152 5,808

Notional principal amount of outstanding foreign exchange contracts classified as trading and hedging as at March 31, 2021
amounted to Rs. 5,370,725,206 (‘000) and NIL respectively.
$ Currency Derivatives include currency futures, cross-currency swaps and currency options.
** Interest Rate Derivatives include interest rate swaps and interest rate futures.
*** absolute values considered.
# Credit exposure is computed based on the current exposure method representing the sum of potential future exposure and positive
mark- to-market value of contracts

15
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
(Rs. ‘000)
Sr. No. Particulars Currency Interest Rate
Derivatives$ As at Derivatives** As at
March 31, 2020 March 31, 2020
1) Derivatives (Notional Principal Amount)
a) For hedging Nil Nil
b) For trading 176,297,229 5,605,414,747
2) Marked to Market Positions
a) Asset (+) 1,392,710 45,393,877
b) Liability (-) (4,410,801) (47,659,271)
3) Credit Exposure# 10,194,288 86,461,362
Likely impact of one percentage change in interest rate
4) (100*PV01)***
a) on hedging derivatives Nil Nil
b) on trading derivatives 1,172,424 1,030,824
5) Maximum and Minimum of 100*PV01 observed during the year ***
a) on hedging Nil Nil
b) on trading (Maximum) 1,380,704 3,132,903
c) on trading (Minimum) 902,820 2,097
Notional principal amount of outstanding foreign exchange contracts classified as trading and hedging as at March 31, 2020
amounted to Rs. 3,175,750,196 (‘000) and NIL respectively.
$ Currency Derivatives include currency futures, cross-currency swaps and currency options.
** Interest Rate Derivatives include interest rate swaps and interest rate futures.
*** absolute values considered.
# Credit exposure is computed based on the current exposure method representing the sum of potential future exposure and positive
mark- to-market value of contracts
6. Asset quality
(i) Non Performing Assets (Funded) (Rs. ‘000)
Sr. No. Item As at As at
March 31, 2021 March 31, 2020
1) Net NPAs to Net Advances (%) Nil Nil
2) Movement of NPAs (Gross)
(a) Opening balance Nil Nil
(b) Additions during the year 816 2,236
(c) Reductions during the year 816 2,236
(d) Closing balance Nil Nil
3) Movement of Net NPAs
(a) Opening balance Nil Nil
(b) Additions during the year 612 1,677
(c) Reductions during the year (recoveries) 612 1,677
(d) Closing balance Nil Nil
Movement of provisions for NPAs
4)
(excluding provisions on standard assets)
(a) Opening balance Nil Nil
(b) Provisions made during the year 204 559
(c) Write-off Nil Nil
(d) Write-back of excess provisions 204 559
(e) Closing balance Nil Nil
(ii) Disclosure on NPA Divergence
There is no divergence in asset classification and provisioning during the current year requiring detailed disclosures pursuant to
RBI/2018-19/157 circular no. DBR.BP.BC.No.32/21.04.018/2018-19 dated April 1, 2019 and RBI/2016- 17/283 circular no. DBR.
BP. BC.No.63/21.04.018/2016-17 dated 18 April 2017. Disclosure pertaining to current year and previous year are given below:
(Rs. ‘000)
Sr No. Particulars During the year During the year
March 31, 2021 March 31, 2020
1 Gross NPAs as at the beginning of the year as reported by the Bank Nil Nil
2 Gross NPAs as at the beginning of the year as assessed by RBI Nil Nil
3 Divergence in Gross NPAs (2-1) Nil Nil
4 Net NPAs as at the beginning of the year as reported by the Bank Nil Nil
5 Net NPAs as at the beginning of the year as assessed by RBI Nil Nil
6 Divergence in Net NPAs (5-4) Nil Nil
7 Provisions for NPAs as at the beginning of the year as reported Nil Nil
by the Bank
8 Provisions for NPAs as at the beginning of the year as assessed Nil Nil
by RBI
9 Divergence in provisioning (8-7) Nil Nil
10 Reported Net Profit after Tax (PAT) for the previous year 11,998,580 8,577,743
11 Adjusted (notional) Net Profit after Tax (PAT) for the previous 11,998,580 8,577,743
year after taking into account the divergence in provisioning

16
 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2021
6 (iii) Particulars of accounts restructured for year ended March 31, 2021
Rs. crore
Sr. Type of Restructuring Under CDR Mechanism Under SME Debt Others Total
no Restructuring Mechanism

Asset Classification Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total
dard stan- ful dard stan- ful dard stan- ful dard stan- ful
Details dard dard dard dard

1 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –

accounts as on April
1, 2020 Amount outstanding – – – – – – – – – – – – – – – – – – – –

Provision thereon – – – – – – – – – – – – – – – – – – – –

2 Fresh re-structuring No. of borrowers – – – – – – – – – – – – – – – – – – – –

during the financial
year 2020-21 Amount outstanding – – – – – – – – – – – – – – – – – – – –

Provision thereon – – – – – – – – – – – – – – – – – – – –

3 Upgradation No. of borrowers – – – – – – – – – – – – – – – – – – – –

to restructured
standard category Amount outstanding – – – – – – – – – – – – – – – – – – – –
during the financial
year 2020-21 Provision thereon – – – – – – – – – – – – – – – – – – – –

17
4 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –
standard advances
which cease to Amount outstanding – – – – – – – – – – – – – – – – – – – –
(INDIA BRANCHES)

attract higher
provisioning and /
BANK OF AMERICA, N.A.

Provision thereon – – – – – – – – – – – – – – – – – – – –
or additional risk
(Incorporated in U.S.A. With Limited Liability)

weight at the end of

the year and hence
need not be shown
as restructured
standard advances
at the beginning of
next year

5 Downgradation No. of borrowers – – – – – – – – – – – – – – – – – – – –

of restructured
accounts during Amount outstanding – – – – – – – – – – – – – – – – – – – –
the financial year
2020-21 Provision thereon – – – – – – – – – – – – – – – – – – – –

6 Writeoff of No. of borrowers – – – – – – – – – – – – – – – – – – – –

restructured
accounts during Amount outstanding – – – – – – – – – – – – – – – – – – – –
the financial year
2020-21 Provision thereon – – – – – – – – – – – – – – – – – – – –

7 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –

accounts as on
March 31, 2021 Amount outstanding – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – –
 SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2021
6 (iii) Particulars of accounts restructured for year ended March 31, 2020
Rs. crore
Sr. Type of Restructuring Under CDR Mechanism Under SME Debt Others Total
no Restructuring Mechanism

Asset Classification Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total Stan- Sub- Doubt- Loss Total
dard stan- ful dard stan- ful dard stan- ful dard stan- ful
Details dard dard dard dard

1 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –

accounts as on April
1, 2019 Amount outstanding – – – – – – – – – – – – – – – – – – – –

Provision thereon – – – – – – – – – – – – – – – – – – – –

2 Fresh re-structuring No. of borrowers – – – – – – – – – – – – – – – – – – – –

during the financial
year 2019-20
Amount outstanding – – – – – – – – – – – – – – – – – – – –

Provision thereon – – – – – – – – – – – – – – – – – – – –

3 Upgradation No. of borrowers – – – – – – – – – – – – – – – – – – – –

to restructured
standard category Amount outstanding – – – – – – – – – – – – – – – – – – – –
during the financial
year 2019-20 Provision thereon – – – – – – – – – – – – – – – – – – – –

18
4 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –
standard advances
which cease to Amount outstanding – – – – – – – – – – – – – – – – – – – –
(INDIA BRANCHES)

attract higher
provisioning and / Provision thereon – – – – – – – – – – – – – – – – – – – –
BANK OF AMERICA, N.A.

or additional risk
(Incorporated in U.S.A. With Limited Liability)

weight at the end of

the year and hence
need not be shown
as restructured
standard advances
at the beginning of
next year

5 Downgradation No. of borrowers – – – – – – – – – – – – – – – – – – – –

of restructured
accounts during Amount outstanding – – – – – – – – – – – – – – – – – – – –
the financial year
2019-20 Provision thereon – – – – – – – – – – – – – – – – – – – –

6 Writeoff of No. of borrowers – – – – – – – – – – – – – – – – – – – –

restructured accounts
during the financial Amount outstanding – – – – – – – – – – – – – – – – – – – –
year 2019-20
Provision thereon – – – – – – – – – – – – – – – – – – – –

7 Restructured No. of borrowers – – – – – – – – – – – – – – – – – – – –

accounts as on
March 31, 2020 Amount outstanding – – – – – – – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – – – – – –
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
(iv) Details of financial assets sold to Securitization/ Reconstruction Company for Asset Reconstruction
No Financial assets were sold to Securitization/Reconstruction Company for asset reconstruction during the year ended March 31,
2021 (Previous year ended March 31, 2020: NIL).
(v) Details of non-performing financial assets purchased/sold
There were no non-performing financial assets that were purchased or sold during the year ended March 31, 2021 (Previous year
ended March 31, 2020 : NIL).
(vi) Provision on standard asset (Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
Provision on standard assets 1,039,925 1,343,622
(vii) COVID-19
In the first quarter of 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. In an attempt to contain
the spread and impact of the COVID-19 pandemic, travel bans and restrictions, quarantines, stay-at-home orders and limitations
on business activity have been implemented. Additionally, there has been a decline in economic activity, reduced economic output
and a deterioration in macroeconomic conditions globally.
This has resulted in, among other things, volatility in global and Indian financial markets. Although vaccines have been approved
for immunization against COVID-19 and restrictive measures have been eased in certain areas, the Bank’s counterparties and
clients and local economy have been negatively impacted and are likely to be so for an extended period of time, as there remains
significant uncertainty about the timing and strength of an economic recovery. The Bank has taken actions to mitigate the impacts
of COVID-19, which has included moving a majority of staff to a work from home posture, deep sanitisation of offices, monitoring
of body temperature, providing masks and arranging medical support for employees.
The future direct and indirect impact of COVID-19 on the Bank’s businesses, results of operations and financial condition remain
highly uncertain. Should current economic conditions persist or deteriorate, this macroeconomic environment will have a continued
adverse effect on the Bank’s businesses and results of operations.
(viii) COVID-19 Regulatory Package
As per RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020, April 17, 2020 and May 23, 2020, all
commercial Banks were permitted to grant a moratorium of three months on payment of all instalments falling due between March
1, 2020 and May 31, 2020 (further extended by three months till August 31, 2020). For accounts, where the moratorium was
granted, the asset classification was under standstill during the moratorium period (i.e. the number of days past-due excluded the
moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and Provisioning norms).
Disclosure required as part of COVID-19 Regulatory Package - Asset Classification and Provisioning: (Rs. ‘000)
Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
Respective amounts in SMA/overdue categories, where the moratorium / 2,716,188 Nil
deferment was extended*
Respective amount where asset classification benefits is extended* 1,488,037 Nil
Provisions made as per para 5 of the COVID-19 Regulatory Package # 135,400 Nil
Provisions write back at the end of the financial year 135,400 Nil
Residual provisions in terms of paragraph 6 of the COVID-19 Regulatory Package Nil Nil
* As of February 29, 2020 in respect of such accounts. #Provision made during Q1FY2021.
(ix) Refund/adjustment of ‘interest on interest’ during moratorium period
In accordance with the instructions in RBI circular RBI/2021-22/17 DOR.STR.REC.4/21.04.048/2021-22 dated April 7, 2021,
the Bank is required to refund / adjust ‘interest on interest’ to all borrowers including those who had availed of working capital
facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. As
required by RBI notification and methodology for calculation prescribed by Indian Banks’ Association dated April 19, 2021, the
Bank has computed the amount and created a liability towards estimated interest relief of Rs. 7,050 (‘000) and reduced the same
from the interest income for the year ended March 31, 2021.
7. Business Ratios
Sr. No. Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
a) Interest income as a percentage to working funds* 4.74 % 6.00 %
b) Non-interest income as a percentage to working funds* 1.98 % 1.76 %
c) Operating Profit as a percentage to working funds* 3.87 % 3.73 %
d) Return on assets@ 2.06 % 1.97 %
e) Business (Deposits plus Advances) per employee (Rs. ‘000)# 1,125,086 1,329,635
f) Profit per employee (Rs. ‘000) 25,747 25,776
*Working funds are the average of total assets as reported to RBI in Form X under Section 27 of the Banking Regulation Act, 1949
during the twelve months of the financial year.
@ Return on assets computed with reference to working funds as described above.
#For the purpose of Business (Deposits plus Advances) per employee, inter-bank deposits are excluded. Business per employee is
calculated basis average employees for the year.

19
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
8. Asset Liability Management
Maturity Pattern of certain items of assets and liabilities
(Rs. in Crores)
As at March 31, 2021 Advances Investments Deposits Borrowings Foreign Foreign
Currency Currency
Assets Liabilities
Day 1 130 12,739 2,056 - 439 150
2 to 7 days 1,331 - 3,392 219 201 369
8 to 14 days 691 365 1,937 - 365 150
15 to 30 days 2,376 2,205 3,202 - 733 -
31 days and upto 2 months 2,463 878 2,245 37 915 36
Over 2 months and upto 3 months 2,239 1,333 2,379 - 1,999 1,481
Over 3 months and upto 6 months 5,078 1,283 1,290 - 2,079 -
Over 6 months and upto 1 year 1,796 241 1,670 - 10 -
Over 1 year and upto 3 years 1,953 3,952 18,124 - - 4,040
Over 3 years and upto 5 years 129 1 3 - - -
Over 5 Years - 131 3 - 143 -
Total 18,186 23,128 36,301 256 6,884 6,226

(Rs. in Crores)
As at March 31, 2020 Advances Investments Deposits Borrowings Foreign Foreign
Currency Currency
Assets Liabilities
Day 1 388 14,373 5,127 3,660 253 435
2 to 7 days 1,470 3,169 4,382 - 10 103
8 to 14 days 1,235 - 2,851 - 30 103
15 to 30 days 4,309 2,811 4,745 - 79 1
31 days and upto 2 months 2,794 505 3,576 2,232 1,051 2,232
Over 2 months and upto 3 months 2,295 699 955 - 2,858 2,466
Over 3 months and upto 6 months 4,971 221 1,566 - 2,651 -
Over 6 months and upto 1 year 1,817 227 1,607 - - -
Over 1 year and upto 3 years 3,973 3,652 14,819 - 270 2,767
Over 3 years and upto 5 years 337 - 7 - - -
Over 5 Years - - 3 - 148 -
Total 23,589 25,657 39,638 5,892 7,350 8,107
9. Exposures
(i) Exposure to Real Estate Sector (Rs. ‘000)
Category As at March 31, As at March 31,
2021 2020
Direct Exposure
i) Residential Mortgages Lending fully secured by mortgages on residential Nil Nil
property that is or will be occupied by the borrower or that is rented;
– Of which Individual Housing Loans included in Priority Sector advances
ii) Commercial Real Estate Lending secured by mortgages on commercial real Nil Nil
estates (office buildings, retail space, multi-purpose commercial premises,
multi- family residential buildings, multi-tenanted commercial premises,
industrial or warehouse space, hotels, land acquisition, development and
construction, etc.). Exposure would also include non-fund based (NFB) limits;
iii) Investment in mortgage backed securities (MBS) and othersecuritized Nil Nil
exposures
a. Residential
b. Commercial Real Estate.
Indirect Exposure Nil Nil
Fund based and non-fund based exposures to National Housing Bank and Housing Nil Nil
Finance Companies
Total Exposure to Real Estate Sector Nil Nil

