Indian Central Bank: migration to Basel II by next spring
India's central bank gives deadlines for Basel compliance
Indian banks with foreign branches and foreign banks operating in India will have to migrate to Basel II by the end of March next year, according to the central bank, the Reserve Bank of India. Other commercial banks have one more year to comply. The only exclusions are set to be local area banks and regional rural banks. All other commercial banks, excluding local area banks and regional rural banks, have to adopt Basel II norms no later than March 31, 2009, it added.
The Reserve Bank has been
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