The dilemma, therefore, is in choosing the appropriate extreme scenario for Indian banks. V.  Migration to IFRS  The Indian banking system will need to address certain issues in implementing the convergence with the IFRS. First, the very crucial IFRS 9 relating to financial instruments, is still evolving and the final standard is unlikely to be available soon.
We praise management for the role the World Bank Group (W BG) is playing in this regard, having quickly conveyed substantial resources to help the poorest and the most vulnerable, supporting the health sector, and providing liquidity to the business sector in low-income countries. Even more than in other episodes of widespread crisis, the W BG must provide countercyclical support while promoting long-term growth.