MUMBAI, Dec 28 (Reuters) - India will start implementing new
global capital rules for banks, known as Basel III, from April
1, 2013 rather than the beginning of January, the Reserve Bank
of India said on Friday.
It said this would align the introduction of the rules with
the start of the country's tax year, which runs from April to
March. The central bank gave no other reason for the change.
The new rules have been created by international regulators
to strengthen banks after the financial crisis. Under the Basel
III regime, India's banks will have to hold core capital of at
least seven percent of (risk weighted) assets.
The central bank had originally said in May that
implementation of Basel III would begin in January. The new
rules are set to be fully implemented by the end of March 2018.
(Reporting by Shamik Paul. Editing by Jane Merriman)