20
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
(ii) Exposure to Capital Market (Rs. ‘000)
Sr. Particulars As at As at
No. March 31, 2021 March 31, 2020
1) Direct investment in equity shares, convertible bonds, convertible de- Nil Nil
bentures and units of equity oriented mutual funds the corpus of which is
not exclusively invested in corporate debt;
2) Advances against shares/bonds/ debentures or other securities or on Nil Nil
clean basis to individuals for investment in shares (including IPOs/
ESOPs), convertible bonds, convertible debentures and units of equity
oriented mutual funds;
3) Advances for any other purposes where shares or convertible bonds or Nil Nil
convertible debentures or units of equity oriented mutual funds are taken
as primary security;
4) Advances for any other purposes to the extent secured by the collateral Nil Nil
security of shares or convertible bonds or convertible debentures or units
of equity oriented mutual funds i.e. where the primary security other
than shares/convertible bonds/ convertible debentures/units of equity
oriented mutual funds does not fully cover the advances;
5) Secured and unsecured advances to stockbrokers and guarantees issued Nil Nil
on behalf of stockbrokers and market makers;
6) Loans sanctioned to corporate against the security of shares/ bonds/ Nil Nil
debentures or other securities or on clean basis for meeting promoter’s
contribution to the equity of new companies in anticipation of raising
resources;
7) Bridge loans to companies against expected equity flows/ issues; Nil Nil
8) Underwriting commitments taken up by the Bank in respect of primary Nil Nil
issue of shares or convertible bonds or convertible debentures or units of
equity oriented mutual funds;
9) Financing to stockbrokers for margin trading; Nil Nil
10) All exposures to Venture Capital Funds (both registered and unregis- Nil Nil
tered)
11) Non-fund based exposure in the nature of guarantees Nil Nil
Total Exposure to Capital Market Nil Nil

(iii) Risk Category-wise Country Exposure (Rs. ‘000)

Risk Category Exposure (net) as Provision held as Exposure (net) as Provision held as
at March 31, 2021 at March 31, 2021 at March 31, 2020 at March 31, 2020
Insignificant 38,257,108 76,146 6,882,992 Nil
Low 45,245 Nil 1,183 Nil
Moderate 26,454 Nil 5,744 Nil
High Nil Nil Nil Nil
Very High Nil Nil Nil Nil
Restricted Nil Nil Nil Nil
Off-Credit Nil Nil Nil Nil
Total 38,328,807 76,146 6,889,919 Nil

(iv) Single and Group Borrower limits

During the year ended March 31, 2021 the Bank did not exceed the single and group borrower limits in respect of any of its
clients (Previous Year ended March 31, 2020 : Nil)
(v) Unsecured Advances
During the year ended March 31, 2021, the Bank has not given loans against intangible securities such as rights, licenses, authority
etc (Previous Year ended March 31, 2020 : Nil).
10. Penalties levied by RBI
RBI has imposed a penalty of Rs. 2,500 (‘000) on the Bank during the year ended March 31, 2021 (Previous Year ended March 31,
2020: Rs. Nil). Penalty was imposed on account of defaults on the Bank’s commitments as a Primary Dealer.

21
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
11. Disclosures under Accounting Standard (AS) 15 Employee Benefits
The Bank has classified the various benefits provided to employees as under:-
a) Defined Contribution Plan - Pension Fund
During the year ended March 31, 2021, the Bank has recognized Rs. 42,597 (‘000) (Previous year ended March 31, 2020 :
Rs. 41,918 (‘000)) in the Profit and Loss account as Employers’ Contribution to Pension Fund.
b) Defined Benefit Plan – Contribution to Gratuity Fund
Liabilities recognized in Balance Sheet in respect of funded defined benefit obligations: (Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
Projected Benefit Obligation at the end of year 796,883 677,260
Ending Asset 696,208 589,938
Fund Status asset/(liability) (100,675) (87,322)
Unrecognized past service cost - non vested benefits Nil Nil
Liability recognized in the Balance sheet (100,675) (87,322)
Gratuity expense recognised in the Profit and Loss Account in schedule 16.1: (Rs. ‘000)
Particulars For the For the
year ended year ended
March 31, 2021 March 31, 2020
Current Service Cost 73,956 66,436
Interest Cost 43,058 40,762
Expected return on plan asset (39,423) (40,605)
Net Actuarial losses /(gains) recognized in the year 1,370 15,796
Past Service Cost Nil Nil
Effect of Curtailments Nil Nil
Expenses recognized in the Profit and Loss account 78,961 82,389
Actual return on plan assets:
(Rs. ‘000)
Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
Expected Return on Plan Asset 39,423 40,605
Actuarial Gains / (Losses) 6,996 8,453
Actual return on plan assets 46,419 49,058
Reconciliation of defined benefit obligations (Gratuity) during the year: (Rs.‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
Projected Benefit Obligation at the beginning of the year 677,260 590,450
Current Service Cost 73,956 66,436
Interest Cost 43,058 40,762
Contribution by plan participation Nil Nil
Actuarial Losses 8,366 24,249
Plan Amendments Cost/(Credit) Nil Nil
Acquisition/Business combination/Divestiture 3,199 3,975
Benefits Paid (8,956) (48,612)
Past service cost Nil Nil
Amalgamations Nil Nil
Curtailments Nil Nil
Settlements Nil Nil
Projected Benefit Obligation at the end of year 796,883 677,260
Change in fair value of plan assets: (Rs. ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
Plan Asset at beginning of year 589,938 526,283
Expected Return on Plan Asset 39,423 40,605
Employer Contribution 68,807 63,209
Employee Contribution Nil Nil
Benefits Payment (8,956) (48,612)
Actuarial Gains / (Losses) 6,996 8,453
Amalgamations Nil Nil
Settlements Nil Nil
Ending Asset 696,208 589,938

22
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
Investment pattern:
Particulars As at As at
March 31, 2021 March 31, 2020
Government of India securities -% 36.53 %
High quality corporate bonds (including public sector bonds) -% 58.78 %
Cash (Special deposit scheme) -% 1.07 %
Schemes of insurance 100.00 % -%
Others -% 3.62 %

Principal actuarial assumptions:

Particulars For the year ended For the year ended

March 31, 2021 March 31, 2020
Discount rate (per annum) 6.30 % 6.40 %
Salary escalation rate p.a 9.00 % 9.00 %
Expected rate of return on assets (p.a) 6.78 % 6.22 %
Attrition rate 10.00 % 10.00 %

Experience Adjustments (Rs. ‘000)

Particulars For the For the For the For the For the
year ended year ended year ended year ended year ended
March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2018 March 31, 2017
Defined benefit obligation 796,883 677,261 590,450 529,485 598,766
Plan assets 696,208 589,938 526,283 486,898 456,590
(Surplus)/deficit 100,675 87,323 64,167 42,587 142,176
Experience Adjustment on plan
liabilities (Gain) / Loss 8,366 24,249 12,601 (134,153) 28,556
Experience Adjustment on plan
assets (Gain) / Loss (6,996) (8,453) 3,608 13,209 10,141
The mortality assumptions and rates considered in assessing the Bank’s post retirement liabilities are as per the published rate under the
Indian Assured Lives Mortality (2006-08) Ultimate table.
The estimates of future salary increase, considered in actuarial valuation, take into account the inflation, seniority, promotion and other
relevant factors.
c) Provident Fund Contribution
During the year ended March 31, 2021, Bank’s contribution to provident fund was Rs. 101,764 (‘000) (Previous year ended March
31, 2020 : Rs. 95,069 (‘000)).
d) Compensated Absences
The provision for compensated absences as on March 31, 2021 was Rs. 468,797 (‘000) (Previous year ended March 31, 2020 :
Rs. 342,993 (‘000)).

12. Segmental Reporting

In accordance with RBI guidelines, the Bank has identified two primary segments: Treasury and Corporate Banking. These segments
are identified based on nature of services provided, risk and returns, organizational structure of the Bank and the internal financial
reporting system.
Treasury operations comprise derivatives trading, money market operations, investment in bonds, treasury bills and government securi-
ties and foreign exchange operations. The revenues of this segment consist of interest earned on investments, profit / (loss) on sale of
investments and profits/(loss) on exchange / derivative transactions. The principal expenses of this segment consist of interest expense
on funds borrowed, occupancy expenses, personnel costs, other direct overheads and allocated expenses.
Corporate Banking primarily comprises funded and non-funded facilities to clients, cash management activities and fee-based activities.
Revenues of this segment consist of interest earned on loans given to clients, on cash management services and fees received from non-
fund based activities i.e. issuance of letters of credit, guarantees etc. The principal expenses of this segment consist of interest expenses
on funds borrowed, occupancy expenses, personnel costs, other direct overheads and allocated expenses.
Unallocated expenses are reviewed for attribution to the primary segment on an ongoing basis.
The Bank does not have Retail banking and residual operations hence no segmental disclosures for Retail banking and other banking
operations have been made.

23
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
(Rs. ‘000)

Business Segments For the year ended March 31, 2021 For the year ended March 31, 2020
Treasury Corporate Unallocated Total Treasury Corporate Unallocated Total
Banking Banking
Segment Revenue 28,380,997 11,618,945 2,236 40,002,178 30,045,243 17,127,933 2,173 47,175,349
Segment Result 22,021,661 1,055,793 (12,831) 23,064,623 21,066,450 1,582,770 2,173 22,651,393
(Operating
Profit)
Provisions and (1,195,741) 460,254 (240,199) (975,686) (463,139) (426,473) (334,465) (1,224,077)
Contingencies
Income taxes (9,820,617) (9,428,736)
Net profit 12,268,320 11,998,580
Segment Assets 431,075,285 183,883,756 18,762,686 633,721,727 470,471,875 238,588,136 17,122,724 726,182,735
Total Assets 633,721,727 726,182,735
Segment liabilities 202,365,255 294,053,507 2,691,260 499,110,022 236,703,832 361,183,328 5,952,190 603,839,350
Capital and Reserves 134,611,705 122,343,385
Total Liabilities 633,721,727 726,182,735
The Bank operates as a single unit in India and as such has no identifiable geographical segments subject to dissimilar risks and returns.
Hence, no information relating to geographical segments are presented.
13. Related Party Disclosures
a) Head Office*
Bank of America N.A. and its branches
b) Ultimate Controlling Enterprise*
Bank of America Corporation
c) Subsidiaries of Head Office
• Bank of America Singapore Limited
• Bank of America Europe Designated Activity Company (Formerly known as Bank of America Merrill Lynch International Limited)
d) Fellow Subsidiaries of Head Office
• BA Continuum India Private Limited
• BofA Securities India Limited (Formerly known as DSP Merrill Lynch Limited)
• Merrill Lynch Global Services Pte Ltd
• Merrill Lynch International
• Merrill Lynch(Asia Pacific) Limited
• BofA Securities Japan Co., Ltd. (Formerly known as Merrill Lynch Japan SecuritiesLtd.)
• Merrill Lynch Markets Singapore Pte Ltd
• BofA Securities S.A.
e) Key Management Personnel*
Mrs. Kaku Nakhate, Chief Executive Officer
Transactions with related parties are in the ordinary course of business (Figures for year ended March 31, 2021 are shown in bold.
Figures for Previous year ended March 31, 2020 are shown in brackets):

Items/Related Party Subsidiaries of Fellow

Head office Subsidiaries of
Head office
Transactions during the year
Sales/Redemption of Securities 220,539,133 Nil
(384,250,230) (Nil)
Purchase of Securities 218,963,864 Nil
(379,738,983) (Nil)
Term Deposits Nil 250,653,592
(Nil) (114,325,256)

24
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

Items/Related Party Subsidiaries of Fellow

Head office Subsidiaries of
Head office
Guarantees issued Nil -
(Nil) (25,256)
Interest Received Nil -
(Nil) (31)
Interest Paid Nil 1,887,703
(Nil) (2,209,108)
Fees on Cards Nil 1,074
(Nil) (15,492)
Commission Received Nil 336
(Nil) (2,233)
Bank charges Received Nil 1,006
(Nil) (728)
Recovery in respect of retirement benefits of transferred employees, (net) Nil 3,199
[Previous year Payment] (Nil) (3,975)
Rendering of Services 68,438 130,895
(102,972) (112,620)
Receipt of Services Nil 43,235
(Nil) (36,887)
Outstanding at the year end
Term Deposits Nil 58,743,425
(Nil) (43,227,425)
Demand Deposits Nil 15,842,408
(Nil) (23,925,308)
Balance in Current Account 25,953 Nil
(9,112) (Nil)
Advances Nil 3,471
(Nil) 63,663
Other Assets 14,258 58,294
(37,155) (59,469)
Other Liabilities Nil 644,111
(Nil) (713,525)
Derivatives Contracts: Notional Value
Nil Nil
(Nil) (Nil)
Positive Mark-to-Market value Nil Nil
Nil Nil
Negative Mark-to-Market value 507,089 Nil
(483,917) (Nil)
Guarantees Nil 53,176
(Nil) (103,176)
Maximum outstanding during the year
Term Deposits Nil 62,917,425
(Nil) (33,345,175)
Demand Deposits Nil 28,653,906
(Nil) (24,255,005)
Guarantees Nil 103,176
(Nil) (77,920)

25
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
Material related party transactions #:
(Rs. ‘000)
Particulars Subsidiaries of Fellow Subsidiar-
Head office ies of Head office
Sales/Redemption of Securities
Bank of America Singapore Limited 220,539,133 Nil
(384,250,230) (Nil)
Purchase of Securities
Bank of America Singapore Limited 218,963,864 Nil
(379,738,983) (Nil)
Recovery in respect of retirement benefits of transferred employees, (net)
[Previous year Payment]
BofA Securities India Limited (Formerly known as DSP Merrill Lynch Limited) Nil 3,199
(Nil) (3,975)
Rendering of Services
BofA Securities India Limited (Formerly known as DSP Merrill Lynch Limited) Nil 110,240
(Nil) (94,177)
Bank of America Merrill Lynch International Limited 68,438 Nil
(102,972) (Nil)
Receipt of Services
BofA Securities India Limited (Formerly known as DSP Merrill Lynch Limited) Nil 13,879
(Nil) (15,733)
Merrill Lynch Global Services Pte Ltd Nil 29,356
(Nil) (21,154)
* In accordance with RBI Master Circular (DBR.BP.BC.No.23/21.04.018/2015-16 dated July 1, 2015) on ‘Disclosure in Financial State-
ments – Notes to Accounts’, where there is only one entity/person in any category of related parties, the Bank has not disclosed any
details pertaining to that related party other than the relationship with that related party.
# In accordance with the Accounting Standard 18, a specific related party transaction is disclosed as a material related party transaction
when it exceeds 10% of total related party transactions in that category, other than cases which are in the nature of banker – customer
relationships, where the Bank has obligation under the law to maintain confidentiality.
14. Deferred Tax
The Deferred Tax Asset (DTA) as at March 31, 2021 amounting to Rs. 1,389,731 (‘000) (Deferred Tax Asset as at March 31, 2020
(DTA) Rs. 1,526,667 (‘000)). The components that gave rise to the deferred tax assets included in the balance sheet are as follows:
(Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
Deferred tax assets / (Deferred tax liability) Depreciation on fixed assets 182,237 159,403
Disallowances under section 43B of Income-tax Act 1961 Provisions 422,312 356,503
Provisions 785,182 1,010,761
Total 1,389,731 1,526,667
15. Provision for Current Taxation
(Rs. ‘000)
Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
Income Tax for the year 9,755,342 9,972,767
Income tax adjustments for prior years (71,661) 60,595
Total 9,683,681 10,033,362

16. Leases
Information in respect of premises taken on operating lease of non-cancellable nature is as under: (Rs. ‘000)
Sr. No. Future minimum lease payments As at March 31, As at March 31,
2021 2020
1) Up to 1 year 2,352 5,645
2) More than 1 year and up to 5 years Nil 2,352
3) More than 5 years Nil Nil
• The lease payments, recognized in the Profit and Loss account for the year ended March 31, 2021: Rs. 336,116 (‘000) (Previous
year ended March 31, 2020 : Rs. 327,179 (‘000)).

