Q. With respect to Bank for International Settlements (BIS), which of the following is / are correct observations? - It is an international organization of central banks that seeks to bring more transparency in monetary policies of countries
- Reserve Bank of India is a member of Bank for International Settlements
Select the correct option from the codes given below:
Answer:
Both 1 & 2
Notes: First statement is correct. The Bank for International Settlements (BIS) was established in 1930 in Basel, Switzerland. It was a result of an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States and Switzerland. It is an organization of central banks that seeks to bring more predictability and transparency in monetary policy. The famous Basel norms were named after the location of the BIS headquarters where they were framed.
Second statement is correct Currently, sixty member central banks or monetary authorities are members of the Bank for International Settlements (BIS). Reserve Bank of India is a member of the organisation. On November 10, 2015, the then Reserve Bank of India governor Raghuram Rajan became the first Indian central banker to be appointed as vice-chairman of the Bank for International Settlements (BIS). He has been appointed for a term of three years.