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The Basel Committee
The Basel Committee on Banking Supervision is a global committee that was established by the central bank governors of the Group of Ten countries in 1974. The committee’s mandate is to enhance financial stability by improving the quality of banking supervision and regulation worldwide.
One of the key areas of focus for the Basel Committee is financial risk management. The committee has developed a set of guidelines, known as the Basel Accords, that provide recommendations for banks and financial institutions to manage different types of risk, including credit risk, market risk, and operational risk.
The most recent iteration of the Basel Accords, known as Basel III, was published in 2010 in response to the global financial crisis. Basel III introduced more stringent capital and liquidity requirements for banks and established new risk management standards.
The Basel Committee is composed of representatives from central banks and regulatory authorities from 45 countries, including the United States, United Kingdom, Japan, China, and the European Union. The committee meets regularly to discuss global financial stability and to coordinate regulatory policy.
Overall, the Basel Committee plays an important role in promoting financial stability and risk management practices in the global financial system. Its guidelines and recommendations have been widely adopted by banks and financial institutions around the world, and have helped to improve the resilience of the financial system to potential shocks.
As the regulator and supervisor of the banking system, the Reserve Bank of India protects the interests of depositors, ensures a framework for orderly development and conduct of banking operations conducive to customer interests and maintains overall financial stability through preventive and corrective measures. The RBI handles a range of activities including licensing, prescribing capital requirements, monitoring governance, setting prudential regulations to ensure solvency and liquidity of the banks, prescribing lending to certain priority sectors of the economy, regulating interest rates in specific areas, setting appropriate regulatory norms related to income recognition, asset classification, provisioning, investment valuation, exposure limits and the like, and initiating new regulation.
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