Another feather added to the cap of RBI Governor Urjit Patel with his appointment at the Bank of International Settlement (BIS) as a board member of the Financial Stability Institute (FSI).
The BIS is a global financial organisation whose stakeholders are the major central banks of the world. The FSI has many important role to play one of which is to advise its stakeholders to devise strategies and strengthening financial systems.
The FSI was created in 1998 jointly with the Basel Committee on Banking Supervision. but ceased to operate after sometime. Now the FSI has been reconstituted with a mandate to advise stakeholders in a more dynamic manner to meet the ever changing needs of the stakeholders.
To achieve this objective, the Advisory Board will comprise a small but diverse group of central bankGovernors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups.
Members would include Patel, as also William Dudley, President of the Federal Reserve Bank of New York, centralbank governors in Brazil, South Africa, Japan, among other top bankers from across the world.