RBI HAS TO BE MORE VIGILANT
Nantoo Banerjee
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2012-11-30 12:06
They may have formed the world’s most powerful financial forum, G 20, but how effective is their writ to discipline global banks and financial institutions? Hardly much. After the Bank of England, apparently under pressure from its large banks and financial institutions, sounded the impracticability of the Basel III norms at a recent meeting of world central bankers in the US, it is now the turn of the US Federal Reserve to officially postpone the Basel III implementation schedule, albeit indefinitely, starting 1st January, 2013, presumably at the behest of its global banks as well as smaller community banks.