- Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank (AIIB), a Beijing based multilateral development bank.
- Mr. Patel will succeed 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.
- Urjit Patel will be one of the five Vice Presidents of the AIIB with a three-year tenure.
- The Asian Infrastructure Investment Bank (AIIB), launched in Beijing in 2015, has approved more loans for India than any other member of the bank.
- India has emerged as AIIB’s biggest beneficiary by obtaining $6.8 billion funding for 29 projects. Indonesia, Turkey, Bangladesh and China are the next four borrowers from the bank with over $7 billion investment.
- China is its biggest shareholder and India is the second-largest. The U.S. and Japan are not among its 104 members.
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