RBI extends Basel III implementation time by 3 months
MUMBAI: The Reserve Bank of India has extended the date for implementation of Basel III, the global capital norms for banks, by three months to April 1.
“The Reserve Bank of India has rescheduled the start date for implementation of Basel III to April 1, 2013 from January 1, 2013,” the central bank said.
The RBI, however, did not provide reasons behind the rescheduling.
The move, experts said, will provide additional time to some banks that need to enhance their capital base in line with the new norms for strengthening the resilience of the global banking system.
The RBI further said that India will closely monitor the progress on Basel III implementation in other countries, particularly the major ones, who are members of the Basel Committee.
The RBI had issued guidelines on the implementation of Basel III capital regulation in India in May this year. These guidelines were to be implemented from January 1, 2013 in a phased manner and were to be fully implemented by March 2018.