26
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
• The Bank has not sub-leased any part of the above premises.
• There are no lease payments recognized in the Profit and Loss Account for contingent rent.
• The terms of renewal and escalation clauses are those normally prevalent in similar agreements. There are no undue restrictions
or onerous clauses in the agreements.
17. Other Fixed Assets (including furniture & fixtures)
Other Fixed Assets under Schedule 10(II) include software acquired by the Bank, details for which are given below: (Rs. ‘000)
Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
At Cost as at March 31, of preceding year 264,222 205,531
Additions during the year 16,870 61,677
Deductions during the year (14,662) (2,986)
At Cost as at March 31 266,430 264,222
Accumulated amortization (203,447) (183,002)
Written down value as at March 31 62,983 81,220
18. Provisions, Contingent liabilities and Contingent Assets
The Bank has assessed its obligations arising in the normal course of business, including pending litigations, proceedings pending
with tax authorities and other contracts including derivative and long term contracts. In accordance with the provisions of Accounting
Standard - 29 on ‘Provisions, Contingent Liabilities and Contingent Assets’, the Bank recognizes a provision for material foreseeable
losses when it has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to
settle the obligation, in respect of which a reliable estimate can be made. In cases where the available information indicates that the
loss on the contingency is reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to this effect is made
as contingent liabilities in the financial statements. The Bank does not expect the outcome of these proceedings to have a materially
adverse effect on its financial results.
Description of Contingent Liabilities stated in Schedule 12
a) Claims against the Bank not acknowledged as Debts
The Bank is a party to certain legal proceedings in the normal course of business. This also includes claims/demands raised by
income tax and service tax authorities which are disputed by the Bank.
b) Liability on account of foreign exchange and derivative contracts
The Bank enters into foreign exchange contracts, currency options, currency swaps, interest rate swaps, interest rate futures and
currency futures with inter-bank participants on its own account and for its customers.
Foreign exchange contracts are commitments to buy or sell foreign currency at a future date at the contracted rate. Currency
options give the buyer, on payment of a premium, 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. Currency Futures contract is a standardized foreign exchange
derivative contract traded on a recognized stock exchange to buy or sell one currency against another on a specified future date,
at a price specified on the date of contract. Currency Swaps are commitments to exchange cash flows by the way of interest/
principal in one currency against another, based on predetermined rates. Interest rate swaps are commitments to exchange fixed
and floating interest rate cash flows. The notional amounts that are recorded as contingent liabilities are typically amounts used
as a basis for the calculation of interest component of the contract and do not necessarily indicate the amounts of future cash
flows involved or the current fair value of such contracts and, therefore, do not indicate the Bank’s exposure to credit or price
risks. These contracts become favorable (assets) or unfavorable (liabilities) as a result of movements in the market rates or prices
relative to their terms. Interest Rate Futures contract is a standardized derivative contract with an interest bearing instrument viz
government bond as the underlying asset.
c) Guarantees given on behalf of Constituents, Acceptances, Endorsements and otherobligations
As a part of its corporate banking activities, the Bank issues documentary credit and guarantees on behalf of its customers.
Documentary credits such as letters of credit enhance the credit standing of the customers of the Bank. Guarantees generally
represent irrevocable assurances that the Bank will make payments in the event of customer failing to fulfill its financial or
performance obligations.
d) Other items for which the Bank is contingently liable
These include i) Committed Lines of Credit, ii) Capital Commitments and iii) Depositor Education and Awareness Fund (DEAF).
e) Movement in Provision for Contingencies (Rs. ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
Opening Provision 21,905 21,905
Additions 1,350 Nil
Reversals 3,884 Nil
Closing Provision 19,371 21,905
19. Employee stock compensation expense
Restricted stocks / restricted units of the Bank’s Ultimate Controlling Enterprise, Bank of America Corporation (BAC), are granted to the
eligible employees of the Bank in terms of the global long- term incentive compensation plans of the Ultimate Controlling Enterprise.

27
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
These restricted stocks / restricted units vest in three / four equal semi annual / annual installments beginning six months / one year
from the grant date. During the year ended March 31, 2021, 359,646 numbers of restricted stocks / restricted units were granted
(Previous Year ended March 31, 2020– 256,470 numbers) and the average estimated fair value per unit on the date of grant was US$
31.04 (Previous year – US$ 32.46). Payments to and provisions for employees for the year includes Rs. 687,533 (‘000) (Previous year –
Rs. 722,698 (‘000)) towards these awards. The liability towards restricted stocks / restricted units recognized as at March 31, 2021 is
Rs. 686,387 (‘000) (as at March 31, 2020 – Rs. 797,718(‘000)).
20. Floating Provisions
The Bank does not hold any floating provision as at March 31, 2021 (as at March 31, 2020 – Nil).
21. Draw down from Reserves
During the year ended March 31, 2021 there has been a draw down from Investment reserve of Rs. 30,025 (‘000) (Previous year ended
March 31, 2020 :112,046) in accordance with RBI master circular on Prudential Norms for Classification, valuation and operation of
Investment Portfolio by Banks.
22. Disclosure of Complaints/Unimplemented awards of Banking Ombudsmen
In accordance with RBI Master Circular on Customer Services in Banks DBR No.Leg.BC.21 / 09.07.006/2015-16 dated July 1, 2015
details of customer complaints and awards passed by Banking Ombudsman are as follows:
A. A. Complaints received by the Bank from its customers
Sr. no. Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020
1 Number of complaints pending at beginning of the year Nil Nil
2 Number of complaints received during the year 8 21
3 Number of complaints disposed during the year 8 21
3.1 Of which, number of complaints rejected by the Bank Nil Nil
4 Number of complaints pending at the end of the year Nil Nil

B. Maintainable complaints received by the Bank from OBOs

Sr. Particulars For the year ended For the year ended
no. March 31, 2021 March 31, 2020
5 Number of maintainable complaints received by the Bank from OBOs 1 Nil
5.1. Of 5, number of complaints resolved in favour of the Bank by BOs Nil Nil
5.2 Of 5, number of complaints resolved through conciliation/mediation/ 1 Nil
advisories issued by BOs
5.3 Of 5, number of complaints resolved after passing of Awards by BOs Nil Nil
against the Bank
6 Number of Awards unimplemented within the stipulated time Nil Nil
(other than those appealed)

C. Top five grounds of complaints received by the Bank from customers

For the year ended March 31, 2021

Grounds of complaints, Number of Number of % increase/ decrease Number of Of 5, number

(i.e. complaints complaints pending complaints in the number of complaints of complaints
relating to) at the beginning of received during complaints received pending at the pending beyond
the year the year over the previous year end of the year 30 days
1 2 3 4 5 6
Credit Cards Nil 2 100% increase Nil Nil
Internet/Mobile/ Nil 1 75% decrease Nil Nil
Electronic Banking
Levy of charges without Nil 1 Nil Nil Nil
prior notice/excessive
charges/foreclosure charges
Cheques/drafts/bills Nil Nil 100% decrease Nil Nil
Others Nil 4 60% decrease Nil Nil
Total Nil 8 62% decrease Nil Nil

28
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
For the year ended March 31, 2020

Grounds of complaints, Number of Number of % increase/ decrease Number of Of 5, number of

(i.e. complaints relating to) complaints pending complaints in the number of complaints complaints pending
at the beginning of received during complaints received over pending at the beyond 30 days
the year the year the previous year end of the year
1 2 3 4 5 6
Cheques/drafts/bills Nil 6 200% increase Nil Nil
Internet/Mobile/ Electronic Nil 4 100% increase Nil Nil
Banking
Levy of charges without Nil 1 100% increase Nil Nil
prior notice/excessive
charges/foreclosure charges
Credit Cards Nil Nil 100% decrease Nil Nil
Others Nil 10 100% increase Nil Nil
Total Nil 21 75% increase Nil Nil

23. Letters of Comfort issued

The Bank has not issued any Letter of Comfort during the year ended March 31, 2021 (Previous year ended March 31, 2020: Nil).
24. Fraud Reporting
The bank has reported 74 cases of fraud in the financial year ending March 31, 2021 amounting to Rs.11.64 lakhs (Previous Year: 129 cases
amounting to Rs. 36.47 lakhs). The bank has expensed off / provided for the expected losses arising from the cases determined as frauds.
25. Provision Coverage ratio
In accordance with RBI guidelines, the Bank’s Provision Coverage Ratio as at March 31, 2021 was NIL (as at March 31, 2020 – Nil).
26. Bancassurance Business
The Bank is not into the business of Bancassurance and has not received any fees/remuneration in respect of the same during the year ended
March 31, 2021. (Previous year ended March 31, 2020: Nil).
27. Concentration of Deposits, Advances, Exposures and NPAs
1) Concentration of Deposits (Rs ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
Total Deposits of twenty largest depositors 179,852,112 203,192,656
Percentage of Deposits of twenty largest depositors to Total
Deposits of the Bank 49.55 % 51.26 %

2) Concentration of Advances* (Rs. ‘000)

Particulars As at March 31, 2021 As at March 31, 2020
Total Advances to twenty largest borrowers 300,293,124 222,103,330
Percentage of Advances to twenty largest borrowers to Total Advances
of the Bank 45.04 % 37.79 %
* Advances represent Credit Exposure including derivatives furnished in Master Circular on Exposure Norms DBR.No.Dir.
BC.12/13.03.00/2015-16 dated July 1, 2015

3) Concentration of Exposures (Rs. ‘000)

Particulars As at March 31, 2021 As at March 31, 2020
Total Exposure of twenty largest borrowers/customers 323,107,598 222,103,330
Percentage of Exposure to twenty largest borrowers/customers to Total
Exposure of the Bank on borrowers/customers 46.43 % 37.79 %

4) Concentration of NPAs (Rs. ‘000)

Particulars As at March 31, 2021 As at March 31, 2020
Total Exposure of top four NPA accounts NIL NIL

29
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
28. a. Sector-wise advances (Rs. ‘000)
Sr No. Sector As at March 31, 2021
Outstanding Total Gross NPAs Percentage of Gross NPAs
Advances # to Total Advances in that
sector
Priority Sector
1 Agriculture and allied activities Nil Nil Nil
2 Advances to industries sector eligible as 42,024,186 Nil Nil
priority sector lending
3 Services 19,769,313 Nil Nil
4 Personal loans Nil Nil Nil
Sub- Total (A) 61,793,499 Nil Nil
Non-Priority Sector
1 Agriculture and allied activities Nil Nil Nil
2 Industry 60,244,638 Nil Nil
3 Services 59,821,482 Nil Nil
4 Personal loans Nil Nil Nil
Sub- Total (B) 120,066,120 Nil Nil
Total (A+B) 181,859,619 Nil Nil
# Represent gross advances
(Rs. ‘000)
Sr No. Sector As at March 31, 2020
Outstanding Total Gross NPAs Percentage of Gross
Advances # NPAs to Total Advances
in that sector
Priority Sector
1 Agriculture and allied activities 75,016 Nil Nil
2 Advances to industries sector eligible as 51,983,587 Nil Nil
priority sector lending
3 Services 7,713,118 Nil Nil
4 Personal loans Nil Nil Nil
Sub- Total (A) 59,771,721 Nil Nil
Non-Priority Sector
1 Agriculture and allied activities Nil Nil Nil
2 Industry 84,195,168 Nil Nil
3 Services 91,923,761 Nil Nil
4 Personal loans Nil Nil Nil
Sub- Total (B) 176,118,929 Nil Nil
Total (A+B) 235,890,650 Nil Nil
# Represent gross advances
28. b. Investment in Priority Sector Lending Certificate (Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
General 44,690,000 5,000,000
Small and Marginal Farmer Nil Nil
Agriculture Nil Nil
Micro Enterprises 36,577,500 12,350,000
29. Movement of NPA (Rs. ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
Gross NPAs as on April 01 (Opening Balance) Nil Nil
Additions (Fresh NPAs during the year) 816 2,236
Sub-total (A) 816 2,236
Less: -
(i) Upgradations 816 2,236
(ii) Recoveries (excluding recoveries made from upgraded accounts) Nil Nil
(iii) Write-offs Nil Nil
Sub-total (B) 816 2,236
Gross NPAs as on March 31 (Closing balance) (A-B) Nil Nil

30
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
30. Overseas Assets, NPAs and Revenue (Rs. ‘000)
Particulars March 31, 2021 March 31, 2020
Total Assets Nil Nil
Total NPAs Nil Nil
Total Revenue Nil Nil

31. Off-Balance sheet SPVs (Domestic & Overseas) sponsored– There were no Off Balance sheet SPVs (Domestic & Overseas) sponsored as
at March 31, 2021 (as at March 31, 2020: Nil).
32. Unamortised Pension and Gratuity Liabilities – There were no Unamortised Pension and Gratuity Liabilities as at March 31, 2021 (as at
March 31, 2020: Nil).
33. Disclosures on Remuneration
The Bank’s compensation policies including that of CEO’s, is in conformity with the Financial Stability Board principles and standards.
In accordance with the requirements of RBI Circular No. RBI/2019-20/89 DOR.Appt.BC.No.23/29.67.001/2019-20 dated November 4,
2019; the Regional Office of the Bank has submitted a declaration to RBI confirming the aforesaid matter.
34. Corporate Social Responsibility (CSR) expenditure
The Bank has spent 2% of net profits of the company made during the three immediately preceding financial years as required under
section 135(5) of the Act. There is no unspent amount at the end of the current financial year and previous financial year.
(Rs. ‘000)
Particulars Year Ended Year Ended
March 31, 2021 March 31, 2020
Gross amount required to be spent by the Bank during the year 336,440 280,980
Amount approved by Local Management Team to be spent during the year 336,443 281,068
Amount spent during the year on:
i) Construction / acquisition of any asset - -
ii) any other purpose 336,443 281,068
Amount contributed to related party (as defined as per Accounting standard Nil Nil
18- Related Party Disclosures) in respect of CSR expenditure

The following disclosures are applicable from March 31, 2021, accordingly no previous year comparatives have been provided.

Details of unspent amount Year Ended March

31, 2021
Opening Balance Nil
Amount Deposited in specified fund of Sch VII within 6 months Nil
Amount required to be spent during the year 336,440
Amount Spent during the year 336,443
Closing Balance* Nil
*Amount spent is higher than the required amount to be spent, hence closing balance is reported as Nil
Details of excess amount spent Year Ended March
31, 2021
Opening Balance Nil
Amount required to be spent during the year 336,440
Amount Spent during the year 336,443
Closing Balance* 3
* Bank is not intending to claim excess spent in the subsequent year, hence the same is not carried forward to next financial year
Details of Ongoing project Year Ended March
31, 2021
Opening Balance with Bank Nil
Opening balance in separate CSR unspent Account Nil
Amount required to be spent during the year 336,440
Amount Spent during the year from Bank's Account 336,443
Amount Spent during the year from separate CSR unspent account Nil
Closing Balance with Bank Nil
Closing in separate CSR unspent Account Nil
35. Disclosure relating to securitization
There are no securitization transactions which were originated by the Bank during the year ended March 31, 2021 (Previous Year ended
March 31, 2020: Nil). Hence these disclosures are not applicable.

