The Governor of Reserve Bank of India (RBI), Urjit Patel has been appointed to the Financial Stability Institute Advisory Board or the Bank of International Settlement (BIS).
- The Bank for International Settlements (BIS) is based on Basel, Switzerland.
- BIS is a global financial organisation owned by around 60 major central banks from across the world.
- The BIS carries out its work through its meetings, programmes and through the Basel Process –hosting international groups pursuing global financial stability and facilitating their interaction.
- It also provides banking services, but only to central banks and other international organizations.
About Financial Stability Institute (FSI)
- The Financial Stability Institute (FSI) is one of the bodies hosted by the Bank of International Settlements (BIS) at its headquarters in Basel.
- FSI was established in the year 1999 by the BIS and the Basel Committee on Banking Supervision.
- The Primary Role of FSI is to to improve the co-ordination between national banks regulators through holding seminars and acting as a clearing house for information on regulatory practice.
About FSI Advisory Board
- The Financial Stability Institute (FSI) assists financial sector authorities worldwide in strengthening their financial systems. Since the beginning of 2017, the FSI has been implementing a new strategy that includes achieving closer interaction with central banks and financial supervisory agencies, which are its main stakeholders.
- As part of these efforts, the BIS has decided to reactivate the FSI Advisory Board that was originally created in 1998 and ceased to operate sometime later, Switzerland- based BIS said in a statement.
- This Advisory Board will provide strategic advice to help the FSI continue to meet its mandate in a way that is responsive to the changing needs of its key stakeholders around the world. To achieve this objective, the Advisory Board has picked up various central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups as it’s members.
Source: Business Standard & Wiki