RBI Governor Urjit Patel has been appointed as advisory board member of the Financial Stability Institute (FSI) of the Bank of International Settlement (BIS). The FSI assists financial sector authorities worldwide in strengthening their financial systems. The FSI was jointly created in 1998 by the BIS and the Basel Committee on Banking Supervision. Among other mandates, the FSI seeks to promote cross-sectoral and cross-border supervisory contacts and cooperation. The BIS is an international financial organisation owned by 60 member central banks across the world.