Raghuram Rajan, Reserve Bank of India (RBI) Governor who has been a vocal votary for increased co-ordination among central banks, has been elected vice-chairman of the Bank of International Settlement (BIS). Mr. Rajan will have a three-year term as vice-chairman of the BIS.
Mr. Rajan is the first Indian central bank Governor to become the vice-chairman of BIS.BIS is headquartered in Basel, Switzerland, and acts as a coordinating body among central banks to ensure global monetary and financial stability. The BIS board meets at least six times a year.Mr. Rajan was appointed Governor of the RBI in September 2013, and was given a three-year term. This new role of Mr. Rajan will surely boost his chances for an extension next year, according to central bank watchers.
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