Raghuram Rajan is vice-chief of BIS

MUMBAIReserve Bank of India Governor Raghuram Rajan, a vocal advocate of increased emerging market participation in global policy debate, was appointed as vice chairman of the Bank for worldwide Settlements (BIS) on Tuesday. Rajan who took over as the RBI governor in September 2013, joined the BIS board in December 2013.

The Board of Directors elects a chairman and a vice-chairman from among its members each for a three-year term.

The board of directors elects a chairman and a vice-chairman from among its members each for a three-year term. BIS, established in 1930 in Basel, Switzerland, is an global organisation consisting of central banks and monetary authorities of various countries. “It meets at least six times a year”, BIS said on its website.

There are six ex-officio directors in the 21-member BIS board of directors, comprising the central bank governors of Belg-ium, France, Germany, Italy, the United Kingdom and the US.

The former worldwide Monetary Fund chief economist, who is widely credited for predicting the global financial crisis of 2008, was appointed RBI Governor amid a currency crisis in 2013 which he was able to tackle soon after he assumed charge.

“Monetary policy bears responsibility for… risks to financial stability if they affect the long-run outlook of price stability or our capacity to ensure price stability in the future”, Weidmann said.