Basel-III norms, that will come into effect in India by March 31, 2019, is a reinforcement of the existing Basel-II ones, according to RN Kar, the regional director (East) of the Reserve Bank of India (RBI).
The Basel accords deal with risk management aspects of the banking sector. It can also be considered as a global regulatory standard, agreed by members of the committee (Basel).
"Basel-II norms will stay and not be discarded. It is a reinforcement of the existing Basel-II accords," he said during a seminar organised here in the city on Satuday.
According to Kar, the global financial crisis of 2008 had exposed the failures of Basel-II norms after which the international community started looking for more stringent standards.
The crisis had also taught that the credit rating agencies were not providers of gospel truths as believed to be, he said.