are products on the exchanges available for hedging or for purely view taking. in the reserve bank, we continuously explore the scope for introduction of new products with a view to enhancing the efficiency of the financial markets without compromising financial stability. beyondbrics reader : does the rbi plan to increase the scope of the corporate bond market in india? ds : the development of the corporate bond market is one of the focus areas for the rbi as we recognize [ it is critical ] for the development of the financial system. at the current stage, it is true that the market is not active. the following are some of our recent initiatives to develop the market : putting through a robust settlement mechanism including delivery - versus - payment ( dvp ) and a flexible settlement period. disseminating price information to the market on real time basis for improving transparency and facilitating efficient price discovery. introducing repos in corporate bonds to enhance liquidity in the secondary market. with a view to widening the market, the limit for investment by fiis [ foreign institutional investors ] has been further enhanced recently to $ 20bn. though the market is yet to become robust, it is important to note that the secondary market volume in corporate bonds has grown nearly four - fold between 2007 – 08 and 2009 – 10. we are also in the process of introducing credit default swaps. banking beyondbrics reader : where do you see the banking sector in india in 10 - 20 years from now? ds : though the indian economy is bank - centric, the penetration of the banking system is smaller than in many countries including some of the asian countries. the credit to gdp ratio is just about 55 per cent. in 20 years time, i would envisage the following scenario. the credit - gdp ratio will go well beyond 100 per cent. indian banks will have penetrated the entire country and have covered every household with a functional bank account. by “ functional ” what i mean is that the access of low income households extends beyond just savings and remittances to other services such as credit and micro insurance. indian banks will have come up with some world - beating business models and innovations to make financial inclusion meaningful and also an effective business model. banks will have adopted and adapted the best of world technologies so as to provide real time or near real time data / information which would enable them to have sophisticated risk management capability and, the ability to handle much more sophisticated products to meet the risk management needs of the real economy. i expect

with paybox plus mandate has risen to 48 per cent ( a rise of 11 basis points in ten years ), especially among advanced economies. the shares of loss minimisers3 and risk minimisers4 have remained broadly unchanged. iv. coverage it may be apposite at this juncture to set out some stylised facts about deposit insurance coverage in india and how they compare with the global experience as recently profiled by the iadi5. in india, deposit insurance is mandatory for all banks, including foreign banks. currently, 1, 997 banks are covered, comprising 140 commercial banks and 1, 857 cooperative banks, which are small financial institutions owned and controlled by their members and are community - focused in their operations. according to the iadi's latest deposit insurance survey6, this is the largest number of deposit - taking institutions covered by deposit insurance in the world, second only to the us. the current insurance coverage limit is inr 500, 000 ( approximately us $ 6000 ) per depositor in a bank. expressed as a multiple of nominal gdp per capita, this works out to 2. 9 times as against the global median of 3. 3, but it compares favourably with medians for paybox and risk minimiser dis. on a by - account basis, the coverage ratio in india at 97. 9 per cent is in line with the global median and a little below the latter – 44. 2 per cent as against 47 per cent globally – in terms of value of deposits. v. funding 2 / 5 bis - central bankers'speeches funding for deposit insurance in india is in line with the global central tendency under which 96 per cent of dis are funded by levying premiums on member institutions ( 64 per cent of pre - tax accretion to the fund ). in addition, about 35 per cent of the accretion to the deposit insurance fund ( dif ) came from investment income in fiscal 2022 - 2023. unlike the growing practice worldwide of nearly half of deposit insurers levying differential premiums incorporating additional risk measures – up from 30 per cent in 2010 – a flat rate premium of 0. 12 per cent per annum is levied in india which has been revised from time to time, keeping in view the adequacy of the corporation's dif. the size of the fund, measured by its ratio to insured deposits, at 2. 02 per cent is comparable with the global