Former RBI Governor Urjit Patel appointed as AIIB Vice President

(PTI) Beijing, Ta. 3

Former RBI Governor Urjit Patel has been appointed Vice President of the Beijing-based Asian Infrastructure Investment Bank (AIIB), bank sources said in a statement.

India is a founding member of the Asian Infrastructure Investment Bank (AIIB). India has the largest voting share in this bank after China. The bank is currently headed by former Chinese Deputy Finance Minister Jin Likun.

6-year-old Urjit Patel has been appointed as the Vice President for three years. He will be one of the five vice presidents of the bank. He will assume his charge next month.

He will replace DJ Pandey, the bank's vice president. Pandey is a former chief secretary of Gujarat. He is returning to India later this month.

It may be mentioned that Urjit Patel became the 7th Governor of RBI on September 5, 2016. However, he resigned in December 2013 for personal reasons. He was the Deputy Governor of RBI before becoming the Governor of RBI. Patel has previously worked for the IMF, Boston Consulting Group and Reliance Industries.

India has so far benefited the most from AIIB. India has received a total of ૭ 4.5 billion from AIIB for 6 projects.