'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 management ✓ UPSC's answer
(c) 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

Why the answer is (b)

• Basel III (2010) is the Basel Committee on Banking Supervision's set of reforms after the 2008 crisis: higher and better-quality capital, a capital conservation buffer, leverage ratio, and liquidity standards (LCR, NSFR) — to strengthen banks' resilience to financial stress and improve risk management — option (b).

• India's RBI implemented it in phases from 2013.

• Biodiversity (a), emissions (c) and CFC technology transfer (d) belong to environmental treaties.

• Hence option (b).

Why the other options are wrong

(a) develop national strategies for the conservation and sustainable use of biological…: Biodiversity strategies are under the CBD.
(c) reduce the greenhouse gas emissions but places a heavier burden on developed countries: Emission burdens are under Kyoto/Paris.
(d) transfer technology from developed countries to poor countries to enable them to replace…: CFC replacement is under the Montreal Protocol.

Asked in the GS Paper I of the UPSC Civil Services Preliminary Examination 2015, held on 23 August 2015. Question and answer key: Union Public Service Commission. Explanation: UPSC Answer Check.