Current Affairs

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.