- BIS is international financial organisation owned by 60 member central banks, representing countries from around the world (about 95% of world GDP) including India.
- Established in 1930, BIS is the world’s oldest international financial organization.
- It fosters international monetary and financial cooperation and serves as bank for central banks.
- It carries out its work through its meetings, programmes and through Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction.
- The mission of the BIS 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.
- Its headquarter is in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
RBI Governor Urjit Patel was appointed to Financial Stability Institute Advisory Board (FSAB) or Bank of International Settlement (BIS).
Source: Wiki & TH