BANKING AFFAIRS

Detailed explanation-1: -Following a one-year deferral to increase the operational capacity of banks and supervisors to respond to COVID-19, these reforms will take effect from 1 January 2023 and will be phased in over five years.

Detailed explanation-2: -In March 2020, implementation of the Basel III: Finalising post-crisis reforms, the market risk framework, and the revised Pillar 3 disclosure requirements were extended by one year, to 1 January 2023.

Detailed explanation-3: -These reforms are due to take effect from 1 January 2023, as announced by the Governors and Heads of Supervision in March 2020.

Detailed explanation-4: -On this date, the RBI announced an extension of the Basel III compliance-related requirement by one year. It gave additional time for Indian banks to comply and adjust to the revised tier 1 capital-related requirement as revised under Basel III norms.