"The RBI is examining the Basel III regulations and will issue guidelines towards the extent applicable for banks operating in India in due course of period, " the RBI's annual report said.
Basel III is the new regulatory framework made to correct the deficiencies in regulation that led to the global financial turmoil of 2008.
It is to be noted that in the wake of economic crisis, the Basel Committee on Banking Supervision (BCBS) has initiated several post-crisis change measures, mainly in terms of building on the Basel II capital adequacy construction.
Though Basel III can be viewed as a modification of the Basel II construction, it differs significantly in terms of its comprehensiveness, it said.
"The RBI would stick to internationally agreed phase-in period starting in January 1, 2013, for implementation associated with Basel III, " it said.
Implementation of the Basel III norms is actually scheduled to commence from January 1, 2013, and has to be finished by January 1, 2019.
Apart from revising the definition of regulatory funds, it said Basel III is much wider in terms of its risk coverage clauses and encompasses measures to deal with systemic risks.
The RBI observed that implementation of Basel III has tossed up significant challenges for both banks and banking supervisors alike.
It said that availability of an ample amount of capital, both in terms of quality and quantity, "provides significant comfort to start implementation of the new framework" as per the time schedule fixed through the BCBS.