RBI to issue guidelines for Basel III implementation
PRESS TRUST OF INDIA
Mumbai, Aug 28: The RBI has said Indian banks will adhere to the globally agreed timeline for implementation of Basel III norms and guidelines in this regard will be issued in the near future.
“The RBI is examining the Basel III regulations and will issue guidelines to the extent applicable for banks operating in India in due course of time,” the RBI’s annual report said.
Basel III is the new regulatory framework designed to correct the deficiencies in regulation that led to the global financial crisis of 2008.
It is to be noted that in the wake of financial crisis, the Basel Committee on Banking Supervision (BCBS) has initiated several post-crisis reform measures, mainly in terms of building on the Basel II capital adequacy framework.
Though Basel III can be viewed as a modification of the Basel II framework, it differs significantly in terms of its comprehensiveness, it said.
“The RBI would adhere to internationally agreed phase-in period starting in January 1, 2013, for implementation of Basel III,” it said.
Implementation of the Basel III norms is scheduled to commence from January 1, 2013, and has to be completed by January 1, 2019.
Lastupdate on : Sun, 28 Aug 2011 21:30:00 Makkah time
Lastupdate on : Sun, 28 Aug 2011 18:30:00 GMT
Lastupdate on : Mon, 29 Aug 2011 00:00:00 IST
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