Panel to find ways for banks to comply with Basel-III norms. The Sub Committee discussed the report of the Working Group on Resolution Regimes in India A meeting of the Sub Committee of the Financial Stability and Development Council (FSDC) was held on Friday to find ways for the banking sector to comply with Basel-III capital norms. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, chaired the meeting in New Delhi. “The sub-committee...discussed the capital requirements of the banking sector over the next five years in view of the Basel-III regulations and requirements for supervisory capital and decided to set up a high-powered inter-regulatory committee to explore ways of enabling banks to meet these requirements,” an RBI release said. The meeting was attended by Sumit Bose, Finance Secretary; Dr. Arvind Mayaram, Secretary, Department of Economic Affairs; Rajiv Takru, Secretary, Department of Financial Services, UK Sinha, Chairman, SEBI; TS Vijayan, Chairman, IRDA; Ramesh Abhishek, Chairman, FMC; Dr. Anup Wadhawan, Chairman, Pension Funds Regulatory and Development Authority (PFRDA); Dr. K. P. Krishnan, Additional Secretary, DEA; Deputy Governors of RBI, Dr. K.C. Chakrabarty, HR Khan and Dr. Urjit Patel; Executive Director of RBI, G Gopalakrishna; and other officials. The Sub Committee had fruitful discussions on various issues like the implementation of the non-legislative recommendations of the FSLRC and setting up of a repository for providing investors with a single view of all financial asset classes, as announced in the Vote of Account for 2014-15. The Sub Committee discussed the report of the Working Group on Resolution Regimes in India (chaired by Anand Sinha and Dr. Arvind Mayaram) and deliberated on the next steps in setting up an effective resolution regime for the financial sector. The Sub Committee deliberated on various inter regulatory issues including certain areas where greater harmonisation of regulations across segments for similar activities was desirable.
Posted on: Sun, 09 Mar 2014 08:05:53 +0000