31
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
36. Disclosures pertaining to Micro and Small Enterprises
Following disclosure is made as per the requirement of The Micro, Small and Medium Enterprises Development Act, 2006.
(Rs. ‘000)
Particulars As at March 31, 2021 As at March 31, 2020
The principal amount remaining unpaid to any supplier 6,365 6,994
The interest due thereon( above principal amount) remaining unpaid to 132
any supplier 156
The amount of interest paid by the buyer in terms of section 16, along with NIL
the amount of the payment made to the supplier beyond the appointed day
for the year ended NIL
The amount of interest due and payable for the period of delay in making NIL
payment (which have been paid but beyond the appointed day during the
year) but without adding the interest specified under this Act; NIL
The amount of interest accrued and remaining unpaid at the end of the year 13 156
The amount of further interest remaining due and payable even in the NIL NIL
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under section 23
37. Credit Default Swaps
The Bank has not transacted in credit default swaps during the year ended March 31, 2021 (Previous year ended March 31, 2020: Nil).
38. Intra Group Exposures: (Rs. ‘000)
Particulars As at As at
March 31, 2021 March 31, 2020
(a) Total amount of intra-group exposures 4,557,341 376,112
(b) Total amount of top-20 intra-group exposures 4,557,341 376,112
(c) Percentage of intra-group exposures to total exposure of the Bank 0.58 % 0.05 %
on borrowers / customers
39. Transfers to Depositor Education and Awareness Fund (DEAF): (Rs. ‘000)
Particulars Year Ended March Year Ended March
31, 2021 31, 2020
Opening balance of amounts transferred to DEAF 314,113 271,182
Add : Amounts transferred to DEAF during the year 50,200 42,931
Less : Amounts reimbursed by DEAF towards claims 3,656 Nil
Closing balance of amounts transferred to DEAF 360,657 314,113
40. Unhedged Foreign Currency Exposure (“UFCE”) of borrowers:
UFCE of the borrowers is an area of risk for the individual entity as well as the entire financial system. Entities who do not hedge
their exposures may incur significant losses due to exchange rate movements, which in turn can reduce their capability to service the
loans taken from banks.
The Bank recognizes the importance of the risk of adverse fluctuation of foreign exchange rates on the profitability and financial position
of borrowers, who are exposed to currency risk. In this regard, the Bank, in line with RBI circular on UFCE dated January 15, 2014 has
put in place requisite procedures for monitoring and mitigation of currency induced credit risk of borrowers. These include the following:
• Details of UFCE sought from the borrower at the time of granting fresh credit facilities.
• Periodic monitoring of un-hedged foreign currency exposures of existing borrowers.
• Incremental provisioning (over and above provision applicable for standard assets) is made in Bank’s Profit and Loss Account, on
borrower counterparties having UFCE, depending on the likely loss / EBID# ratio. Incremental capital is maintained in respect of
borrower counterparties in the highest risk category. These requirements are given below.
Likely Loss/EBID# (%) Incremental provisioning requirement Incremental capital requirement
on total credit exposure over & above
standard asset provisioning
Upto 15% NIL NIL
More than 15% and upto 30% 20 bps NIL
More than 30% and upto 50% 40 bps NIL
More than 50% and upto 75% 60 bps NIL
More than 75% or data unavailable 80 bps 25% increase in the risk weight
#EBID, as defined for purposes of computation of Debt Service Coverage Ratio = Profit After Tax + Depreciation + Interest on debt
+ Lease Rentals, if any.
• In case of borrowers exposed to currency risk where declarations are not submitted, provision for currency induced credit risk and
incremental capital are maintained as per highest risk category,i.e. 80bps and 25% increase in the risk weight respectively.
Provision held for currency induced credit risk as at March 31, 2021 was Rs. 849,452 (‘000) (as at March 31, 2020: Rs. 1,110,739
(‘000)). Incremental Risk weighted assets value considered for the purpose of CRAR calculation in respect of currency induced credit
risk as at March 31, 2021 was Rs. 47,106,338 (‘000) (as at March 31, 2020 : Rs. 58,378,309 (‘000)).

32
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
41. i) Liquidity Coverage Ratio (LCR):
The Bank has been computing its LCR on a daily basis since January 2017 in line with the extant RBI guidelines. The following table
sets forth, the quarterly average of unweighted and weighted values of the LCR of the Bank. The simple average has been computed based
on daily values for the three months ended June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021. (Rs. Crores)
Q1 FY 20-21 Q2 FY 20-21 Q3 FY 20-21 Q4 FY 20-21
Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value
(average) (average) (average) (average) (average) (average) (average) (average)
High Quality Liquid Assets
1 Total High Quality Liquid Assets (HQLA) 26,525 26,525 30,104 30,104 27,084 27,084 29,013 29,013
Cash Outflows
2 Retail deposits and deposits from small 1 - 1 - 1 - 1 -
business customers, of which:
(i) Stable deposits - - - - - - - -
(ii) Less stable deposits 1 - 1 - 1 - 1 -
3 Unsecured wholesale funding, of which: 34,083 14,394 34,021 14,626 30,259 11,935 31,647 12,469
(i) Operational deposits (all counterparties) 10,516 2,628 10,375 2,594 11,225 2,806 12,009 2,998
(ii) Non- operational deposits 23,567 11,766 23,646 12,032 19,035 9,129 19,637 9,471
(all counterparties)
(iii) Unsecured debt - - - - - - - -
4 Secured wholesale funding 678 - 1,640 - 628 - 2 -
5 Additional requirements, of which 3,224 1,965 3,006 1,737 2,951 1,675 3,565 2,338
(i) Outflows related to derivative exposures 1,668 1,668 1,434 1,434 1,391 1,391 2,026 2,026
and other collateral requirements
(ii) Outflows related to loss of funding on - - - - - - - -
debt products
(iii) Credit and liquidity facilities 1,556 297 1,572 303 1,560 284 1,539 312
6 Other contractual funding obligations 1,320 1,320 945 945 1,018 1,018 896 896
7 Other contingent funding obligations 26,940 1,247 29,280 1,373 30,702 1,440 32,747 1,542
8 Total Cash Outflows 66,245 18,926 68,894 18,681 65,558 16,068 68,858 17,246
Cash Inflows
9 Secured lending (e.g. reverse repos) - - - - - - 183 -
10 Inflows from fully performing exposures 6,623 3,805 5,562 3,172 5,423 3,171 4,990 2,929
11 Other cash inflows 1,519 1,165 1,278 924 1,226 872 1,907 1,545
12 Total Cash Inflows 8,142 4,970 6,840 4,096 6,649 4,043 7,080 4,474
13 TOTAL HQLA 26,525 26,525 30,104 30,104 27,084 27,084 29,013 29,013
14 Total Net Cash Outflows 58,103 13,956 62,053 14,585 58,910 12,025 61,778 12,772
15 Liquidity Coverage Ratio (%) 190.07 206.40 225.23 227.16
Financial Year : 2019-2020
The LCR positions of the Bank based on simple average of month-end values for the three months ended June 30, 2019, September 30,
2019, December 31, 2019 and March 31, 2020.
Q1 FY 19-20 Q2 FY 19-20 Q3 FY 19-20 Q4 FY 19-20
Total Total Total Total Total Total Total Total
Unweight Weighted Unweight Weighted Unweight Weighted Unweight Weighted
ed Value Value ed Value Value ed Value Value ed Value Value
(average) (average) (average) (average) (average) (average) (average) (average)
High Quality Liquid Assets
1 Total High Quality Liquid Assets (HQLA) 14,231 14,231 15,893 15,893 25,064 25,064 29,520 29,520
Cash Outflows
2 Retail deposits and deposits from small 1 - 1 - 1 - 1 -
business customers, of which:
(i) Stable deposits
(ii) Less stable deposits 1 - 1 - 1 - 1 -
3 Unsecured wholesale funding, of which: 27,136 10,958 28,790 11,167 35,607 14,033 39,230 15,601
(i) Operational deposits (all counterparties) 7,717 1,929 9,264 2,315 10,136 2,533 10,554 2,637
(ii) Non- operational deposits 19,419 9,029 19,527 8,852 25,471 11,500 28,676 12,964
(all counterparties)
(iii) Unsecured debt
4 Secured wholesale funding 7,131 - 10,704 - 1,495 - 1,406 -
5 Additional requirements, of which 2,719 1,894 2,636 1,701 1,829 1,140 2,653 1,658
(i) Outflows related to derivative 1,660 1,660 1,460 1,460 933 933 1,407 1,407
exposures and other collateral
requirements
(ii) Outflows related to loss of funding on
debt products
(iii) Credit and liquidity facilities 1,059 233 1,176 242 896 207 1,246 251

33
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021
Q1 FY 19-20 Q2 FY 19-20 Q3 FY 19-20 Q4 FY 19-20
Total Total Total Total Total Total Total Total
Unweight Weighted Unweight Weighted Unweight Weighted Unweight Weighted
ed Value Value ed Value Value ed Value Value ed Value Value
(average) (average) (average) (average) (average) (average) (average) (average)
6 Other contractual funding obligations 710 710 769 769 730 730 1,005 1,005
7 Other contingent funding obligations 21,795 996 22,731 1,049 25,121 1,158 27,515 1,270
8 Total Cash Outflows 59,492 14,557 65,631 14,687 64,784 17,060 71,810 19,533
Cash Inflows
9 Secured lending (e.g. reverse repos) 2,475 - 3,232 - 6,929 - 11,533 -
10 Inflows from fully performing 5,466 5,065 7,539 4,658 7,743 4,912 6,834 4,319
exposures
11 Other cash inflows 791 931 1,305 951 836 482 1,240 898
12 Total Cash Inflows 8,732 5,995 12,076 5,609 15,509 5,395 19,608 5,217
13 TOTAL HQLA 14,231 14,231 15,893 15,893 25,064 25,064 29,520 29,520
14 Total Net Cash Outflows 50,760 8,562 53,555 9,078 49,274 11,665 52,202 14,316
15 Liquidity Coverage Ratio (%) 166.21 175.07 214.85 206.20

41. ii) Qualitative disclosure around LCR :

The Bank measures and monitors the LCR in line with RBI’s guidelines on “BASEL III Framework on Liquidity Standards – Liquidity
Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards” dated June 09, 2014 as amended by “Prudential
Guidelines on Capital adequacy and Liquidity Standards” dated March 31, 2015 along with the amendments issued by RBI.
The LCR guidelines aim at measuring and promoting short term resilience of banks to potential liquidity disruptions, by ensuring that banks
maintain an adequate level of unencumbered High Quality Liquid Assets (HQLAs) to meet net cash outflows over next 30 days in a severe
liquidity stress scenario.
In order to accommodate the burden on bank’s cash flow on account of COVID 19 pandemic, the minimum LCR requirement was reduced
from 100% to 80 % from April 17, 2020 to September 30, 2020 and then to 90% from October 01, 2020 till March 31, 2021. The Bank has
incorporated LCR as part of its risk appetite metric and has maintained LCR above the regulatory threshold on a daily basis for FY2020-21.
The Bank has been maintaining HQLA in the form of excess CRR balance and SLR investments over and above mandatory requirement apart
from regulatory dispensation allowed in the form of borrowing limit available through Marginal Standing Facility (MSF) and Facility to Avail
Liquidity for Liquidity Coverage Ratio (FALLCR). The Bank’s HQLA consists mostly of Level 1 assets which are the most liquid assets
as indicated by RBI. The main drivers of the LCR computation consist of outflows from eligible deposits and inflows from eligible advances,
computed on the basis of run-off rates prescribed by RBI.
The Bank’s Asset Liability Committee (ALCO) is the primary governing body for the oversight of the Bank’s liquidity risk management,
while the day-to-day management of liquidity risk is the responsibility of Corporate Treasury.
42. Other expenditure in ‘Schedule 16 – Operating Expenses’ includes Head office administration Expenditure of Rs. 505,029 (‘000) for the year
ended March 31, 2021(Previous year ended March 31, 2020 :Rs. 433,149 (‘000)) and expenses for Information Technology Support Services
amounting to Rs. 493,204 (‘000) for the year ended March 31, 2021 (Previous Year ended March 31, 2020 : Rs. 637,861 (‘000)) attributable
to the Banks Operations in India.
43. Miscellaneous Income includes service fee income of Rs. 870,695 (‘000) for the year ended March 31, 2021 (Previous year ended March 31,
2020: Rs. 957,907 (‘000)) from overseas branches and affiliates accounted as per contractual terms.
44. Outstanding commitments as of March 31, 2021 relating to securities purchase and sale contracts stood at Rs. 17,233,408 (‘000) &
Rs. 19,871,751 (‘000) respectively (as at March 31, 2020: Rs. 37,730,932 (‘000) and Rs. 28,796,986 (‘000) respectively).
45. The disclosures required on holdings as well as dealing in Specified bank notes during the period from 8 November 2016 to 30 December 2016
as envisaged in notification G.S.R. 308(E) dated 30 March 2017 issued by the Ministry of Corporate Affairs is not applicable to the Bank.

Signatures to schedules 1 to 18

As per our report of even date

For B S R & Co. LLP For BANK OF AMERICA, N.A. (INDIA BRANCHES)
Chartered Accountants
Firm Registration Number: 101248W/W-100022

Sd/- Sd/- Sd/-

Sameer Mota Kaku Nakhate Viral Damania
Partner Chief Executive Officer Chief Financial Officer
Membership Number: 109928
Place: Mumbai:
Date: June 29, 2021

34
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Table DF-1: Scope of Application
Name of the entity to which the framework applies: Bank of America N.A. (India branches)
The Basel III Pillar 3 disclosures contained herein relate to Bank of America, N.A. – India Branches (hereafter referred to as the “the Bank” or
“BANA India”) for the period ended March 31, 2021. Bank of America Corporation (“BAC” or “the Company”) has a subsidiary, Bank of America,
N.A. (“BANA U.S.”) into which BANA India is consolidated. The Pillar 3 disclosures are compliant with Reserve Bank of India (the “RBI”) Master
circular DBOD. No. BP.BC. 1/21.06.201/2015-16 dated July 1, 2015 on BASEL III Capital Regulations along with Master circular DBOD. No.
BP.BC. 5/21.06.001/2014-15 dated July 1, 2014 on Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy
Framework.
RBI has implemented Basel III capital regulations effective April 1, 2013 with transitional arrangements as below:
BASEL III Capital Regulations (Updated with revised timelines as specified by RBI)
Considering the potential stress on account of COVID-19, RBI has decided to defer the implementation of the last tranche of 0.625% of the CCB
from 31 March 2020 to 30 September 2020. In view of the continuing stress on account of COVID-19, RBI has decided to defer the implementation
of the last tranche of 0.625 per cent of the Capital Conservation Buffer (CCB) from September 30, 2020 to April 1, 2021. This has further been
extended to October 01, 2021.
(% of RWAs)
Minimum capital ratios March 31, March 31, March 31, March 31,
2021 2022 2023 2024
Minimum Common Equity Tier 1 (CET1) A 5.500 5.500 5.500 5.500
Capital conservation buffer (CCB) B 1.875 2.500 2.500 2.500
Global Systemically Important Banks buffer (GSIB)(^) C 2.500 2.500 2.500 2.500
Minimum Tier 1 capital D 7.000 7.000 7.000 7.000
Minimum Total Capital (*) E 9.000 9.000 9.000 9.000
Minimum Regulatory Capital Requirement F=E+B+C 13.375 14.000 14.000 14.000
^ GSIB percentage as applicable currently for Bank of America (prescribed by Federal Reserve Board)
*The difference between the minimum total capital requirement of 9% and Tier I requirement can be met with Tier 2 and higher forms of capital.
Under BASEL III norms - transitional arrangements, the bank is currently required to maintain a minimum total capital to risk weighted assets
ratio (“CRAR”) of 13.375% (including CCB and G SIB requirement) and a minimum Common Equity Tier 1 CRAR of 5.5% and minimum Tier
1 CRAR of 7.0%.
I. Qualitative disclosures:
The provisions of Accounting Standard (“AS”) 21 - Consolidated Financial statements, AS 23 Accounting for Investments in Associates in
Consolidated Financial statements & AS 27 - Financial Reporting of Interest in Joint Ventures, issued by The Institute of Chartered Accountants of
India (“ICAI”) and notified by the Companies (Accounting Standards) Rules 2006 do not apply to the Bank. BANA India has not invested its capital
in any of the entities operating in India and owned by BAC. Further, the Bank does not have any interest in insurance entities. Hence the qualitative
disclosures are only made for BANA India as a standalone entity.
a. List of group entities considered for consolidation
Name of the Whether Explain the Whether Explain the Explain the Explain the
entity / Country the entity is method of the entity is method of reasons for reasons if
of incorporation included under consolidation included under consolidation difference in consolidated
accounting scope regulatory scope the method of under only one
of consolidation of consolidation consolidation of the scopes of
(yes / no) (yes / no) consolidation
Not Applicable
b. List of group entities not considered for consolidation both under the accounting and regulatory scope of consolidation
Name of the entity Principle Total balance sheet % of bank’s Regulatory treatment of Total balance sheet
/ Country of activity of equity (as stated in holding in bank’s investments in assets (as stated in the
incorporation the entity the accounting balance the total the capital instruments accounting balance
sheet of the legal equity of the entity sheet of the legal
entity) INR Million* entity) INR Million
BofA Securities India Securities 26,472 NIL Not Applicable 67,356
Limited (formerly Broker/Dealer
DSP Merrill Lynch and Merchant
Limited) / India * Banker
* Amounts are as per last audited financial statements (F.Y. ending March 31, 2020)
II. Quantitative disclosures
c. List of group entities considered for consolidation
Name of the entity / Principle activity Total balance sheet Total balance sheet
country of incorporation of the entity equity (as stated in the assets (as stated in the
(as indicated in (i)a. accounting balance sheet accounting balance sheet
above) of the legal entity) of the legal entity)
Not Applicable

35
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

d. 
The aggregate amount of capital deficiencies in all subsidiaries which are not included in the regulatory scope of consolidation i.e.
that are deducted:
Name of the Principle activity of Total balance sheet % of bank’s holding Capital deficiencies
subsidiaries / country the entity equity (as stated in the total equity
of incorporation in the accounting
balance sheet of the
legal entity)
Not Applicable

e. The aggregate amounts (e.g. current book value) of the bank’s total interests in insurance entities, which are risk-weighted:
Name of the Principle activity of Total balance sheet % of bank’s holding Quantitative impact
insurance entities the entity equity (as stated in the total equity / on regulatory
/ country of in the accounting proportion of voting capital of using risk
incorporation balance sheet of the power weighting method
legal entity) versus using the full
deduction method
Not Applicable

f. Any restrictions or impediments on transfer of funds or regulatory capital within the banking group: Disclosures for BANA India
are given as a standalone entity and therefore this disclosure requirement is not applicable.

