India to implement Basel II by March 2007
Indian banks will be required to begin implementing Basel II by March 31, 2007 to align current banking practices with international standards, the Reserve Bank of India (RBI) has announced.
According to the RBI, the main challenge facing Indian banks is the increased amount of capital required to cover operational risk. At present, the system has a capital-to-risk-assets ratio (CRAR) of over 12%, but “we are exploring various avenues for meeting the capital requirements under Basel II”, said the RBI in its annual report
The RBI has permitted banks to raise capital though new Tier I and Tier II instruments, while strengthening prudential practices to safeguard the financial system.
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