Rajan becomes first Indian to be elected on BIS Board

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Rajan
RBI Governor Raghuram Rajan has became the first Indian to be elected Vice chairman of the Bank for International Settlements (BIS), which works to improve global financial stability and prescribes rules for banks across the world. The 52-year-old Rajan who has been critical of Western central banks for their excessive printing of money and introducing huge amount of cheap money to fight slowdown and bring back growth, would assist Jens Weidmann, chairman of BIS, who is also the head of Germany’s Reserve Bank Bundesbank.Rajan’s election took place at a BIS Board meeting in Basel on Monday. He would hold the post for three years starting November 10, 2015, according to an announcement by the RBI on its website.

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