BANKING AFFAIRS

Detailed explanation-1: -The BIS was created in the context of the Young Plan, adopted on 20 January 1930 at the Hague Conference.

Detailed explanation-2: -The establishment of the BIS The Bank for International Settlements was established in 1930. It is the world’s oldest international financial institution and remains the principal centre for international central bank cooperation.

Detailed explanation-3: -Bank for International Settlements, international bank established at Basel, Switzerland, in 1930, as the agency to handle the payment of reparations by Germany after World War I and as an institution for cooperation among the central banks of the various countries (see Young Plan).

Detailed explanation-4: -The Indian Standards Institution (ISI) came into being on the 06 January 1947 and in June 1947 Dr. Lal C. Verman took over as its first Director.