Governor of Reserve Bank of India Urijit Patel has been appointed to the Financial Stability Institute Advisory Board the Bank of International Settlement (BIS).
- BIS is a global financial organisation owned by major central banks from across the world.
- The Financial Stability Institute (FSI) of the BIS plays the role of an assistant of financial sector authorities worldwide in strengthening their financial systems.
- The FSI was created in 1998 jointly with the Basel Committee on Banking Supervision but ceased to operate after some time.
- Now it has been reconstituted with an aim to advise stakeholders in a more dynamic manner to meet the ever-changing needs of the stakeholders.
- Since the commencement of 2017, the FSI has been focusing to implement a new strategy that includes achieving closer interaction with central banks and financial supervisory agencies, which are its main stakeholders.
- To achieve this objective, the Advisory Board will comprise a small but diverse group of central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups.
- Except for Patel, the advisory board constitutes William Dudley, President of the Federal Reserve Bank of New York, central bank governors in Brazil, South Africa, Japan, among other top bankers from across the world.
