New Vice President of AIIB
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
- Patel, 58, will be one of the five Vice Presidents of the AIIB with three-year tenure.
- 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.
- Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on 5 September 2016.
- AIIB began operations in 2016 with 57 founding Members (37 regional and 20 non-regional).
- 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.
