endorsed the core principles. without the support and backing of national authorities to follow through with the implementation of these principles, our broader efforts simply cannot be effective. in this connection, the basel committee has long recognized the need for effective training of participants in the global supervision community, and over the years has sponsored numerous programs which have been beneficial in allowing supervisors from different countries to share experiences and exchange ideas for improved practices. in 1998, the basel committee, along with the bank for international settlements, jointly established the financial stability institute, which conducts leadership seminars for supervisors in emerging market countries and facilitates technical assistance. effort to revise the basel accord let me move on to the basel committee ’ s initiative to revise the 1988 capital accord. as you well know, capital has been, and continues to be, an important supervisory tool. since 1988, capital regulation has evolved around a set of minimum ratios that were devised by the basel committee on banking supervision and set forth in a document known as the basel accord. the accord was, without question, a milestone achievement – for the first time, supervisors were able to use a common yardstick for assessing banks ’ capital adequacy. the development of risk - based capital ratios has helped to strengthen capital standards in the more than 100 countries that adopted the accord. in recent years, however, the accord has exhibited serious shortcoming. one significant weakness is that the accord ’ s broad brush structure may provide banks with an unintended incentive to take on higher risk exposures without requiring them to hold a commensurate amount of capital. it also has not kept pace with innovations in the way that banks measure, manage and mitigate risk. with these concerns in mind, in june of 1999 the basel committee released a consultative paper for a new capital adequacy framework. while we knew this paper would not represent a perfect framework for all banks, our aim was to release a credible package that would serve as a basis for discussion. we actively sought feedback from the industry worldwide during the formal comment period that ended on 31 march of this year, and we are continuing this dialogue. i should note that we are very pleased and encouraged by the more than 200 comments received from a variety of sources, including financial institutions, central banks and supervisors, non - g10 countries and other market participants. the respondents on the whole have sent us a strong endorsement of our overall goal of developing a capital framework comprised of three pillars – minimum capital standards, supervisory review and market discipline

k c chakrabarty : credit information companies – seeking new frontiers inaugural address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the experian india conclave 2013, mumbai, 5 july 2013. * * * dr. richard fiddis, managing director – strategic markets, experian ; mr. vikram narayan and mr. mohan jayaraman, managing directors, experian credit information company of india pvt. ltd. ; senior members from the financial services industry ; delegates to the conference ; members of the print and electronic media ; ladies and gentlemen. it is a pleasure to be here this morning to deliver the inaugural address at the experian india conclave 2013. as you know, this conclave has been organised by experian, one of the leading credit bureaus with operations spread across 19 countries. the credit information companies ( cics ) have been in india for around a decade now and i believe it would be appropriate that in today ’ s address, i focus not just on the role which the cics like experian have played in india, but also dwell on the next higher level the cics should aspire to achieve through innovative practices, capability enhancement and improved efficiency. this would also be in line with the theme of the conference : the next frontier for innovation, competition and productivity. our society transformed itself from an agrarian society to an industrial society and is, now, getting transformed into a knowledge society. an essential ingredient for sustenance of a knowledge society is widespread information literacy. i believe that the cics have an important role to play in dissemination of awareness about credit information. the ability of cics to effectively perform this role will determine the future growth of the cic business and that of individual companies within this industry. i would also be dwelling upon the information literacy function of cics during my address today. the credit information services have witnessed impressive growth over the last two decades. i understand that between 1990 and 2011 the number of credit bureaus in the world has tripled. while the asian crisis in the late 1990s triggered the growth of bureaus in asia, eastern europe saw significant activity in early 2000s and the middle east and africa in the late 2000s. a recent survey showed that 134 countries across the globe either had a credit bureau or a credit registry at the end of 2011. value of a robust information infrastructure in an economy the world bank ’ s “ ease of doing business report 2012