RBI to finalise Basel-II norms soon

Reserve Bank of India (RBI) will announce guidelines for implementing the Basel II framework in the next few weeks, Deputy Governor V Leeladhar said today.

"We will post the final guidelines for the implementation of Basel II norms in the next couple of weeks," Leeladhar said.

Malcolm Knight, chief executive of Bank for International Settlements (BIS), said in Mumbai this afternoon that India needs to open up its capital account to reap the benefits of globalisation.

"I believe that if a country has to reap the advantages of globalisation, it is essential that over (a period of) time it opens up its balance of payments to the rest of the world. That means capital account convertibility," Knight said.

He added that implementing capital account convertibility required a sequenced approach and sound macro-economic policies.