RBI Governor Current Affairs
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.
Eminent economist, consultant and banker Dr. Urjit Patel has assumed charge as the 24th Governor of the Reserve Bank of India (RBI).
Dr. Patel succeeds Raghuram Rajan who completed his tenure after serving a three-year term. He will have tenure of three years.
Prior to this appointment (elevation) he was Deputy Governor of RBI. He is the eighth Deputy Governor to be elevated as Governor at RBI.
Earlier in August 2016, the appointment committee of cabinet (ACC) chaired by Prime Minister Narendra Modi had approved the appointment of Dr. Patel. His appointment was based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
About Dr. Urjit Patel
- By profession Dr. Urjit Patel is an eminent economist, consultant and banker. He has two decades of rich experience across sectors including financial, energy and infrastructure sectors.
- He has worked with the International Monetary Fund (IMF) covering the US, India, Bahamas and Myanmar desks between 1990 and 1995.
- For first time, he was appointed as the Deputy Governor of RBI in January 2013 for three year term and was later reappointed on January 2016.
- He had headed committee to review the monetary policy framework and had proposed monetary policy committee to set interest rates.
- He also had worked as a consultant to the Union Ministry of Finance (Department of Economic Affairs) from 1998 to 2001.