Rajan is vice-chief of BIS

Dr Raghuram Rajan, governor of the Reserve Bank of India, was elected as the vice-chairman of the Board of Directors of the Bank for International Settlements (BIS), at its meeting in Basel on Monday for a period of three years from November 10, 2015.

Dr Rajan joined the BIS board of directors in December 2013. Jens Weidmann, chairman of the BIS Board, welcomed Dr Rajan in his new role and thanked him for his continued service to the bank.

The Board, according to the BIS website, is responsible for determining the strategic and policy direction of the BIS, supervising BIS Management, and fulfilling the specific tasks given to it by the bank’s statutes. It meets at least six times a year.

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

It is assisted by four committees, namely the Administrative Committee, Audit Committee, Banking and Risk Management Committee, and Nomination Committee.

There are six ex-officio directors in the 21-member BIS board of directors, comprising the central bank governors of Belgium, France, Germany, Italy, the United Kingdom and the US. Each ex-officio member may appoint another member of the same nationality. Nine governors of other member central banks may be elected to the Board.