Tuesday, 10 November 2015
Mr. Rajan is the first Indian central bank Governor to become the vice-chairman of BIS. BIS is headquartered in Basel, Switzerland, and acts as a coordinating
body among central banks to ensure global monetary and financial
stability. The BIS board meets at least six times a year.
The BIS board comprise all central bankers. The board includes U.S.
Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney
and Bank of Japan Governor Haruhiko Kuroda.
Mr. Rajan was appointed Governor of the RBI in September 2013, and was
given a three-year term. This new role of Mr. Rajan will surely boost
his chances for an extension next year, according to central bank
watchers.
“Dr Raghuram Rajan…was elected as the Vice-Chairman, the Board of Directors of the BIS, at its meeting in Basel held yesterday for a period of three years from November 10, 2015,” Reserve Bank of India said in a statement.
“Rajan joined the BIS Board of Directors in December 2013. Jens Weidmann, Chairman of the BIS Board, welcomed Dr. Rajan in his new role and thanked him for his continued service to the Bank,” the RBI said in a press release.
