RBI Governor Urjit Patel was appointed to Financial Stability Institute Advisory Board (FSAB) or Bank of International Settlement (BIS). BIS is international financial organisation owned by 60 member central banks across world.
The Financial Stability Institute (FSI) of BIS assists financial sector authorities worldwide in strengthening their financial systems. Since beginning of 2017, FSI has been implementing new strategy that includes achieving closer interaction with central banks and financial supervisory agencies.
FSI Advisory Board
The FSI was jointly established by BIS and the Basel Committee on Banking Supervision in 1998. Its mandate is to promote cross- sectoral and cross-border supervisory contacts and cooperation. The advisory Board will provide strategic advice to help FSI continue to meet its mandate in way that is responsive to changing needs of its key stakeholders around the world. It will comprise small diverse group of central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups.
Bank for International Settlements (BIS)
BIS is international financial organisation owned by 60 member central banks, representing countries from around the world including India. 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. Its headquarter is in Basel, Switzerland.