Table DF-2: Capital Adequacy

I. Qualitative disclosures
The Bank is required to comply with all applicable laws and regulations in India including guidelines issued by RBI and other relevant
regulatory bodies.
The Internal Capital Adequacy Assessment Process (“ICAAP”) document assesses the capital adequacy for the Bank and details the process by which
this assessment is made based on a reference date and looking forward, over a three-year planning horizon (“ICAAP Planning Horizon”).
ICAAP establishes a framework for banks to perform a comprehensive assessment of the risks they face and relate capital to those risks. The capital
analysis performed by the Bank is expected to encompass all risks, not just the risks captured by the Basel III Pillar 1 minimum regulatory capital
calculation. Successful risk identification and measurement requires having a comprehensive process to quantify measure and aggregate these various
risks in order to ensure that the Bank’s capital resources are sufficient to cushion volatility in earnings due to unexpected losses.
The authority to develop the ICAAP document is delegated to the Finance department. The Bank’s Chief Financial Officer (“CFO”) is
responsible for the production of ICAAP with inputs from Front Line Units (“Businesses” or “Business”), Independent Risk Management and
Control Functions. Enterprise-wide functions, including Global Markets and Financial Risk (“GMFR”) and Enterprise Capital Management
(“ECM”) also review the ICAAP to ensure adequate challenge and consistency with Enterprise practices.
The Bank has established an Internal Capital Guideline (“IGL”) and maintains capital levels in excess of this guideline. Bank has set up a
“Tripwire” above the IGL to serve as an early warning signal to prompt action and avoid a capital breach.
The ICAAP document is presented to the Asset Liability Committee (“ALCO”) and the Local Management Team (“LMT”) for final review
and approval on an annual basis. The ICAAP is also validated by Corporate Audit periodically, as required under RBI guidelines.
ICAAP is an integral management tool for determining the adequacy of the Bank’s capital resources throughout the ICAAP planning horizon.
It is also utilized to assess the risks being faced by the Bank and assess the adequacy of BANA India’s capital under Baseline as well as Stress
Scenarios over the ICAAP Planning Horizon. The ALCO and the LMT are responsible for acting at an early stage to prevent capital from
falling below the minimum levels required to support risk characteristics.
Capital Requirements for Pillar 1 risks (i.e. Credit Risk, Market Risk and Operational Risk)
The Bank has adopted Standardized Approach (“SA”) for credit risk, Standardized Duration Approach (“SDA”) for market risk and Basic
Indicator Approach (“BIA”) for operational risk for computing its capital requirement.
Under the SA for credit risk, the Bank relies upon the ratings issued by the external credit rating agencies specified by the RBI for assigning
risk weights for capital adequacy purposes under the Basel III guidelines. The risk weights applicable for claims against banks, sovereign,
corporate and other Assets are as per the Basel III guidelines. In compiling the credit exposures, the Bank has not availed any credit risk
mitigation techniques as permitted by the RBI.
Under the SDA for computing the capital requirement for market risk, the Bank has adopted the “duration” method.
The minimum capital requirement for market risk is computed in terms of:
a. “Specific risk” charge for each security, to protect against an adverse movement in the price of an individual security owing to factors
related to the individual issuer.
b. “General market risk” charge towards interest rate risk in the portfolio, where long and short positions in different securities or
instruments can be offset.
Under the BIA, the Bank holds capital for operational risk equal to 15% of average positive gross annual income for the previous three
financial years.

36
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

II. Quantitative disclosures
Capital Structure as on March 31, 2021 INR Million
Common Equity Tier 1 114,693
Additional Tier 1 -
Tier 2 6,622
Total Capital Funds 121,315
Capital Structure as on March 31, 2020 INR Million
Common Equity Tier 1 110,092
Additional Tier 1 -
Tier 2 5,909
Total Capital Funds 116,001
Capital requirement and CRAR INR Million
31-Mar-21 31-Mar-20
Capital requirements for credit risk:    
– Portfolios subject to standardized approach 56,227 62,542
– Securitization exposures - -
Capital requirements for market risk:
Interest rate risk 15,905 18,062
– General market risk - -
– Specific risk
Equity risk - -
– General market risk - -
– Specific risk
Foreign exchange risk (including gold) 1,676 1,396
Capital requirements for operational risk: (Basic indicator approach) 7,130 6,071
Total Capital Requirements 80,938 88,071
Common Equity Tier I capital ratio 18.96% 16.72%
Tier I capital ratio 18.96% 16.72%
Tier II capital ratio 1.09% 0.90%
Total capital ratio 20.05% 17.62%
Risk Exposure and Assessment
Risk management is a disciplined approach to identify, analyse, assess and control unacceptable risk to minimize the volatility of financial
results, drive sustainable earnings and protect the Bank’s brand and reputation. The Bank takes a comprehensive approach to risk management,
integrating it with strategic, capital and financial operating plans. Risk management and capital utilization are integral parts of the strategic
planning process and are considered throughout the process to align the Business strategies with capital considerations. This holistic approach
promotes the risk versus reward analysis needed to make informed strategic and business decisions.
Bank of America’s Risk Framework requires that strong risk management practices are integrated in key strategic, capital and financial
planning processes and in day-to-day business processes, thereby ensuring risks are appropriately considered, evaluated and responded to in
a timely manner. The front line units have primary responsibility for managing risks inherent in their businesses. BAC employs an effective
risk management process, referred to as Identify, Measure, Monitor and Control (IMMC), as part of its daily activities.
Some of the risks that the Bank is exposed to are described below:
• Credit risk is the risk of loss arising from the inability or failure of a borrower or counterparty to meet its obligations. BANA India manages
credit risk to a borrower or counterparty based on its risk profile, which includes assessing repayment sources, underlying collateral, if
any, and the expected effects of the current and forward-looking economic environment on the borrowers or counterparties. Underwriting,
credit management and credit risk limits are proactively reassessed as a borrower’s or counterparty’s risk profile changes
• Market risk is the risk of loss due to changes in the market values of the Bank’s assets and liabilities caused by changing interest rates,
currency exchange rates, and security prices.  Market risk is inherent in the Bank’s operations and arises from both trading and non-
trading positions. Trading exposures represent positions taken in a wide range of financial instruments and markets which expose the
Bank to various risks, such as interest rate risk, foreign exchange risk, etc. The Bank manages these risks by using trading strategies
and other hedging actions which encompass a variety of financial instruments in both the cash and derivatives markets. Key market risk
exposures are assessed at both specific and aggregate levels. At the specific level, market risk sensitivities are assessed by evaluating
the impact of individual risk factors such as interest rates and foreign exchange. At the aggregate level, market risk is assessed using
two key measures, which are Value-at-Risk (“VaR”) and Bi-Weekly Maximum Observed Loss (“MoL”).
• Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external
events. BANA India manages the operational risks of its business activities using the enterprise-wide Operational Risk Framework. 
Enterprise Operational Risk policies, processes, tools, and standards are implemented by the Businesses/ECFs with Oversight from
the Independent Business/ECF Risk Teams (Regional Function). Each have a quality assurance role and through direct action or
Oversight, these stakeholders are collectively responsible for execution of the Operational Risk Program requirements, achievement of
risk management objectives, and ensuring timely action is taken in response to concerns and issues.
• Strategic risk is the risk resulting from incorrect assumptions about external or internal factors, inappropriate business plans (e.g., too
aggressive, wrong focus, ambiguous); ineffective business strategy execution; or failure to respond in a timely manner to changes in the
regulatory, macroeconomic or competitive environments in the geographic locations in which we operate (such as competitor actions,
changing customer preferences, product obsolescence and technology developments).

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 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

• Liquidity risk is the inability to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses
and customers under a range of economic conditions. The primary objective of liquidity risk management is to ensure that BANA India
can meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers with the
appropriate funding sources, under a range of economic conditions.
• Reputational risk is the risk that negative perceptions regarding BANA India’s conduct or business practices may adversely impact its
profitability or operations. Reputational risk may result from many of the bank’s activities, including those related to the management
of strategic, operational, compliance and credit risks. As a result, the potential impact to the bank’s reputation of all our activities and
all risks we face is evaluated. Reputational risk may arise from negative perception on the part of key stakeholders (e.g., customers,
counterparties, investors, regulators, rating agencies), scrutiny from external parties (e.g., politicians, consumer groups, media
organizations) and the ongoing threat of litigation. These reputational risk events could adversely impact the bank’s financial standing
through an inability to maintain or establish business relationships.
• Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the Bank arising from
the failure of the Bank to comply with the requirements of applicable laws, rules, regulations, related self-regulatory organizations’
standards and codes of conduct. Bank of America is committed to complying with applicable laws, rules and regulations governing the
processes and activities of our front line units and control functions in the jurisdictions in which we operate. Bank of America has no
appetite for accepting compliance risk.
• Interest Rate Risk in Banking Book (IRRBB) refers to the potential adverse financial impact on the Bank’s net interest income from
changes in interest rates. Due to the fundamental nature of its business, the Bank carries various interest sensitive assets and liabilities
in its balance sheet. This exposes the Bank to risk on from changes in interest rates. These assets and liabilities essentially reside in the
banking book. In other words, IRRBB refers to the risk associated with interest rate sensitive instruments that are not held in the trading
book of the Bank. Interest rate risk in the trading book is covered in the market risk section.
• Credit concentration risk arises due to imperfect diversification of credit exposures in two ways. One, by having very large exposures
to a small set of obligors due to which, default by a big customer could result in a huge loss. This is known as name (single/group)
concentration risk. Second type of concentration is due to excessive exposure to a particular industry sector. It is observed that defaults
in a particular industry sector are generally correlated. Hence, if an industry is under a severe recession, it could result in multiple
defaults leading to huge losses.
• Other Risks
- Securitization Risk
The Bank, as of March 31, 2021, does not have any such investments. The bank has also not securitized any of its assets.
- Settlement Risk arises out of exposures on counterparties during the settlement of a deal when the Bank has performed its
obligation in the contract and the counterparty is yet to perform its part (either delivery or payment). It is of transient nature; and
may arise from counterparty default, operational problems, market liquidity constraints and other factors.
- Pension obligation risk is the risk of a shortfall of pension funds available in the future to meet pension obligations for its eligible
employees. The Bank provides for its pension liability which is a defined contribution scheme, for all its eligible employees.
- Model Risk is the potential for adverse consequences from decisions based on incorrect or misused model output and reports.
The Enterprise Model Risk Policy (“EMRP”) provides comprehensive guidance for understanding monitoring, and managing
model risk at Bank of America. The EMRP is consistent with applicable rules and regulations, and establishes a framework of
corporate responsibilities and standards for effectively managing model risk across the enterprise.
- Risk of Under-estimation of Credit Risk under the Standardized Approach
The use of standardized approach for calculating the Pillar 1 capital requirement in respect of credit risk is a conservative
approach given the portfolio primarily consists of corporate customers with strong credit profiles and the credit risk in the
portfolio is well managed by the credit risk management processes in place.
Risk Governance
BANA India has the following senior management level local committees or groups for risk governance.
Local Management Team (“LMT”)
The LMT is chaired by the Country Executive Officer of the Bank. It is the primary body which provides strategic direction to the Bank and
ensures compliance with regulatory requirements and the internal policies of the Bank. It is responsible for branch governance and oversight
of branch operations. It is also responsible for reviewing and approving new business and products. It reviews the country performance with
respect to strategic objectives. The LMT holds meetings six times in a financial year or more frequently if required. The LMT reviews and
approves the ICAAP on an annual basis or upon any revision in the interim.
Asset Liability Committee (“ALCO”)
The ALCO is chaired by the Country Executive Officer of the Bank. It provides management oversight of the branch’s balance sheet,
capital, liquidity management and stress testing activities, consistent with the Bank’s overall risk appetite for balance sheet, capital, liquidity
management and stress testing. It also provides review and, as appropriate, approval of the branch-specific policies, processes and contingency
funding plans, as requested by the Committee or required by regulation. The ALCO holds meetings four times in a financial year or more
frequently if required. The ALCO reviews and approves the ICAAP on an annual basis or upon any revision in the interim.
Risk Management Committee (“RMC”)
RMC is independently chaired by the Chief Risk Officer. RMC serves as an oversight body to provide strategic direction for a progressive risk
management system and policies & strategy to be followed to mitigate the risks associated with the business. RMC comprises senior management
of the Bank and representatives from front line units and relevant control & support functions. RMC meets at least on a quarterly basis.
Customer Service Committee (“CSC”)
Customer Service Committee (‘CSC’) is responsible for activities relating to customer service and client services issues. CSC meets four
times in a year. The committee is chaired by Head - Banking Operations.
Audit Council
The Audit Council assists LMT in exercising oversight of the effectiveness of the Bank’s system of internal controls and policies and procedures for
managing and accessing risk, integrity of the financial statements of the Bank, and compliance by the Bank with legal and regulatory requirements.

