‘Basel III Accord’ or simply ‘Basel III’, often seen in the news, seeks to

A) develop national strategies for the conservation and sustainable use of biological diversity
B) improve banking sector’s ability to deal with financial and economic stress and improve risk managementC) reduce the greenhouse gas emissions but places a heavier burden on developed countries
D) transfer technology from developed Countries to poor countries to enable them to replace the use of chlorofluorocarbons in refrigeration with harmless chemicals

Answer. [B]

Explanation- “Basel III” accord is a set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.

These measures aim to:

• improve the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source
• improve risk management and governance
• strengthen banks’ transparency and disclosures.