Over the past few years, the basel committee has moved more aggressively to promote sound supervisory standard worldwide. In close collaboration with many jurisdictions which are not members of the committee in 1997 it developed a set of “core principles for effective banking supervision”, which provides a comprehensive blueprint for an effective supervisory system. To facilitate implementation and assessment the committee in Oct 1999 developed the “core principles methodology”. The core principles and methodology were revised recently and released in Oct 2006.
In order to enable a wider group of countries to be associated with the work being pursued in Basel, the committee has always encouraged contacts and cooperation between its members and other banking supervisory authorities.Member countries:
Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong-Kong, India, Indonesia, Italy, Japan, Luxembourg, Mexico,-Netherlands, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Turkey, UK, US.Also Read: Basel II and Basel III FrameworkRecommendation of the K.C. Chakrabarty Committee on Recapitalisation of RRBsDholakia Committee