. one must add to the above the emergence of vulnerabilities in a number of emdes. one of the most important among them is the protracted rise of debt owed by these countries, which has been heavily concentrated in, and thus largely driven by, their non - financial corporate sectors. although the situation varies considerably from one country to another, non - financial corporate debt in emdes as a group is at present comparable in magnitude to that of these countries ’ sovereigns as, by some accounts, it has risen from about 60 percent of gdp in 2006 to 86 percent in 2017, reaching an all - time maximum at levels considerably above pre - crisis levels. although the bulk of the increase is explained by china, whose corporate sector debt rose from 107 to 163 percent of gdp during the same period, a similar trend is observed in many other emdes. 8 the increased leverage of emde non - financial corporates acquires particular relevance as a source of concern for at least a couple of reasons. first, global factors ( such as low interest rates and compressed risk premia ) have been more important drivers of this development than firm - or country - specific ones. 9 second, the contribution from foreign currency - denominated debt has been sizable, at around half of the observed growth since 2010. thus far, notwithstanding the generalization of financial volatility among emdes, the presence of severe problems has been concentrated in a few of them. overall, international institutions remain relatively optimistic about the international monetary fund ( 2018 ) : “ the riskiness of credit allocation : a source of financial vulnerability? ”, chapter 2 of global financial stability report, april ; and world bank ( 2018 ) : “ corporate debt : financial stability and investment implications ”, special focus 2 of global economic prospects, june. ayala, d., m. nedeljkovic and c. saborowski ( 2017 ) : “ what slice of the pie? the corporate bond market boom in emerging economies ”, journal of financial stability 30 : 16 - 35. prospects for the group in coming years. for instance, in its baseline scenario, the imf is projecting growth in emdes in the medium term at close to the levels observed in 2018 - 19. 10 however, it is clear that these projections are surrounded by considerable uncertainty. furthermore, even in the absence of a major disruption to world economic activity, average potential growth in emdes over the next decade is expected to be slower than during 2013 -

. annual consolidation of all rbi instructions on customer service through a master circular on customer service in banks, amendment of the banking ombudsmen scheme in the year 2006 to make the alternate redress mechanism more efficient and easily accessible, our recent customer protection measures include : simplification of kyc measures – measures taken for simplification : 1. single document for proof of identity and proof of address there is now no requirement of submitting two separate documents for proof of identity and proof of address. if the officially valid document submitted for opening a bank account has both identity and address of the person, then there is no need for submitting any other documentary proof. apart from passport, driving licence, voters ’ id card and pan card, aadhaar letter issued by uidai and job card issued by nrega signed by a state government official are also accepted as proof of identity / address. these are known as officially valid documents ( ovds ) for kyc purpose. to further ease the kyc process, the information containing personal details like name, address, age, gender, etc., and photographs made available from uidai as a result of e - kyc process can also be treated as an “ officially valid document ”. 2. no separate proof of address is required for current address if the current address is different from the address mentioned on the proof of address submitted by the customer, a simple declaration by her / him about her / his current address would be sufficient. bis central bankers ’ speeches 3. relaxation regarding officially valid documents ( ovds ) for low risk customers if a person does not have any of the “ officially valid documents ” mentioned above, but if is categorised as “ low risk ” by the banks, then she / he can open a bank account by submitting any one of the following documents : ( a ) identity card with applicant ’ s photograph issued by central / state government departments, statutory / regulatory authorities, public sector undertakings, scheduled commercial banks, and public financial institutions ; ( b ) letter issued by a gazetted officer, with a duly attested photograph of the person. 4. periodic updation of kyc time intervals for periodic updation of kyc for existing low / medium and high risk customers have been increased from 5 / 2 years to 10 / 8 / 2 years, respectively. the requirement of positive confirmation at the interval of 3 / 2 years in respect of low / medium risk customers has been withdrawn. 5. other