RBI Governor Raghuram Rajan appointed as Vice Chairman of BIS
Reserve Bank of India (RBI) Governor Raghuram Rajan has been appointed as vice chairman of the board of directors of the Bank for International Settlements (BIS).
With this, he became the first Indian to be appointed to this position in the BIS and shall have tenure of three years starting from 10 November 2015.
In his new role Dr. Rajan will assist BIS Chairman Jens Weidmann, who is also president of Germany’s Bundesbank. He had joined the BIS board of directors for first time in December 2013.
About Bank for International Settlements
- BIS was established in 1930 and is world’s oldest international financial organisation.
- Head office is located in Basel, Switzerland. BIS also has two representative offices in Hong Kong and Mexico City.
- BIS serves central banks of countries in their pursuit of financial and monetary stability in order to foster international cooperation. It also acts as a bank for central banks.
- Presently, BIS has 60 central banks as its members which are representing countries from around the world accounting about 95 percent of world GDP.
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Month: Current Affairs - November, 2015