Soon we will be issuing a consultation paper to the industry indicating our own approach to Basel III. So we will be introducing Basel III in a phased manner and by the end of 2018 approximately, we should be there. Our banks are already meeting by and large many requirements of Basel III e.g. capital buffers, Tier 1 capital, and capital adequacy ratios.
One cause for this could be by a broad-based weakening of aggregate demand that derails our baseline scenario of a moderate recovery. Another cause could be a substantial positive supply shock that, given the current low level of inflation, loosens the anchoring of mediumterm inflation expectations.