In India, having regard to the country context and in tune with the overall approach to regulatory reforms, we have adopted a calibrated approach for a phased implementation of Basel II so as to secure a non-disruptive migration to the new framework.
In my remarks today, I would like to briefly touch upon the evolution of the revised framework, its broad structure, preparatory measures taken by the RBI for implementing this framework and the challenges that will need to be tackled in migration to Basel II.