‘Basel III Accord’ or simply ‘Basel III’, often seen in the news, seeks to
develop national strategies for the conservation and sustainable use of biological diversity
improve banking sector's ability to deal with financial and economic stress and improve risk management
reduce the greenhouse gas emissions but places a heavier burden on developed countries
transfer technology from developed countries to poor countries to enable them to replace the use of chlorofluorocarbons in refrigeration with harmless chemicals
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This question was previously asked in
UPSC IAS – 2015
The Basel III Accord is a set of international banking regulations developed by the Bank for International Settlements (BIS) through the Basel Committee on Banking Supervision (BCBS). It was developed in response to the global financial crisis of 2007-08. Basel III aims to improve the regulation, supervision, and risk management within the banking sector. Key objectives include strengthening bank capital requirements, enhancing liquidity standards, and controlling leverage, thereby improving the banking sector’s ability to absorb shocks arising from financial and economic stress.