relevant, accurate, timely and sufficient data – including positive – collected on a systematic basis from all reliable, appropriate and available sources, and should retain this information for a sufficient amount of time. achievement of this principle will call for the collective contribution of all parties here today. the governing council and the secretariat will need to work together to support various credit providers who sign up to share data. good quality data will guarantee that the risk management tools and models developed from the data trends are robust and reliable. this way, the credit granting process will become more refined and more efficient. lenders will soon move away from mere use of ‘ gut feeling ’ or other rudimentary forms of information gathering that are unreliable and costly to assemble. by paying attention to maintaining high quality data in the credit reference bureaus, the players will also minimise contentions by borrowing customers as every effort must be made to address customer complaints on data accuracy. all lenders need to appreciate that the bis central bankers ’ speeches first port of call in resolving customer complaints must always be within the lending institution itself. where disputes cannot be settled internally, institutions must bring them to the attention of an industry mediation process. in this connection, i am pleased to note that the akcp secretariat has put in a lot of work towards developing a cis dispute resolution handbook. the akcp secretariat will soon be ready to conduct a public launch of its alternative dispute resolution mechanism and create awareness on the out - of - court settlement process. this will mark an important step towards adding credibility to the cis process. central bank is ready to provide required support needed to make this launch a success. ladies and gentlemen : i now wish to turn to the important role of akcp in contributing to policy and legal reform. the 4th of the general principles for credit reporting states that : the overall legal and regulatory framework for credit reporting should be clear, predictable, non - discriminatory, proportionate and supportive of data subject and consumer rights. the legal and regulatory framework should include effective judicial or extrajudicial dispute resolution mechanisms. while we recognise that the role of formulating a robust legal and regulatory framework remains with the regulators, the central government and parliament, we would like to forge a partnership with industry players in achieving this important function. we therefore encourage you to form relevant committees that will consult with, and make proposals to, the regulators in matters of cis. due to the multiplicity of regulators involved, i urge the secretariat of akcp to liaise with the

##39. 58 lakh crore 8. the number of instruments outstanding was 29, 745. the average size of an outstanding corporate bond instrument was, therefore, ₹133 crore – a small amount not conducive to development of liquidity in the secondary market. compare this with the current outstanding stock of government securities at ₹84. 71 lakh crore in 100 instruments 9. the two markets are not comparable and it is not my intention to compare them. there is a single issuer in the government securities market – the government, compared to 5, 394 issuers, as on june 30, 2022, in the corporate bond market. replicating the https : / / www. sebi. gov. in / statistics / corporate - bonds / corpbondsarchivesnew. html source : https : / / www. sebi. gov. in source : rbi experience of the government bond market in the corporate bond market is not a realistic objective. sebi has been progressively making efforts to nudge the market towards re - issuances in a bid to reduce fragmentation and improve liquidity in corporate bond markets - limiting the number of corporate bonds that could mature in any financial year. the constraint is that a corporate does not have the tools available to a government to meet the rollover risk implicit in bunched up repayment obligations that result from consolidation through reissuance. other factors that contribute to the limited activity in the secondary market are the “ buy and hold ” nature of investors and the predominance of private placement. c. development of complementary markets 15. it is well - established globally that well - functioning related markets – derivatives and repo markets - complement and supplement the development of liquidity in the cash market by enabling investors and market - makers to better manage risks and fund positions. 16. the primary risks associated with holding corporate bonds are interest rate risk and credit risk. the interest rate derivative market is reasonably liquid, particularly the overnight indexed swaps market. markets for other interest rate derivative products like swaptions are developing. recent regulatory efforts seek to harmonize on - shore and off - shore markets by, on the one hand, allowing non - residents to access the domestic market, and on the other hand, permitting domestic market makers to access the offshore market. interest rate derivatives are also trading on exchanges though volumes are small. 17. the absence of a market for credit derivatives, despite regulatory initiatives for more than a decade, is