Accordingly, the focus of our policy initiatives would be on streamlining banking operations in order to reduce transaction costs, infusing flexibility into the system, upgrading risk management systems, enhancing the level of compliance by banks with accounting standards, operationalising consolidated accounting practices and last and most important of all, providing the public with a financial system they can trust.
The Basel Committee is currently working together with the Financial Stability Board to develop a comprehensive, global approach to SIFIs that could involve a potential mix of policies such as capital or liquidity surcharges, large exposure limits, contingent capital, and bail-in debt. The goal is for each jurisdiction to have in place a SIFI policy.