median. the corporation has targeted the achievement of a ratio of 2. 5 per cent by march 2028. vi. reimbursement reimbursement of insured depositors is the core responsibility of a di, with the iadi promoting a period of " within 7 days " as its core principle 15. there has been a significant improvement globally in the speed of reimbursement, although meeting the core principle has remained a challenge over the last decade. the global average period for reimbursement to depositors has reduced from 28 to 14 days7. currently, the dicgc's reimbursement takes about a month on an average. factors that usually impede fast reimbursement include data quality issues, identification of insured depositors and depositors lacking an alternative bank account. vii. new vistas for deposit insurance in india the march 2023 banking turmoil and its aftermath prompted policy makers to refocus on design features of deposit insurance processes. in india, this has led to prioritising risk management, especially during adverse market conditions, while benchmarking to best international practices. this involves revamping risk management and internal control systems, including contingency planning and crisis management frameworks, in alignment with the iadi's 2020 guidance paper on " risk management and internal control system of deposit insurers ( dis ) ". in the context of the dicgc's portfolio valued at us $ 24. 5 billion, treasury operations are being reinforced with asset - liability management tools, real time monitoring of liquidity and concentration ratios, and periodic value - at - risk and scenario analyses at various confidence levels. a dedicated market risk reserve has also been created. some risk management measures like market borrowing, liquidity support from central bank / government, etc., may necessitate changes in statutory provisions. simultaneously, public awareness campaigns are being refashioned and stepped up. driven by a board approved communication policy, public awareness about deposit insurance is being nurtured through continuous dissemination of deposit insurance related information. all insured banks are required to display the dicgc logo and qr code linked with the dicgc's website on their own websites and internet banking portals. the corporation has also registered on a hyper - local social platform which facilitates sharing of specific information on claim payments. messages are also relayed by structured mobile phone text. the website itself is being overhauled to make it more 3 / 5 bis

analysis in respect of all major balance sheet heads including reserves and income and expenditure. 14. the sum and substance of this is that rbi renders accountability not as a matter of compliance with a specific provision of law but as a matter of self - discipline required of a responsible public institution, and this self - discipline has over time got enshrined into a code of conduct. 15. after these introductory comments on the mandate of the reserve bank, and our systems of accountability, let me turn to some specific governance issues. formulation of monetary policy 16. monetary policy decisions are made by the governor. there is no formal committee structure like the fomc of the fed or the monetary policy committee ( mpc ) of the bank of england. the governor holds structured consultations with the four deputy governors and they constitute an informal mpc although a committee structure is not enjoined under the law or the rules. by its very nature there is no voting in this committee and the final call is that of the governor. 17. we do have a technical advisory committee ( tac ) on monetary policy that acts as a proxy policy committee, but it is advisory in nature. it comprises the governor as chairman, the deputy governor in charge of monetary policy as the vice chairman and other three deputy governors as members. besides, the committee has five external members, two of whom are experts from the central board of the bank while the other three are drawn from a wider pool. the external members are nominated by the governor. they give specific recommendations on policy options and these are minuted. we have recently started putting the minutes of the meeting in the public domain, including specific recommendations, without directly identifying members with their advice. 18. ahead of each quarterly monetary policy announcement, there is also an extensive process of structured consultation by the governor with banks, financial market representatives, trade bodies and industry associations. we also convene a meeting of economists and analysts twice a year, ahead of the annual policy in april and the second quarter policy in october. 19. finally, close to the policy decision, an established practice for the governor is to meet the prime minister and the finance minister informally, give them an assessment of the macroeconomic situation and indicate to them his proposed policy stance. this is only a matter of courtesy, and the process has not impinged on the autonomy of the reserve bank in monetary policy making. the consultation with the finance minister, in particular, should be seen as an avenue for fiscal