Context: The Bank for International Settlements (BIS) released a document ‘Core Principles for Effective Banking Supervision, crucial for global banking supervision. This document will serve as a guiding framework for central banks supervising banks in over 90 jurisdictions.
About Bank for International Settlements (BIS):
- Established in 1930
- Headquartered in Basel, Switzerland
- The BIS was created out of the Hague Agreements of 1930 and took over the job of the Agent General for Repatriation in Berlin.
- The goal is to foster international monetary and financial cooperation while serving as a bank for central banks.
- It aids central banks in their pursuit of monetary and financial stability through international cooperation.
- It provides a platform for responsible innovation and knowledge-sharing in-depth analysis and insights on core policy issues sound and competitive financial services.
- This organisation is owned by 63 central banks, including the Reserve Bank of India (RBI) representing countries from around the world that together account for about 95% of world GDP.