Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice president of the Beijing-based multilateral funding agency Asian Infrastructure Investment Bank (AIIB) on Sunday. India is the AIIB’s second-largest voting member after China. AIIB is headed by former Chinese vice minister for finance Jin Liqun.
Mr Patel, 58, will serve as one of the AIIB’s five Vice Presidents for a three-year tenure. He is set to take over his positing next month. According to AIIB sources, he will succeed outgoing Vice President D J Pandian, who is in charge of the AIIB’s sovereign and non-sovereign loans in South Asia, the Pacific Islands, and South-East Asia.