BIS Board appoints RBI Governor Raghuram Rajan as its Vice Chairman

Reserve Bank Governor Raghuram Rajan has assumed the position of Vice Chairman of the board of the Bank for International Settlements.

BIS fosters international cooperation amongst central banks with a view to ensuring global monetary and financial stability. The BIS board meets at least six times a year and is headquartered in Basel, Switzerland.

The BIS board includes US Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda.

"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.

BIS Board Chairman Jens Weidmann welcomed Rajan in his new role and thanked him for his continued service to the Bank.

The Board of Directors elects a Chairman and a Vice-Chairman from among its members each for a three-year term.