The Financial Stability Board (FSB), an international body for the global financial system, has placed India in the league of countries that are ‘compliant or largely compliant’ on the implementation of priority area reforms. Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB has submitted its status report on progress in financial regulatory reforms in various jurisdictions, including India.
The report listed India as a ‘compliant’ jurisdiction with regard to Basel III reforms in the risk-based capital and as ’largely compliant’ on liquidity coverage ratio. Other countries that have been found to be ‘compliant or largely compliant’ on these metrics include Argentina, Australia, Brazil, Canada, China, Hong Kong, Indonesia, Japan, Mexico, South Korea, Russia, Singapore, South Africa, Switzerland, Turkey and the US. At the same time, France, Germany, Italy, the Netherlands, Spain and the UK have been found to be ’materially non-compliant’ on at least one parameter.
Important Takeaways from the above News:
- The FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF).
- Financial Stability Board (FSB) Secretariat in Basel, Switzerland.
Source- The Hindu Business Line