Ex-RBI Governor Urjit Patel Appointed AIIB Vice President
- Posted By
10Pointer
- Categories
Economy
- Published
11th Jan, 2022
-
Context
Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice president of the Beijing-based multilateral funding institution Asian Infrastructure Investment Bank (AIIB).
About AIIB
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral bank focused on infrastructure investment in Asia across a range of sectors, including transport, energy, water and communications.
- It was formed in 2016.
- India is a founding member of AIIB with the second highest voting share after China.
- It is headed by former Chinese vice minister for finance Jin Liqun.
Urjit Patel
- Mr Patel, 58, will be one of the five Vice Presidents of the AIIB with a three-year tenure. He is expected to take over his posting next month.
- He will succeed outgoing Vice President D J Pandian, who is in charge of sovereign and non-sovereign lending of the AIIB in South Asia, the Pacific Islands and South-East Asia, AIIB sources told PTI.
- Mr Pandian, who has previously served as the chief secretary of Gujarat, is set to return to India later this month.
- Mr Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on September 5, 2016.
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