RBI extends Basel III implementation time in India

The Reserve Bank of India (RBI) has extended the date for implementation of Basel III norms, the global capital norms for banks, by three months to April 1, 2013 from January 1, 2013 earlier, providing relief to some banks that need to shore up their capital base in line with the strict norms.

RBI-Reserve Bank of India“The commencement date of Basel III implementation was (earlier) kept as on January 1, 2013, even though the Indian financial year begins on April 1, keeping in view the internationally accepted implementation schedule as agreed to by the Basel Committee on Banking Supervision (BCBS),” the RBI said in a statement on December 28, 2012.

Earlier, in May 2012, the RBI had issued the final guidelines on Basel-III norms on capital needs to be implemented in a phased manner from January 1, 2013.

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