Raghuram Rajan, governor of the Reserve Bank of India has been elected as the vice-chairman on the Board of Directors of the Bank for International Settlements (BIS), at its meeting in Basel held on Monday, for a period of three years effective November 10, 2015. He joined the BIS Board of Directors in December 2013. Jens Weidmann, chairman of the BIS Board, welcomed Rajan in his new role.