GS Paper - 3 (Economy)

Former RBI Governor Urjit Patel has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB on 9 January 2022. India is a founding member of the Asian Infrastructure Investment Bank (AIIB) with the second highest voting share after China. It is headed by former Chinese vice minister for finance Jin Liqun.

What

  1. Patel, 58, will be one of the five Vice Presidents of the AIIB with three-year tenure.
  2. 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.
  3. Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on 5 September 2016.
  4. AIIB began operations in 2016 with 57 founding Members (37 regional and 20 non-regional).
  5. In 2018, AIIB was granted Permanent Observer status in the deliberations of both the United Nations General Assembly and the Economic and Social Council, the two development-focused principal organs of the global body.