RBI governor Urjit Patel has been appointed to the Financial Stability Institute Advisory Board of the Bank of International Settlement (BIS). BIS is a global financial organization owned by major central banks from across the world. The Financial Stability Institute assists financial sector authorities worldwide in strengthening their financial systems. It is now in the process of implementing a new strategy that includes achieving closer interaction with central banks and financial supervisory agencies. The strengthening of the of the advisory board is part of this strategy. The board was created in 1998 but stopped functioning after some time. The board will provide strategic advice to help the FSI continue to meet its mandate in a way that is responsive to the changing needs of its key stakeholders around the world. The 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. At present the members would include Patel, William Dudley, president of the Federal Reserve Bank of New York, and central bank governors in Brazil, South Africa and Japan.
