RBI Governor Urjit Patel was on Wednesday appointed to the Financial Stability Institute Advisory Board or the Bank of International Settlement (BIS), a global financial organisation owned by major central banks from across the world. The Financial Stability Institute (FSI) of the BIS assists financial sector authorities worldwide in strengthening their financial systems.
Since the beginning of 2017, the FSI has been implementing a new strategy that includes achieving closer interaction with central banks and financial supervisory agencies, which are its main stakeholders. As part of these efforts, the BIS has decided to reactivate the FSI Advisory Board that was originally created in 1998 and ceased to operate some time later, Switzerland-based BIS said in a statement.
The Advisory 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. To achieve this objective, the Advisory 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.
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.
Jaime Caruana, General Manager of the BIS, will be Chair of the new FSI Advisory Board (until 30 November 2017 after which he will be replaced by Agustín Carstens, incoming General Manager of the BIS). Members would include Patel, as also William Dudley, President of the Federal Reserve Bank of New York, central bank governors in Brazil, South Africa, Japan, among other top bankers from across the world.