inflation, and the middle class will not see its savings eroded. all this awaits us as we stay the course. thank you very much for your patience in listening to me. references bruno michael and william easterly. 1995. “ inflation crises and long - run growth, ” nber working paper no. 5209 ( cambridge, massachusetts : national bureau of economic research ). easterly william and stanley fischer. 2001. “ inflation and the poor. ” journal of money, credit and banking. volume 33, issue 2. may. 160 – 178 fischer stanley 1993. “ the role of macroeconomic factors in growth ”. journal of monetary economics. volume 32, issue 3, december 1993, pages 485 – 512 khan, mohsin s., and abdelhak s. senhadji. 2000. “ threshold effects in the relationship between inflation and growth, ” imf working paper 00 / 110 ( washington : international monetary fund ). bis central bankers ’ speeches

board's role to provide oversight, asking the right questions and holding the management accountable for executing the bank's strategy within the agreed risk appetite. in this context, it is imperative that the views of the board are clearly articulated and documented in the minutes of the meetings of the board and its various subcommittees. it is said that the'palest ink is better than the best memory '. proper documentation serves as a vital record of the board's deliberations, decisions, and rationale behind those decisions, ensuring transparency and accountability in governance. clear minutes not only provide a historical account of the board's discussions but also serve as a reference for future decision - making, helping to maintain continuity and clarity in governance practices. boards should prioritise proper succession planning for top management. having just one whole time director ( wtd ) can create potential vulnerabilities, especially in times of transition or unforeseen circumstances. without a well - thought - out succession plan, 2 / 5 bis - central bankers'speeches the bank may face leadership gaps that could disrupt operations and affect strategic decision - making. a broader pool of experienced leaders also contributes to better governance and more resilient management structures. we observe that while the sfbs are strengthening their boards by bringing in new directors, some sfbs are yet to ensure the presence of at least two whole time directors. i would request these banks to expeditiously consider appointing more wtds. empowering assurance functions boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. these functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organisation's integrity. boards should ensure that heads of assurance functions are positioned appropriately within the organisational hierarchy and granted direct access to the board. dual - hatting, or combining assurance responsibilities with operational or management duties, undermines the independence and objectivity of assurance functions by creating conflicts of interest. therefore, any dual hatting of assurance functions, should be avoided. key risks to reflect upon small finance banks have demonstrated strong growth since their inception, now accounting for 1. 18 percent of total banking assets ( as of march 2024 ). this is a substantial rise from 0. 44 percent in march 2018. the deposit base has grown at a 32 per cent compounded annual growth rate ( cagr ) over the last five years whereas net advances recorded a cagr