• BIS is international financial organisation owned by 60 member central banks, representing countries from around the world (about 95% of world GDP) including India.
• Established in 1930, BIS is the world’s oldest international financial organization.
• It fosters international monetary and financial cooperation and serves as bank for central banks.
• It carries out its work through its meetings, programmes and through Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction.
• The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
• Its headquarter is in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

In News:

RBI Governor Urjit Patel was appointed to Financial Stability Institute Advisory Board (FSAB) or Bank of International Settlement (BIS).

Source: Wiki & TH