Urjit Patel Appointed Vice President of Asian Infrastructure Investment Bank
Beijing:
Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed vice president of Beijing-based multilateral financing institution the Asian Infrastructure Investment Bank (AIIB), according to sources from the bank on Sunday.
India is the founding member of the AIIB with the second highest share of voting shares after China. It is headed by former Vice Minister of Finance of China Jin Liqun.
Mr. Patel, 58, will be one of five AIIB Vice-Presidents for a three-year term. He is expected to take over his job next month.
He will succeed outgoing Vice President DJ Pandian, who is in charge of AIIB’s sovereign and non-sovereign lending business in South Asia, the Pacific Islands and Southeast Asia, AIIB sources told. PTI.
Mr. Pandian, who previously served as chief secretary of Gujarat, will return to India later this month.
Mr. Patel took office as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on September 5, 2016.
He resigned in December 2018 “for personal reasons”, stating that “I have decided to resign immediately from my current position”.
Prior to taking office on 6 September 2016, he was deputy governor overseeing the monetary policy department at the RBI under Mr Rajan and was known as the “inflation warrior”.
Mr. Patel has previously worked with the International Monetary Fund (IMF), Boston Consulting Group and Reliance Industries among others.
His posting to the AIIB is considered significant as India has emerged as the biggest beneficiary as it received $6.7 billion in funding for 28 projects, Mr. Saturday farewell lunch interaction.
In addition, AIIB together with the Asian Development Organization (ADB) are processing a $2 billion loan to India to purchase a COVID-19 vaccine.
Of the $2 billion loan, Manila-based ADB is expected to finance $1.5 billion and the AIIB is considering providing $500 million.
