The Basel Accords/Norms (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