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 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

The Council also provides direct oversight over the audit function. The Audit Council meets at least four times in a year.
The Audit council is mainly responsible for:
• Providing direction and overseeing the operation of the audit function in the Bank,
• Obtaining and reviewing half-yearly reports from the Compliance Officer, and
• Following up on issues raised in LFAR and discussing the financial statements
• Follow up on all the issues/concerns raised in the inspection reports of RBI
Technology Steering Committee (“TSC”)
The TSC is chaired by the Chief Information Officer (“CIO”). The Technology Steering Committee (TSC) oversees projects in partnership
with the Regional / Global Technology and other Functional teams across the Bank including common infrastructure or other projects cutting
across businesses or support groups. The TSC conducts meetings at least once every quarter or more frequently if required.
The TSC is mainly responsible for:
• To assist the Executive Management in implementing Information technology (“IT”) Strategy that has been approved by the by global/
regional and local management forums,
• Setting project priorities, assessing strategic fit for Information Technology (‘IT’) proposals and reviewing critical project status and
milestones,
• Monitoring IT Governance, project risk, technology operational risks and control processes
• Providing regular updates to the India LMT on significant Technology matter
Returns Governance Group (“RGG”)
Returns Governance Group (RGG) was formed based on guidance by RBI in ‘Approach Paper on Automated Data Flow from Banks’ and
guidance on Supervisory Program for Assessment of Risk and Capital (SPARC). RGG is the governance body responsible for providing
oversight to all regulatory submissions, including Risk Based Supervision. RGG, as required by RBI comprise of representatives from
Compliance, Business, Technology, etc. and perform the following roles.
• Act as the owner of all the layers indicated in the end state from the process perspective and in the context of automated submission
systems, ensure governance around Data Acquisition, Data conversion and Data submission.
• Provide oversight and guidance to Technology Steering Committee, which is currently managing the automation of regulatory reports, etc.
• Review and escalation point for Technology Steering Committee for handling change request for any new requirement by Reserve
Bank and also handling ad-hoc queries.
• Ensuring governance that the metadata is as per the regulatory definitions.
Table DF-3: Credit Risk: General Disclosures
I. Qualitative disclosures
Robust risk management policies and procedures are laid out in the Global Banking and Markets Core policy. It is supplemented by the
Credit Compliance Manual. Written policies, procedures, standards, and guidelines are updated on a regular basis to provide a clear direction
to officers for meeting the requirements for which they are accountable. Approval authority is vested via an Approval Grid which takes into
account the quantum, internal risk rating and nature of exposure and the position/experience of the approver.
The Bank manages credit risk based on the risk profile of the borrower or counterparty, repayment sources, the nature of underlying collateral,
and other support given current events, conditions and expectations. Credit risk management begins with an assessment of the credit risk profile
of the borrower or counterparty based on an analysis of their financial position. As part of the overall credit risk assessment of a borrower or
counterparty, credit exposures are assigned a risk rating and are subject to approval based on defined credit approval standards. High Value
Proposals are subject to approvals by Credit Approval Council (“CAC”). Subsequent to loan origination, risk ratings are monitored on an
ongoing basis. If necessary, risk ratings are adjusted to reflect changes in the financial condition and cash flow of a borrower or counterparty.
BANA India follows the policy of internal rating on a scale of Risk Rating (“RR”) 1-11, and the RR is regularly monitored. Exposures with
RR of 8 or worse (criticized assets) are subject to additional scrutiny and monitoring.
Unhedged Foreign Currency Exposure (“UFCE”) of the borrower is an area of risk for the individual entity as well as for the entire financial
system; as entities who do not hedge their exposure may incur significant losses due to exchange rate movements, which in turn can reduce
their capability to service the loans taken from the banks. In line with the RBI circular dated January 15, 2014, BANA India has put in place
a process to ascertain the amount of UFCE, estimate the extent of likely loss and riskiness due to UFCE, and provide for incremental capital
& make incremental provision, as warranted.
In order to address concentration risk in banking industry the RBI has issued ‘Guidelines of Enhancing Credit Supply’ requiring banks to
create additional provision and also apply additional risk weights on specified borrowers effective April 01, 2018. BANA India has put in
place a process to ensure compliance with requirements of the said guidelines/directions.
As per RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020, April 17, 2020 and May 23, 2020, all commercial
banks were permitted to grant a moratorium of three months on payment of all instalments falling due between March 1, 2020 and May
31, 2020 (further extended by three months till August 31, 2020). The Bank has laid down LMT approved policy on April 6, 2020 for any
borrower who wants to avail deferment period for a Term Loan / Overdraft facility.
Impact of RBI Regulations on Bilateral Netting
RBI has issued a circular on March 30, 2021 allowing usage of bilateral netting of Qualified Financial Contracts (QFC) to mitigate risk
subject to there being an effective bilateral netting agreement in place as specified in Annex 20 (Part B) of the Basel III Capital Regulations.
This was issued on the back of the ‘The Bilateral Netting of Qualified Financial Contracts Act, 2020 which provides a legal framework for
enforceability of bilateral netting of such contracts.
The regulations are currently being assessed to identify exposures which basis the legal documentation could qualify as per RBI guidelines
and can be considered for risk mitigation by applying netting treatment.
Definitions
• Overdue: Any amount due to Bank under any credit facility is ‘overdue’ if it is not paid by the due date.
Norms for determining when to classify various types of assets as non-performing
• Term loans are treated as non-performing if the interest and/or installments of principal remain overdue for a period of more than 90 days.
• Cash credits & overdrafts are treated as non-performing if the accounts remain out of order for a period of more than 90 days.

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 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

• An account will be treated “out of order” if the outstanding balance remains continuously in excess of the sanctioned limit/drawing power.
In case where the outstanding balance is less than the sanctioned limit/drawing power, but there are no credits continuously for 90 days as on
balance-sheet date or credits are not enough to cover the interest debited during the same period, these accounts will be treated as out of order.
• Bills purchased/discounted are treated as non-performing if the bill remains overdue and unpaid for a period of more than 90 days.
• Any overdue receivables representing positive mark-to-market value of a foreign exchange and interest rate derivative contracts will
be treated as non-performing asset if these remain unpaid for 90 days or more, upon becoming due
• Any other facility will be treated as non-performing if any amount to be received remains overdue for a period of more than 90 days
during the financial year
II. Quantitative disclosures
a. Total Gross credit exposures
INR Million 31-Mar-21 31-Mar-20
Fund Based 406,745 413,650
Non-Fund Based1 138,257 165,714
b. Geographic distribution
INR Million 31-Mar-21 31-Mar-20
Domestic Overseas2 Domestic Overseas2
Fund Based 406,745 - 413,650 -
Non-Fund Based1 138,257 - 165,714 -
1
Includes market as well as non-market related exposures
2
As per the clarification given in the guidelines for Pillar 3 disclosures, definition of Overseas and Domestic should be as adopted for segment
reporting in compliance with Accounting Standard- 17 issued by ICAI. As the Bank does not have any overseas operations, all exposures are
reported under domestic exposures.
c. Distribution of Exposures by sector / industry INR Million
Sr.no Particulars 31-Mar-21 31-Mar-20
Funded Non Funded Funded Non Funded
Exposure Exposure* Exposure Exposure*
I Agriculture & Allied Activities
Agri - Direct - - - -
Agri - Indirect - 20 75 20
I. Total - 20 75 20
II Industry (Micro & Small, Medium and Large)
1 Construction 3,865 1,974 4,025 1,223
2 Gems & Jewellery - - - -
3 Cement & Cement products - - - -
4 Infrastructure 14,131 3,523 35,649 3,124
5 Textiles - 503 1 502
6 Basic metal and metal products 1,949 1,021 8,940 3,849
7 Mining and Quarrying 125 10 128 11
8 All Engineering 13,417 8,723 15,324 10,575
9 Chemicals and chemical products 39,656 2,289 37,434 2,241
10 Petroleum, coal products and nuclear fuels 10,428 6,208 11,651 4,332
11 Vehicles, vehicle parts and transport equipments 15,736 3,314 13,943 1,978
12 Beverage & Tobacco 7,903 396 9,240 353
13 Food Processing 6,635 740 5,824 56
14 Other Industries 319 87 389 100
15 Paper & paper products 49 86 633 91
16 Rubber, plastic & their products 1,555 188 2,395 73
17 Leather & leather products - - - -
18 Wood and Wood products - - - -
19 Glass and glassware - - - -
II. Total 115,768 29,062 145,577 28,509
III Services
1 Aviation - 558 - 651
2 Shipping - - - -
3 Commercial Real Estate - - - -
4 Banks 7,981 74,424 10,729 100,561
5 Non-banking financial companies (NBFCs) 23,244 6,192 49,192 6,307
6 Computer Software 20,469 13,724 8,754 10,997
7 Trade 13,219 2,507 13,046 2,099
8 Other Services 217,562 9,189 172,727 13,257
9 Professional & Other Services 4,678 2,337 6,592 2,216
10 Transport Operators 3,822 209 6,867 965
11 Tourism & Hotels & Restaurants 2 35 90 131
III. Total 290,977 109,175 267,998 137,184
Grand Total 406,745 138,257 413,575 165,694
* Includes market as well as non-market related exposures
Note: Previous year figures have been regrouped and reclassified wherever necessary to confirm to current year’s presentation

40
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

d. Residual contractual maturity pattern for assets.
As of March 31, 2021
INR Million
Particulars Cash Advances Balance with Balances with Fixed Assets Investments Other Assets
RBI other Banks
Next Day 44 1,305 2,532 75,483 - 127,388 849
2 - 7 days - 13,310 - 38,963 - - 1
8-14 days - 6,909 - - - 3,655 0
15-30 days - 23,765 3,728 - - 22,050 -
31 days to 2 month - 24,629 741 - - 8,778 -
2-3 months - 22,388 2,178 - - 13,333 79,826
3-6 months - 50,780 419 - - 12,829 4,377
6 months to 1 year - 17,958 543 - - 2,412 -
1-3 years - 19,530 5,868 - - 39,522 -
3-5 years - 1,288 1 - - 5 -
5-7 years - - 0 - - 0 -
7-10 years - - 1 - - 1,311 -
10-15 years - - 0 - - 0 -
Over 15 years - - - - 1,005 - 4,021
TOTAL 44 181,860 16,011 114,446 1,005 231,283 89,075
As of March 31, 2020 INR Million
Particulars Cash Advances Balance with Balances with Fixed Assets Investments Other Assets
RBI other Banks
Next Day 41 3,879 1,223 103,042 - 143,734 856
2 - 7 days - 14,698 - - - 31,686 3
8-14 days - 12,348 - 1,879 - - 6
15-30 days - 43,093 4,813 - - 25,617 -
31 days to 2 month - 27,937 1,537 - - 8,182 -
2-3 months - 22,948 1,192 - - 6,344 103,116
3-6 months - 49,716 416 - - 2,211 4,568
6 months to 1 year - 18,172 426 - - 2,269 -
1-3 years - 39,731 3,920 - - 36,522 -
3-5 years - 3,369 2 - - - -
5-7 years - - 0 - - 0 -
7-10 years - - 1 - - - -
10-15 years - - 0 - - 0 -
Over 15 years - - - - 1,131 - 5,554
TOTAL 41 235,891 13,530 104,921 1,131 256,565 114,103
e. Amount of NPAs (Gross) – Nil (March 31, 2020 – Nil)
f. Net NPAs –Nil (March 31, 2020 – Nil)
g. NPA Ratios
– Gross NPA to Gross Advances – Nil (March 31, 2020 – Nil)
– Net NPA to Net Advances –Nil (March 31, 2020 – Nil)
h. Movement of NPAs (Gross)
INR Million 31-Mar-21 31-Mar-20
Opening balance - -
Additions during the year 0.82 2.24
Reductions during the period 0.82 2.24
Closing balance - -

i. Movement of provision for NPAs

INR Million 31-Mar-21 31-Mar-20
Opening balance - -
Provisions made during the year 0.21 0.56
Write-off - -
Write-back of excess provisions 0.21 0.56
Closing balance - -
k. Non-Performing Investments: Nil (March 31, 2020 – Nil)
l. Provisions for Non-Performing Investments – Nil (March 31, 2020 – Nil)

41
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

m. Movement of provision for Depreciation on Investments
INR Million 31-Mar-21 31-Mar-20
Opening balance 265 -
Provisions made during the year 1,301 265
Write-off - -
Write-back of excess provisions - -
Closing balance 1,566 265
Table DF-4 - Credit Risk: Disclosures for Portfolios Subject to the Standardised Approach
I. Qualitative disclosures
The Bank adopts the following basis for assignment of risk weights for different categories of counterparties:
a. Scheduled Banks including foreign bank branches in India:
The bank has applied risk weights on exposures to scheduled banks for the purpose of Pillar 1 calculation in line with Basel III
regulations as prescribed by RBI.
b. Foreign Banks:
Ratings for foreign banks have been sourced from websites of Fitch, Moody’s and Standard & Poor’s. The bank has applied risk
weights relevant to the ratings assigned by international credit rating agencies as prescribed by RBI. In case of unrated exposures, bank
has applied risk weights as prescribed by RBI guidelines.
c. Corporates:
Where the obligors have obtained rating of the facility from any of the accredited credit rating agencies viz. Brickwork Ratings
India Pvt. Limited, Credit Analysis & Research Limited (CARE), CRISIL Ratings Limited, ICRA Limited (ICRA), India Ratings and
Research Private Limited (Fitch), SME Rating Agency of India Ltd. (SMERA) as specified by the RBI, the Bank has applied the risk
weights relevant to the ratings assigned by the credit rating agencies. Unrated corporate exposures have been risk weighted at 150%
as per RBI guidelines.
II. Quantitative disclosures
a. Total Gross credit exposures
INR Million 31-Mar-21 31-Mar-20
Fund Based
Below 100% risk weight 279,767 263,883
100% risk weight 3,351 7,102
More than 100% risk weight 123,627 142,665
Deducted - -
Total 406,745 413,650

INR Million 31-Mar-21 31-Mar-20

Non-Fund Based 5
Below 100% risk weight 79,706 109,391
100% risk weight 419 1,694
More than 100% risk weight 58,133 53,629
Deducted - -
Total 138,257 165,714
5
Includes market as well as non-market related exposures.
Table DF-5: Credit Risk Mitigation: Disclosures for Standardized Approaches
I. Qualitative disclosures
In determining credit risk capital, the Bank has not reduced the facility amounts by any corresponding eligible collateral amount in the form
of cash margins.
The risk weighted assets are computed based on the gross outstanding facility amount.
II. Quantitative disclosures
The Bank has not availed Credit Risk Mitigation Techniques (“CMT”) as at March 31, 2021
Table DF-6: Securitization Exposures: Disclosure for Standardized Approach
I. Qualitative disclosures
There are no securitization transactions originated by the Bank.
II. Quantitative disclosures
A. Banking Book
Total amount of exposures securitized by the Bank: Nil (March 31, 2020: Nil)
Amount of assets intended to be securitized within a year: Nil (March 31, 2020: Nil)
Total amount of assets securitized and unrecognized gain or losses on sale: Nil (March 31, 2020: Nil)

42
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Aggregate amount of on-balance sheet and off-balance sheet securitization exposures purchased and break-up by exposure type
INR Million 31-Mar-21 31-Mar-20
Exposure Exposure Exposure Exposure
Type Amount Type Amount
On Balance Sheet - - - -
Off Balance Sheet - - - -
Total - -

Securitization exposures purchased and the associated capital charge by different risk weight bands
INR Million As at 31-Mar-21 As at 31-Mar-2020
Exposure Risk Capital Exposure Risk Capital
Weighted Requirement Weighted Requirement
Assets Assets
Below 100% risk weight - - - - - -
100% risk weight - - - - - -
More than 100% risk weight - - - - - -
Total - - - - - -
Securitization Exposures deducted entirely from Tier 1 capital, credit enhancing Interest Only Strips (I/Os) deducted from total capital, and
other exposures deducted from total capital: Nil (March 31, 2020: Nil)
B. Trading book
• Aggregate amount of exposures securitised by Bank for which bank has retained some exposures and which is subject to
market risk approach: Nil (March 31, 2020: Nil)
• Aggregate amount of on-balance sheet securitisation exposures retained or purchased: Nil (March 31, 2020: Nil)
• Aggregate amount of off-balance sheet securitisation exposures: Nil (March 31, 2020: Nil)
• Aggregate amount of securitization exposures retained or purchased subject to Comprehensive Risk Measure for specific
risk : Nil (March 31, 2020: Nil)
• Aggregate amount of securitization exposures retained or purchased subject to securitization framework for specific risk
broken into different risk weight bands: Nil (March 31, 2020: Nil)
• Aggregate amount of capital requirements for the securitisation exposures subject to securitisation framework: Nil (March
31, 2020: Nil)
• Securitisation Exposures deducted entirely from Tier 1 capital, credit enhancing Interest Only Strips (I/Os) deducted from
total capital, and other exposures deducted from total capital: Nil (March 31, 2020: Nil)

Table DF-7: Market Risk in Trading Book

I. Qualitative disclosures
Market risk is the risk of loss due to changes in the market values of the Bank’s assets and liabilities caused by changing interest rates,
currency exchange rates, and security prices.  Market risk is inherent in the Bank’s operations and arises from both trading and non-trading
positions. Trading exposures represent positions taken in a wide range of financial instruments and markets which expose the Bank to various
risks, such as interest rate risk, foreign exchange risk, etc. The Bank manages these risks by using trading strategies and other hedging actions
which encompass a variety of financial instruments in both the cash and derivatives markets.
Key market risk exposures are assessed at both specific and aggregate levels. At the specific level, market risk sensitivities are assessed by
evaluating the impact of individual risk factors such as interest rates and foreign exchange. At the aggregate level, market risk is assessed
using two key measures, which are Value-at-Risk (“VaR”) and Bi-Weekly Maximum Observed Loss (“MoL”).
VaR is a statistical measure of potential portfolio market value loss resulting from changes in market variables, during a given holding period,
measured at a specified confidence level. The Branch uses historical simulation approach for VaR and it is calculated over a one-day holding
period at a 99% confidence level, using three years of historical data. The performance of VaR model is monitored through daily back-testing
and is performed at both Entity and Line of Business (LoB) level. MOL is the potential market value loss on a portfolio over a 10-day holding
period using historical data with start date anchored to January 1st, 2007.
VaR and MOL are supplemented with stress tests, which are performed to assess extreme tail events or shocks. The stress tests are designed
to highlight exposures to unlikely but plausible events or extremely volatile conditions, both hypothetically and historically.
Market Risk Management Architecture
The market risk function is independent of the front office and monitors all prudential limits governing trading activities and reports
exceptions to senior management.
Market Risk Management Control
Market risk of the Branch is primarily managed through establishing and monitoring limits. Investment policy and FX/derivatives policy of
the Branch (or BANA Mumbai) lists the applicable limits and approval processes.
Market Risk Management utilizes a suite of reports which assess risk on a daily basis. These reports are distributed to Senior Management on
daily basis. Limit excesses, limit changes (temporary, or permanent) are communicated to Senior Management, as well as to relevant forum
such as the LMT, Risk management Committee and the ALCO where applicable.

