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BIS stands for the Bank for International Settlements, and it is an international organization that was founded in 1930.The full form of BIS is quite long, and it stands for the following: “The Bank for International Settlements, an international organization founded in 1930 by the governors of the central banks of Belgium, France, Germany, Italy, Japan, and Switzerland.” So what does this institution do?
Functions Of Bank for International Settlements
The Bank for International Settlements (BIS) is a worldwide financial institution that offers central banking services to its member banks while also enhancing international fiscal sustainability.
The BIS has two main functions:
- acting as a bank for central banks, and
- promoting international cooperation in banking, finance, and economics.
As a bank for central banks, the BIS provides services such as:
- settling payments between central banks;
- lending to central banks; and
- exchanging currencies.
The BIS also conducts research into global economic and financial issues, publishes reports on its findings, and hosts meetings of central bankers from around the world.
The Bank for International Settlements is headquartered in Basel, Switzerland, and has branches in Hong Kong SAR and Mexico City.
BIS: Bureau Of Indian Standards
Another full form of BIS is the Bureau Of Indian Standards. It is an autonomous body that formulates and maintains standards in India. The main aim of BIS is to protect the interest of Indian consumers by ensuring the quality of products they purchase. It also promotes standardization and conformity assessment activities in India.
BIS also provides standards for industries such as electrical, electronics, food, civil engineering, and more. These standards help industries to improve their products and services and make them more competitive in the global market. BIS is also responsible for the certification of products and services that meet the standards set by it.
Functions Of Bureau Of Indian Standards
The Bureau of Indian Standards (BIS) is the national standards body of India working under the aegis of the Ministry of Consumer Affairs, Food and Public Distribution. It was constituted on 26 January 1987 under the Bureau of Indian Standards Act, 1986 to develop standardization and quality assurance in India.
The functions of BIS are:
- To lay down standards for goods and services
- To promote research and development in the field of standardization
- To establish laboratories to carry out research and tests related to standardization
- To disseminate information on standards through workshops, conferences, publications, etc.
- To act as a nodal agency for the promotion of quality control and quality assurance in India.
BIS also provides various services such as training, consultancy, and testing to industry and other users of standards. It also promotes the voluntary certification of products and services to enhance their quality.
The Bureau of Indian Standards is a member of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). It also collaborates with various national and international organizations to promote standardization.
BIS has played an important role in the development of the Indian economy by promoting quality and standardization. It has also helped in the globalization of Indian industry by providing standards that are recognized internationally.
The Bureau of Indian Standards is committed to meeting the needs of the Indian people and industry for standardization, quality assurance, and product certification. It will continue to work towards making India a world leader in standardization and quality assurance.
Conclusion
The full form of BIS is the Bureau of Indian Standards. It is an autonomous body that sets standards for quality and safety in India. Its main function is to promote standardization and quality assurance in Indian products and services. BIS also provides certification and marks of conformity to products that meet its standards. This helps in protecting Indian consumers from substandard and unsafe products, and also promotes the exports of Indian goods and services. BIS is an important institution that plays a vital role in promoting standardization and quality assurance in India. Every Indian needs to know about BIS and its functions. BIS also has a Consumer Affairs Bureau which helps consumers in resolving complaints against defective products or services. It also provides information on consumer rights and how to protect them.
