Mumbai, Nov 10 (KNN) Dr Raghuram Rajan, Governor of the Reserve Bank of India, has been elected as the Vice-Chairman, the Board of Directors of the Bank for International Settlements (BIS).
 
The decision was taken at a meeting in Basel held on Monday. Dr Rajan would be holding the post for a period of three years from November 10, 2015.
 
He 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 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 may have up to 21 members, including six ex officio directors, comprising the central bank Governors of Belgium, France, Germany, Italy, the United Kingdom and the United States. 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. (KNN Bureau)