43
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Market Risk Management Policies and Procedures
Market risk of the Branch is primarily managed through establishing and monitoring limits. Investment policy and FX/derivatives policy of
the Branch (or BANA Mumbai) lists the applicable limits and approval processes.
Market Risk Management utilizes a suite of reports which assess risk on a daily basis. These reports are distributed to Senior Management on
daily basis. Limit excesses, limit changes (temporary, or permanent) are communicated to Senior Management, as well as to relevant forum
such as the LMT, Risk management Committee and the ALCO where applicable.
The market risk capital requirement is expressed in terms of two separately calculated charges:
• General market risk charge from the interest rate risk in the portfolio in different securities or instruments.
• Specific risk charge for each security, which is designed to protect against an adverse movement in the price of an individual
security owing to factors related to the individual issuer.
For regulatory capital, the requirements for general market risk are designed to capture the risk of loss arising from changes in market
prices and interest rates. The capital charge is the sum of four components:
• the net short or long position in the whole trading book.
• a small proportion of the matched positions in each time-band - vertical disallowance.
• a larger proportion of the matched positions across different time bands - horizontal disallowance.
• a net charge for positions in options.
The general market risk charge is measured by using the modified duration method. Foreign exchange open positions are considered
at higher of limit or actual.
II. Quantitative disclosures
INR Million 31-Mar-21 31-Mar-20
Capital requirements for:
Interest rate risk
- general market risk 15,905 18,062
- specific risk - -
Equity position risk - -
- general market risk - -
- specific risk - -
Foreign exchange risk 1,676 1,396
Total 17,581 19,458

Table DF-8: Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
Operational Risk Events: inadequate or failed internal processes, people, systems and external events may result in unexpected or undesired
consequences including a financial loss, an unexpected gain, a near miss and/or an opportunity cost (lost future revenue). The events associated with
these unintended and/or undesired consequences are termed as operational risk events.
Operational Loss: an operational loss is the recorded financial consequence (excluding insurance reimbursements or tax effects) resulting from
an operational loss event, including all expenses associated with an operational loss event except for opportunity costs, foregone revenue, and
costs related to risk management and control enhancements implemented to prevent future operational losses. Operational loss events can also
result in unintended financial gains. BAC classifies operational losses using the Basel II categories and definitions: Internal Fraud; External Fraud;
Employment Practices and Workplace Safety; Clients, Products, and Business Practices; Damage to Physical Assets; Business Disruption and
System Failures; and Execution, Delivery, and Process Management.
BANA India manages the operational risks of its business activities using the enterprise-wide Operational Risk Framework.  Enterprise Operational
Risk policies, processes, tools, and standards are implemented by the Businesses/ECFs with Oversight from the Independent Business/ECF
Risk Teams (Regional Function). Each have a quality assurance role and through direct action or Oversight, these stakeholders are collectively
responsible for execution of the Operational Risk Program requirements, achievement of risk management objectives, and ensuring timely action
is taken in response to concerns and issues.
Governance of Operational Risk
Operational risk is managed by all employees as part of our day-to-day activities. Front line units and control functions own operational risk and are
responsible for monitoring, assessing and testing the effectiveness of controls, while continuing to identify, escalate, debate and report operational
risks. Front line units / control functions may have business Oversight or control teams that support business leaders in the implementation of the
program.
The Operational Risk management function at Bank of America (BAC) is independent of front line unit / control function, and is responsible for
designing the program and overseeing its implementation and execution in accordance with the Policy and its supporting Standards. Operational
Risk Teams are also responsible for objectively assessing, challenging and advising the front line units / control functions on operational risk;
Risk Management Process
BAC’s Operational Risk Management Program has been built around ten interrelated requirements that are set out in the Operational Risk
Management - Enterprise Policy, which also specifies the responsibilities and accountabilities of the first and second lines of defense. These
requirements work together to drive a comprehensive risk-based approach for the proactive identification, management, mitigation and escalation
of operational risks throughout the Company. These ten core requirements are:
1. Operational Risk Appetite.
2. Key Risk Indicators (KRIs)
3. Risk and Control Self-Assessment (RCSA)
4. Scenario Analysis

44
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

5. Internal Operational Loss Event Data (ILD)
6. External Operational Loss Event Data (ELD)
7. Quality Assurance (QA) Program
8. Operational Risk Coverage Plans
9. Operational Risk Reporting and Escalation
10. Operational Risk Capital Model Oversight
Certain elements of BAC’s operational risk program may only be performed at global level and/or at regional level.
People risk assessment:
Considering the business profile and activities of the bank, the risk that business objectives will not be met due to human resource deficiencies is
considered low. The bank has a strong focus on talent acquisition and succession planning as also on ensuring effective backups, which mitigates
the impact on business due to changes in key positions. The annualized turnover rate is ~5% and the capacity utilization (# Open positions/Total
headcount) is tracking at less than 4%, which indicates a good level of stability and very limited bandwidth constraints. The number of conduct
risk violations have been low and there has not been any history of internal frauds within the bank. There is a thrust on training and development
which also ensures staff awareness and understanding on key policies, laws and regulations related to information privacy and protection, anti-money
laundering, the risk framework, emergency preparedness, among others. Although there have been a few operational losses and near miss events
which can be attributed to People failures, the realized losses are very low and the number of incidents compared to the total volumes that are
processed is insignificant.
Technology risk assessment:
The bank is reliant on global systems that are time tested and robust and the risk that arises from systems and/or tools that are deficient, unstable
and/or overly complex is low. The client interface is automated to a large extent and the processing capabilities and reporting functionalities are
well established. The bank’s loss history is not significant and there haven’t been any over the last 3 years that are attributable to system failures.
While there have been challenges in implementing certain local regulatory mandates that include Payment data localization, NPA automation,
round the clock availability of NEFT/RTGS in a time bound manner, the bank has taken active measures to strive and achieve compliance with
these requirements. The above risks are covered within the overall Operational Risk Framework of the bank. Considering the above assessment, the
capital reserved for operational risk as summarized below is more than sufficient to cover for people, process, system failures.

Table DF-9: Interest Rate Risk in the Banking Book (IRRBB)

I. Qualitative disclosures
Interest Rate Risk in Banking Book (IRRBB) refers to the potential adverse financial impact on the Bank’s net interest income from changes
in interest rates. Due to the fundamental nature of its business, the bank carries various interest sensitive assets and liabilities in its balance
sheet. This exposes the Bank to risk on from changes in interest rates. These assets and liabilities essentially reside in banking book. In other
words, IRRBB refers to risk associated with interest rate sensitive instruments that are not held in the trading book of the Bank. Interest rate
risk in the trading book is covered in the market risk section
Presently the Bank uses the following tools for managing interest rate risk:
Gap analysis: The interest rate gap or mismatch risk is measured by calculating gaps over different time intervals at a given date. This static
analysis measures mismatches between rate sensitive liabilities (“RSL”) and rate sensitive assets (“RSA”). The report is prepared monthly
by grouping rate sensitive liabilities, assets and off-balance sheet positions into time buckets according to residual maturity or next re-pricing
period, whichever is earlier. The difference between RSA and RSL for each time bucket signifies the gap in that time bucket. The direction of
the gap indicates whether net interest income is positively or negatively impacted by a change in interest rates and the magnitude of the gap
helps in assessing the change in net interest income for any given interest rate shift. The interest rate sensitivity/gap reports are reviewed by
the ALCO on a regular basis.
Earnings at risk (“EaR”): The interest rate gap reports mentioned above indicate whether the Bank is in a position to benefit from rising
interest rates by having a positive gap (RSA > RSL) or whether it is in a position to benefit from declining interest rates by having a negative
gap (RSL > RSA). EaR measures the change in NII over a one year time horizon for various levels of parallel shift in interest rates.
Economic value: Change in the interest rates have a long-term impact on the capital position of the Bank, as the economic value of the
Bank’s assets, liabilities and off-balance sheet positions get affected by these rate changes. The Bank applies a modified duration approach
and monitors impact of various levels of parallel shift in interest rate curves on the capital position. The interest rate sensitivity/gap reports
are reviewed by the ALCO on a regular basis.
II. Quantitative disclosures
The increase / (decline) in earnings and economic value (on a pre-tax basis) for an upward/downward rate shock broken down by currency
is as below
a. Impact on net interest income over the next 12 months (earnings perspective)
INR Million 31-Mar-21 31-Mar-2020
If interest rate were If interest rate were If interest rate were If interest rate were
to go up by 100 to go down by 100 to go up by 100 to go down by 100
basis points basis points basis points basis points
Currency
INR (252) 252 (877) 877
USD 126 (126) 137 (137)
Others (0) 0 2 (2)
Total (126) 126 (738) 738

45
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

b. Impact on market value of equity (economic value perspective):
INR Million 31-Mar-21 31-Mar-2020
If interest rate were If interest rate were If interest rate were If interest rate were
to go up by 200 to go down by 200 to go up by 200 to go down by 200
basis points basis points basis points basis points
Currency
INR 4,865 (4,865) 3,478 (3,478)
USD 1,533 (1,533) 911 (911)
Others 20 (20) 57 (57)
Total 6,418 6,418 4,446 (4,446)

Table DF-10: General Disclosure for Exposures Related to Counterparty Credit Risk
I. Qualitative disclosures
Discussion of methodology used to assign economic capital and credit limits for counterparty credit exposures
A credit approval document is used to analyze the counterparty’s creditworthiness, document transaction structure and risk mitigation,
and approve the Traded Products limit(s). Specific requests, including limit structure and attributes is also included in the credit approval
document. BANA India adopts standardized model which does not calculate economic capital for counterparty credit exposures.
Discussion of policies for securing collateral and establishing credit reserve
Collateralization is one of the key credit risk mitigation techniques available in the market. The term “Collateral” means assets pledged
as security to ensure payment or performance of an obligation. When facing derivative counterparties, BAC enters into master netting
arrangements and, in appropriate circumstances, collateral arrangements which provide in the event of a customer default, the right to
liquidate collateral and the right to offset counterparty’s rights and obligations. BAC also monitors the fair market value of the underlying
securities used as collateral, including accrued interest, and, as necessary, requests additional collateral to ensure that the relevant transactions
are adequately collateralized. BANA India makes appropriate provisions for credit risk as per regulatory guidelines.
Discussion of policies with respect to wrong-way risk exposures
Transactions that include significant positive correlation between the performance of the counterparty and the exposure profile of the
underlying product are called Wrong Way Risk (“WWR”) trades. The BAC Wrong Way Risk Policy outlines the characteristics of WWR
trades, and describes the approval escalation requirements and associated monitoring and reporting of WWR exposure.
Discussion of the impact of the collateral the bank would have to provide given a credit rating downgrade
As per local contractual agreements, BANA India is not required to post any collateral given a credit rating downgrade.
II. Quantitative disclosures
As at March 31, 2021

INR Million Forward Interest Rate Cross Options

Exchange Derivative Currency
Contracts Contracts Swaps

Gross positive fair value of contracts 49,386 27,687 630 419

Netting benefits 43,737 - - -
Netted current credit exposure (positive mark-to-market) 5,649 27,687 630 419
Collateral held* - - - -
Net derivatives credit exposure 5,649 27,687 630 419
Exposure at default under Current Exposure Method 125,390 59,973 5,987 4,304

INR Million

Notional value of credit derivative hedges

Institution’s own credit portfolio
• Protection bought
• Protection sold Not Applicable
Institution’s Intermediation activity credit portfolio
• Protection bought
• Protection sold

46
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

As at March 31, 2020
INR Million Forward Interest Rate Cross Options
Exchange Derivative Currency
Contracts Contracts Swaps
Gross positive fair value of contracts 53,228 45,394 920 472
Netting benefits 43,072 - - -
Netted current credit exposure (positive mark-to-market) 10,156 45,394 920 472
Collateral held* - - - -
Net derivatives credit exposure 10,156 45,394 920 472
Exposure at default under Current Exposure Method 84,615 86,461 7,441 2,753

INR Million
Notional value of credit derivative hedges Not Applicable
Institution’s own credit portfolio
• Protection bought
• Protection sold
Institution’s Intermediation activity credit portfolio
• Protection bought
• Protection sold
Note: Previous year figures have been regrouped and reclassified wherever necessary to confirm to current year’s presentation.
* The Bank has not availed any Credit Risk Mitigation Techniques
Table DF-11: Composition of Capital
Sr. Particulars Amt in Amounts Reference
no INR mm Subject to No.
Pre-Basel III
Treatment
Common Equity Tier 1 capital: instruments and reserves
1. Directly issued qualifying common share capital plus related stock surplus 31,883 A1
(share premium)
2. Retained earnings 82,880 A2+A3
3. Accumulated other comprehensive income (and other reserves) -
4. Directly issued capital subject to phase out from CET1 (only applicable to non- -
joint stock companies1)
5. Common share capital issued by subsidiaries and held by third parties (amount -
allowed in group CET1)
6. Common Equity Tier 1 capital before regulatory adjustments 114,763
Common Equity Tier 1 capital: regulatory adjustments
7. Prudential valuation adjustments -
8. Goodwill (net of related tax liability) -
9. Intangibles (net of related tax liability) 70 C1
10. Deferred tax assets - -
11. Cash-flow hedge reserve -
12. Shortfall of provisions to expected losses -
13. Securitisation gain on sale -
14. Gains and losses due to changes in own credit risk on fair valued liabilities -
15. Defined-benefit pension fund net assets -
16. Investments in own shares (if not already netted off paid-in capital on reported -
balance sheet)
17. Reciprocal cross-holdings in common equity -
18. Investments in the capital of banking, financial and insurance entities that are -
outside the scope of regulatory consolidation, net of eligible short positions,
where the bank does not own more than 10% of the issued share capital (amount
above 10% threshold)
19. Significant investments in the common stock of banking, financial and insurance -
entities that are outside the scope of regulatory consolidation, net of eligible
short positions (amount above 10% threshold)
20. Mortgage servicing rights (amount above 10% threshold) -
21. Deferred tax assets arising from temporary differences (amount above 10% -
threshold, net of related tax liability)

