Q. Consider the following statements regarding “Bank of International Settlements (BIS)”:
1.It is owned by 63 central banks including RBI that account for 95% of the GDP.
2.Basel Committee on Banking Supervision of BIS provides the Basel norms.
Which of the statements given above is/are correct?
Red Book
Red Book

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: Bank of International Settlements (BIS):

  • BIS was established in 1930.
  • BIS is owned by 63 central banks including RBI that account for 95% of the GDP.
  • BIS’s head office is in Basel, Switzerland and it has two representative offices in Hong Kong and Mexico City.
  • The mission of BIS is to support central banks’ pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks.
  • Basel Committee on Banking Supervision of BIS provides the Basel norms.

Source: FORUMIAS

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