World bankers and regulators have agreed on a package of sweeping reforms which they hope will prevent repeat of a financial global crisis of 2008. The most important measure drawn up at a meeting in the Swiss city of Basel is a requirement for banks to hold a much higher reserves of capital. New rules would be introduced over eight years. It was felt that one of the reasons for the financial crisis was that the banks and other firms in the sector did not have enough capital, considered a financial shock absorber to protect losses. Central bankers and other regulators have now reached the agreement which will more than triple the amount of basic form of capital the banks must hold. These proposals will be sent to leaders of G-20 to consider and approve at a summit in November.