Finally, one last question is whether we could draw some lessons from how banks globally have transitioned to IFRS from local GAAP?
While we could get some perspectives about the challenges involved in the transition, the fact is that the challenges would be much greater here in India as we do not have an IAS 39 equivalent framework unlike other jurisdictions which migrated to IFRS from local GAAP largely aligned with IAS 39 or US GAAP.