'Basel III norms essential for stable global banking system'

The Basel Committee on Banking Supervision also urged G-20 leaders to call on jurisdictions to meet their Basel III commitments within the agreed timetable.

"... Full, timely and consistent implementation of Basel III among its members is essential for restoring confidence in the regulatory framework for banks and to help ensure a safe and stable global banking system," the committee said in the 'Report to G-20 Leaders on Basel III implementation'.

G-20 is an influential grouping of nations, including India, that is playing a key role in reviving the global economy post the financial meltdown.

In December 2010, the Basel Committee published Basel III -- a comprehensive set of reforms to raise the resilience of banks.

"Three countries -