The recommendations and implementation of Basel 3 norms have posed many issues and challenges to the implementing banks and financial institutions for making macro adjustments and reorienting monetary policies. This accord lays greater focus on maintaining of core capital, maintaining capital buffer and counter cyclical capital buffer, reaching a particular level of liquidity coverage and leveraged ratio etc. to manage the unforeseen risks. The challenges were also posed to central banks to suitably formulate the monetary policy and devise needed provisions and strategies keeping in view the overall scenario of banking operations and also the state of the economy. This study analyses a comparative position of various strategies adopted by individual Central banks and policy changes included in their monetary policy to implement the Basel 3 provisions in the phased manner. The study concludes that the developed countries are relatively in a comfortable position as compared to developing economies.