The Basel Capital Accords represent the evolution of international banking regulation. Which of the following correctly summarises the progression from Basel I to Basel III?

Basel I (Basel Capital Accord, 1988) introduced the concept of risk-weighted assets and set a minimum total capital ratio of 8%, addressing credit risk only. Basel II (2004) introduced the three-pillar framework: Pillar 1 (minimum capital requirements for credit, market, and operational risk), Pillar 2 (supervisory review process), and Pillar 3 (market discipline through disclosure). Basel III, developed after the 2008 Global Financial Crisis (finalised 2010-11), significantly strengthened the framework by: (1) raising quality and quantity of capital (higher CET1 requirement); (2) introducing liquidity ratios (LCR for 30-day stress and NSFR for structural liquidity); (3) adding a leverage ratio to prevent excessive balance sheet growth; and (4) introducing capital buffers (Capital Conservation Buffer and Counter-Cyclical Buffer). India implements Basel III through RBI's Master Circular on Capital Regulations.