ratio of per capita bank deposits to income from 15. 8 per cent to 71. 2 per cent and the ratio of per capita credit to income from 12. 2 per cent to 51. 3 per cent over the period from 1972 to 2022. branches across rural, semi urban and urban areas have contributed to this mammoth financial intermediation. 11. patterns of financial intermediation are also shifting. industry has been a major recipient of bank credit but its share in total credit has come down from 60 per cent to 27 per cent during 1972 - 2022, broadly equal to that of services and personal loans. in the personal loans segment, borrowings by individuals now account for over 40 per cent as compared with less than 10 per cent share in 2000. this has ushered in to a unique phenomenon - the share of smaller loans – of up to rs. 10 crore – in total loans has increased to 60 per cent in 2022 from 45 per cent in 2014. this transformation has brought in its trail of associated changes in assessment, risk management and pricing of loans. on the lending side, a feature that has impacted the banking system is the reduced role of term lending institutions and emergence of corporate treasuries with new avenues for short - term financing. this has resulted in ( a ) increased reliance on banks for long - term funds ; and ( b ) gradual reduction in the share of working capital in total loans. banks'asset portfolios have become elongated, with term loans accounting for 65 per cent of total loans. 12. in conclusion, i would say that the impetus for transformation has come calling as india – already the fifth largest economy of the world – prepares to be among the fastest growing economies and an engine of global growth ( 2nd largest contribution to global growth in 2022 ). by 2025 - 26, india will match germany and become the fourth largest economy of the world. by 2027, it will surpass japan and emerge as the third largest economy of the world. india's population will become the largest in the world next year and it's youngest. it will demand the world's best financial intermediation services. banks will have a critical role in this transformation. information will be the plumbing in this evolving architecture. as we consolidate the gains of the past and move ahead to address new challenges, it is going to be up to us – all stake holders – to keep the bsr system robust, timely, comprehensive and open to change. today '

s conference provides us an opportunity to prepare for this untravelled road that lies ahead. thank you. speech delivered by michael debabrata patra, deputy governor, reserve bank of india in the conference on'bsr @ 50'organised by the bank on october 28, 2022 at mumbai. prescient comments from om prakash mall, valuable inputs received from rajendra raghumanda and dibyendu bhaumik and editorial help from vineet kumar srivastava are gratefully acknowledged. 3 / 4 bis - central bankers'speeches 2 for example, while the'uniform balance book ( ubb ) introduced in each bank office required monthly reporting of account - wise information in regard to credit limits sanctioned and advances outstanding according to the type of account, type of borrower, occupation, purpose, security, and rate of interest charged, it had to be supplemented by ( i ) annual survey on purpose - wise distribution of bank advances ; ( ii ) half - yearly survey of interest rates on deposits and advances ; and ( iii ) mid - monthly survey on security - wise classification of bank advances. 3 the banking companies ( acquisition and transfer of undertakings ) act, 1970. 4 report of the committee on banking statistics ( chairman : a. raman ), rbi, august 1972. the bsr system replaced the ubb system and other regular and ad hoc reportings by banks to the rbi. 4 / 4 bis - central bankers'speeches