A Standing Committee on International Financial Standards and Codes was constituted in 1999 by the RBI in consultation with the Government of India to identify and monitor developments in global standards and codes being evolved in the context of international developments; consider the applicability of these standards and codes to the Indian financial system; and chalk out a roadmap for aligning India’s standards and practices to the evolving international standards.
The problem is that while such classes seem theoretically attractive, completion rates are abysmal. We do not finish such courses perhaps for the same reason we do not simply take a course syllabus and read the recommended books in the library – there are too many distractions in life for us to complete without other forms of compulsion.