47
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Sr. Particulars Amt in Amounts Reference

no INR mm Subject to No.
Pre-Basel III
Treatment
22. Amount exceeding the 15% threshold -
23. of which: significant investments in the common stock of financial entities -
24. of which: mortgage servicing rights -
25. of which: deferred tax assets arising from temporary differences -
26. National specific regulatory adjustments (26a+26b+26c+26d) -
26a of which: Investments in the equity capital of the unconsolidated insurance -
subsidiaries
26b of which: Investments in the equity capital of unconsolidated non-financial -
subsidiaries
26c of which: Shortfall in the equity capital of majority owned financial entities -
which have not been consolidated with the bank
26d of which: Unamortised pension funds expenditures -
27. Regulatory adjustments applied to Common Equity Tier 1 due to insufficient -
Additional Tier 1 and Tier 2 to cover deductions
28. Total regulatory adjustments to Common equity Tier 1 70
29. Common Equity Tier 1 capital (CET1) 114,693
30. Directly issued qualifying Additional Tier 1 instruments plus related stock -
surplus (31+32)
31. of which: classified as equity under applicable accounting standards (Perpetual -
Non-Cumulative Preference Shares)
32. of which: classified as liabilities under applicable accounting standards -
(Perpetual debt Instruments)
33. Directly issued capital instruments subject to phase out from Additional Tier 1 -
34. Additional Tier 1 instruments (and CET1 instruments not included in row 5) -
issued by subsidiaries and held by third parties (amount allowed in group AT1)
35. of which: instruments issued by subsidiaries subject to phase out -
36. Additional Tier 1 capital before regulatory adjustments -
Common Equity Tier 1 capital: instruments and reserves
Additional Tier 1 capital: regulatory adjustments
37. Investments in own Additional Tier 1 instruments -
38. Reciprocal cross-holdings in Additional Tier 1 instruments -
39. Investments in the capital of banking, financial and insurance entities that are -
outside the scope of regulatory consolidation, net of eligible short positions,
where the bank does not own more than 10% of the issued common share
capital of the entity (amount above 10% threshold)
40. Significant investments in the capital of banking, financial and insurance entities -
that are outside the scope of regulatory consolidation (net of eligible short
positions)
41. National specific regulatory adjustments (41a+41b) -
41a Investments in the Additional Tier 1 capital of unconsolidated insurance -
subsidiaries
41b Shortfall in the Additional Tier 1 capital of majority owned financial entities -
which have not been consolidated with the bank
42. Regulatory adjustments applied to Additional Tier 1 due to insufficient Tier 2 to -
cover deductions
43. Total regulatory adjustments to Additional Tier 1 capital -
44. Additional Tier 1 capital (AT1) -
45. Tier 1 capital (T1 = CET1 + AT1) (29 + 44) 114,693
Tier 2 capital: instruments and provisions
46. Directly issued qualifying Tier 2 instruments plus related stock surplus -
47. Directly issued capital instruments subject to phase out from Tier 2 -
48. Tier 2 instruments (and CET1 and AT1 instruments not included in rows 5 or 34) -
issued by subsidiaries and held by third parties (amount allowed in group Tier 2)
49. of which: instruments issued by subsidiaries subject to phase out -
50. Provisions 6,622 B1+B2+B3+
B4+B5
51. Tier 2 capital before regulatory adjustments 6,622
52. Investments in own Tier 2 instruments -
53. Reciprocal cross-holdings in Tier 2 instruments -

48
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Sr. Particulars Amt in Amounts Reference

no INR mm Subject to No.
Pre-Basel III
Treatment
54. Investments in the capital of banking, financial and insurance entities that are -
outside the scope of regulatory consolidation, net of eligible short positions,
where the bank does not own more than 10% of the issued common share
capital of the entity (amount above the 10% threshold)
55. Significant investments in the capital banking, financial and insurance entities -
that are outside the scope of regulatory consolidation (net of eligible short
positions)
56. National specific regulatory adjustments (56a+56b) -
56a of which: Investments in the Tier 2 capital of unconsolidated subsidiaries -
56b of which: Shortfall in the Tier 2 capital of majority owned financial entities -
which have not been consolidated with the bank
57. Total regulatory adjustments to Tier 2 capital -
58. Tier 2 capital (T2) 6,622
59. Total capital (TC = T1 + T2) (45 + 58) 121,315
60. Total risk weighted assets (60a + 60b + 60c) 605,144
60a of which: total credit risk weighted assets 420,389
60b of which: total market risk weighted assets 131,449
60c of which: total operational risk weighted assets 53,306
Capital ratios
61. Common Equity Tier 1 (as a percentage of risk weighted assets) 18.96%
62. Tier 1 (as a percentage of risk weighted assets) 18.96%
63. Total capital (as a percentage of risk weighted assets) 20.05%
64. Institution specific buffer requirement (minimum CET1 requirement plus 9.88%
capital conservation and countercyclical buffer requirements plus G-SIB buffer
requirement, expressed as a percentage of risk weighted assets)
65. of which: capital conservation buffer requirement 1.88%
66. of which: bank specific countercyclical buffer requirement -
67. of which: G-SIB buffer requirement 2.50%
68. Common Equity Tier 1 available to meet buffers (as a percentage of risk 9.94%
weighted assets) – (Point 61 – Point 71)
National minima (if different from Basel III)
69. National Common Equity Tier 1 minimum ratio 5.50%
(if different from Basel III minimum)
70. National Tier 1 minimum ratio (if different from Basel III minimum) 7.00%
71. National total capital minimum ratio (if different from Basel III minimum) 9.00%
Amounts below the thresholds for deduction (before risk weighting)
72. Non-significant investments in the capital of other financial entities -
73. Significant investments in the common stock of financial entities -
74. Mortgage servicing rights (net of related tax liability) NA
75. Deferred tax assets arising from temporary differences (net of related tax liability) -
Applicable caps on the inclusion of provisions in Tier 2
76. Provisions eligible for inclusion in Tier 2 in respect of exposures subject to 6,622
standardised approach (prior to application of cap)
77. Cap on inclusion of provisions in Tier 2 under standardised approach 5,255
78. Provisions eligible for inclusion in Tier 2 in respect of exposures subject to -
internal ratings-based approach (prior to application of cap)
79. Cap for inclusion of provisions in Tier 2 under internal ratings-based approach -
Capital instruments subject to phase-out arrangements (only applicable between March 31, 2017 and March 31, 2022)
80. Current cap on CET1 instruments subject to phase out arrangements -
81. Amount excluded from CET1 due to cap (excess over cap after redemptions and -
maturities)
82. Current cap on AT1 instruments subject to phase out arrangements -
83. Amount excluded from AT1 due to cap (excess over cap after -
redemptions and maturities)
84. Current cap on T2 instruments subject to phase out arrangements -
85. Amount excluded from T2 due to cap (excess over cap after -
redemptions and maturities)

49
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Table DF-12: Composition of Capital- Reconciliation Requirement
INR Million Balance sheet as in Balance sheet under
financial statements regulatory scope of
consolidation
As on 31-Mar-21 As on 31-Mar-21
A Capital & Liabilities
i Paid-up Capital 31,883 31,883
Reserves & Surplus 102,729 102,729
Minority Interest - -
Total Capital 134,612 134,612
ii Deposits 363,005 363,005
of which: Deposits from banks 8,761 8,761
of which: Customer deposits 354,244 354,244
of which: Other deposits (pl. specify) - -
iii Borrowings 2,559 2,559
of which: From RBI - -
of which: From banks 2,559 2,559
of which: From other institutions & agencies - -
of which: Others (pl. specify) - -
of which: Capital instruments - -
iv Other liabilities & provisions 133,546 133,546
Total 633,722 633,722
B Assets
i Cash and balances with Reserve 16,056 16,056
Bank of India
Balance with banks and money at call and short notice 114,446 114,446
ii Investments: 231,283 231,283
of which: Government securities 231,283 231,283
of which: Shares - -
of which: Debentures & Bonds - -
of which: Subsidiaries / Joint Ventures / Associates - -
of which: Others (Commercial Papers, Certificate of Deposits etc.) - -
iii Loans and advances 181,860 181,860
of which: Loans and advances to banks 3,497 3,497
of which: Loans and advances to customers 178,362 178,362
iv Fixed assets 1,068 1,068
v Other assets 89,009 89,009
of which: Goodwill and intangible assets 70 70
of which: Deferred tax assets 1,390 1,390
vi Goodwill on consolidation - -
vii Debit balance in Profit & Loss account - -
Total Assets 633,722 633,722

INR Million Balance sheet as in Balance sheet under Reference

financial statements regulatory scope of no.
consolidation
As on 31-Mar-21 As on 31-Mar-21
A Capital & Liabilities
Paid-up Capital 31,883 31,883 A1
of which: Amount eligible for CET1 31,883 31,883
of which: Amount eligible for AT1 - -
Reserves & Surplus 102,729 102,729
Statutory Reserves 26,547 26,547 A2
Capital Reserves 56,333 56,333 A3

50
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

INR Million Balance sheet as in Balance sheet under Reference

financial statements regulatory scope of no.
consolidation
As on 31-Mar-21 As on 31-Mar-21
Investment Reserve Account - - B1
Investment Fluctuation Reserve 4,657 4,657 B2
Balance in Profit & Loss A/c 15,192 15,192
of which :
Unallocated Surplus - -
Current period profits not reckoned for Capital Adequacy 15,192 15,192
Minority Interest - -
i Total Capital 134,612 134,612
ii Deposits 363,005 363,005
of which: Deposits from banks 8,761 8,761
of which: Customer deposits 354,244 354,244
of which: Other deposits (pl. specify) - -
iii Borrowings 2,559 2,559
of which: From RBI - -
of which: From banks 2,559 2,559
of which: From other institutions & agencies - -
of which: Others (pl. specify) - -
of which: Capital instruments - -
iv Other liabilities & provisions 133,546 133,546
of which: Provision for Standard Assets 1,040 1,040 B3
of which: Provision for Country risk 76 76 B4
of which: General Provision - - B5
of which: Provision for Enhancing Credit Supply 540 540
of which: DTLs related to goodwill - -
of which: DTLs related to intangible assets - -
Total Capital and Liabilities 633,722 633,722
B Assets
i Cash and balances with Reserve Bank of India 16,056 16,056
Balance with banks and money at call and short notice 114,446 114,446
ii Investments 231,283 231,283
of which: Government securities 231,283 231,283
of which: Other approved securities - -
of which: Shares - -
of which: Debentures & Bonds - -
of which: Subsidiaries / Joint Ventures / Associates - -
of which: Others (Commercial Papers, Certificate of - -
Deposits etc.)
iii Loans and advances 181,860 181,860
of which: Loans and advances to banks 3,497 3,497
of which: Loans and advances to customers 178,363 178,363
iv Fixed assets 1,068 1,068
v Other assets 89,009 89,009
of which: - -
Goodwill - -
Other intangibles (excluding MSRs) 70 70 C1
Deferred tax assets 1,390 1,390
Goodwill on consolidation - -
Debit balance in Profit & Loss account - -
Total Assets 633,722 633,722

51
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Table DF-13: Main Features of Regulatory Capital Instruments
The Bank has not issued any Regulatory Capital instruments
Disclosure template for main features of regulatory capital instruments
1 Issuer
2 Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for private placement)
3 Governing law(s) of the instrument
Regulatory treatment
4 Transitional Basel III rules
5 Post-transitional Basel III rules
6 Eligible at solo/group/ group & solo
7 Instrument type
8 Amount recognised in regulatory capital (Rs. in million, as of most recent reporting date)
9 Par value of instrument
10 Accounting classification
11 Original date of issuance
12 Perpetual or dated
13 Original maturity date
14 Issuer call subject to prior supervisory approval
15 Optional call date, contingent call dates and redemption amount
16 Subsequent call dates, if applicable
Coupons / dividends
17 Fixed or floating dividend/coupon
18 Coupon rate and any related index
Not Applicable
19 Existence of a dividend stopper
20 Fully discretionary, partially discretionary or mandatory
21 Existence of step up or other incentive to redeem
22 Noncumulative or cumulative
23 Convertible or non-convertible
24 If convertible, conversion trigger(s)
25 If convertible, fully or partially
26 If convertible, conversion rate
27 If convertible, mandatory or optional conversion
28 If convertible, specify instrument type convertible into
29 If convertible, specify issuer of instrument it converts into
30 Write-down feature
31 If write-down, write-down trigger(s)
32 If write-down, full or partial
33 If write-down, permanent or temporary
34 If temporary write-down, description of write-up mechanism
Position in subordination hierarchy in liquidation (specify instrument type immediately
35 senior to instrument)
36 Non-compliant transitioned features
37 If yes, specify non-compliant features

Table DF-14: Full Terms and Conditions of Regulatory Capital Instruments

Instruments Full Terms and Conditions
The Bank has not issued any Regulatory Capital instruments

Table DF-15: Disclosure Requirements for Remuneration

The Bank’s compensation policies including that of CEO’s, is in conformity with the Financial Stability Board principles and standards. In
accordance with the requirements of the RBI Circular No. DBOD No.BC.72/29.67/001/2011-12 dated January 13, 2012; the Regional Office of the
Bank has submitted a declaration to RBI confirming the aforesaid matter and hence this disclosure is not applicable.

52
 BANK OF AMERICA, N.A.
(INDIA BRANCHES)
(Incorporated in U.S.A. With Limited Liability)

BASEL III – PILLAR 3 DISCLOSURES AS AT MARCH 31, 2021

Table DF-16: Equities – Disclosure for Banking Book Position - Nil
Table DF-17: Summary Comparison of Accounting Assets vs Leverage Ratio Exposure Measure
  Item INR Million
1 Total consolidated assets as per published financial statements 555,600
Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for
2
accounting purposes but outside the scope of regulatory consolidation -
Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative accounting frame-
3
work but excluded from the leverage ratio exposure measure -
4 Adjustments for derivative financial instruments 195,654
5 Adjustment for securities financing transactions (i.e. repos and similar secured lending) -
Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of
6
off-balance sheet exposures) 69,700
7 Other adjustments (Asset amounts deducted in determining Basel III Tier 1 capital) (70)
8 Leverage ratio exposure 820,884

Table DF-18: Leverage Ratio Common Disclosure Template

  Item INR Million
  On-balance sheet exposures  
1 On-balance sheet items (excluding derivatives and SFTs, but including collateral) 445,637
2 (Asset amounts deducted in determining Basel III Tier 1 capital) (70)
3 Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of lines 1 and 2) 445,567
  Derivative exposures  
4 Replacement cost associated with all derivatives transactions (i.e. net of eligible cash variation margin) 34,385
5 Add-on amounts for PFE associated with all derivatives transactions 161,269
Gross-up for derivatives collateral provided where deducted from the balance sheet assets pursuant to the
6 operative accounting framework -
7 (Deductions of receivables assets for cash variation margin provided in derivatives transactions) -
8 (Exempted CCP leg of client-cleared trade exposures) -
9 Adjusted effective notional amount of written credit derivatives -
10 (Adjusted effective notional offsets and add-on deductions for written credit derivatives) -
11 Total derivative exposures (sum of lines 4 to 10) 195,654
  Securities financing transaction exposures  
12 Gross SFT assets (with no recognition of netting), after adjusting for sale accounting transactions 109,963
13 (Netted amounts of cash payables and cash receivables of gross SFT assets) -
14 CCR exposure for SFT assets -
15 Agent transaction exposures -
16 Total securities financing transaction exposures (sum of lines 12 to 15) 109,963
  Other off-balance sheet exposures  
17 Off-balance sheet exposure at gross notional amount 348,197
18 (Adjustments for conversion to credit equivalent amounts) (278,497)
19 Off-balance sheet items (sum of lines 17 and 18) 69,700
  Capital and total exposures  
20 Tier 1 capital 114,693
21 Total exposures (sum of lines 3, 11, 16 and 19) 820,884
22 Basel III leverage ratio (per cent) 13.97%

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