India to become member of Basel Committee on Banking Supervision & Financial Stability Forum

Basel Committee on Banking Supervision (BCBS) has decided to expand its membership and invite India as a new member. The other countries that are invited to become members are Australia, Brazil, China, Korea, Mexico and Russia. The Basel Committee's governance body will also be enlarged to include the central bank governors and heads of supervision from these new member organisations.This expansion in membership will enhance the Committee's ability to carry out its core mission, which is to strengthen regulatory practices and standards worldwide.

Meanwhile, the Financial Stability Forum (FSF), established by the G7 finance ministers and central bank governors in 1999, has also decided to broaden its membership and invite countries which are in G-20 but are not currently in the FSF. Apart from India, Argentina, Brazil, China, Indonesia, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Spain and the European Commission will be invited to be the members.

The FSF was established to promote international financial stability through enhanced information exchange and international cooperation in financial market supervision and surveillance. The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. I

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