As a member of the BCBS and FSB, India too is committed to implementing the regulatory, supervisory and other financial sector policies which these global standard-setting bodies decide upon. In fact, the implementation of the regulations would be reviewed by peer regulators. Therefore, the Indian banks have to be ready to “expect the unexpected” and prepare to live with more and more stringent regulations.
Finally, patience and perseverance are needed. Effective poverty reduction requires that the recipient countries receive consistent support from donor countries, international financial institutions (IFIs), and UN organizations to help them pursue the right policies unswervingly for very long periods. 3  Angus Maddison, The World Economy: A Millennial Perspective, OECD 2001. 4  James Boughton, Who’s in Charge?