High-powered committee for banks to comply Basel III norms

Tags: News
A high powered committee under Financial Stability and Development Council (FSDC) has been set up to find ways for the banking sector to comply with Basel III capital norms.

The decision was taken at sub-committee meeting of FSDC here today chaired by RBI Governor Raguram Rajan.

"The Sub Committee...Discussed the capital requirements of the banking sector over the next five years in view of the Basel III regulations and requirements for supervisory capital and decided to set up a High Powered Inter Regulatory Committee to explore ways of enabling banks to meet these requirements," an RBI release said.

Recently, Finance Minister P Chidamabram had said that all banks satisfy the global capital adequacy norms (Basel III) and the government will keep on providing additional capital to the banks.

Among others, the FSDC meeting also discussed implementing non-legislative recommendations of FSLRC and setting up a repository for investors with a single view of all financial asset classes.

Also, it discussed about ways for setting up an effective resolution regime for the financial sector. Issues of greater harmonisation of regulations across sectors for similar activities were also taken up.

The meeting also saw dicusssions on the report of the working group on 'Resolution Regimes' chaired by RBI Deputy Governor Anand Sinha and Economic Affairs Secretary Arvind Mayaram.

The meeting was attended by Finance Secretary Sumit Bose, Banking Secretary Rajiv Takru, Sebi Chairman UK Sinha, Irda Chairman T S Vijayan, FMC Chairman Ramesh Abhishek, PFRDA Chairman Anup Wadhawan.

Among others, RBI Deputy Governors- K C Chakrabarty, H R Khan, Urjit Patel were also present in the meeting.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture