Who: Dr Raghuram Rajan
Where: Basel, Switzerland
What: Elected as Vice-Chairman on BIS Board
When: 9 November 2015
Dr Raghuram Rajan, Governor of the Reserve Bank of India (RBI), on 9 November 2015 was elected as the Vice-Chairman on the Board of Directors of BIS.
With this, he became the first Indian to be elected to this position in the Bank for International Settlements (BIS).
In this capacity, he will serve the BIS for three years starting from 10 November 2015 and will assist the Chairman of the BIS Board in his/her functioning.
At present, Jens Weidmann is the Chairman of the Board of Directors. He is also the head of Bundesbank, the German banking regulator.
About Bank for International Settlements
• Established on 17 May 1930, the BIS is the world’s oldest international financial organisation.
• It mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
• It has 60 member central banks, representing countries from around the world that together make up about 95 percent of world GDP.
• The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People’s Republic of China and in Mexico City.