This is in addition to its existing function as a Trade Repository for Credit Default Swaps. What I have provided is a broad-brush canvas of the myriad developments taking place in the international area on harmonization and development of better standards for risk management both in the area of supervision and regulation of banks and financial institutions and in payment and settlement systems.
Regulatory convergence and its impact on India The direct effect of the global financial crisis on Indian banks/ financial sector was muted because of limited exposure of our banking industry to complex innovative products and other prudential policies put in place by the Reserve Bank of India.