Reserve Bank of India Governor Raghuram Rajan was appointed as vice chairman of the Bank for International Settlements (BIS).
Rajan was appointed to a three-year term. He first joined the BIS board of directors in December 2013.
He will work with BIS Chairman Jens Weidmann, who is also president of Germany’s Bundesbank.
Rajan could be a contender to head the IMF after the five-year term of the current head, Christine Lagarde, ends in 2016.
Rajan denies any interest in the position and his three-year tenure at the RBI doesn’t end until September 2016.
Bank for International Settlements (BIS) is the world’s oldest international financial organisation. It was established on 17 May 1930.
The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP.
The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People’s Republic of China and in Mexico City.
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.
The BIS Board of Directors
Chairman: Jens Weidmann, Frankfurt am Main
Vice-Chairman: Raghuram Rajan, Mumbai
Mark Carney, London
Agustín Carstens, Mexico City
Jon Cunliffe, London
Andreas Dombret, Frankfurt am Main
Mario Draghi, Frankfurt am Main
William C Dudley, New York
Stefan Ingves, Stockholm
Thomas Jordan, Zurich
Klaas Knot, Amsterdam
Haruhiko Kuroda, Tokyo
Anne Le Lorier, Paris
Fabio Panetta, Rome
Stephen S Poloz, Ottawa
Jan Smets, Brussels
Alexandre A Tombini, Brasília
François Villeroy de Galhau, Paris
Ignazio Visco, Rome
Janet L Yellen, Washington
Zhou Xiaochuan, Beijing