As statutory preemptions were reduced and interest rates were deregulated, banks gained operational autonomy for commercial lending. As a result, India’s per capita income, which had taken four decades to double by 1991, doubled thereafter in 15 years and is likely to double again in 10 years by 2017–18.
At the end of February this year, political agreement was reached in the European Union concerning the implementation of Basel III through the Capital Requirements Directive IV and the Capital Requirements Regulation. The European Parliament also gave the draft legislation its seal of approval just last week.