The Basel Accords (i.e., Basel I, II and now III) are a set of agreements set by the Basel Committee on Bank Supervision (BCBS), which provides recommendations on banking regulations in regards to capital risk, market risk and operational risk.  

The purpose of the accords is to ensure that financial institutions have enough capital on account to meet obligations and absorb unexpected losses.  

They are of paramount importance to the banking world and are presently implemented by over 100 countries across the world. 

Source: The Hindu