Former RBI Governor Urjit Patel appointed as AIIB Vice-Chairman

• Former Reserve Bank governor (24th) Urjit Patel has been appointed as the vice-chairman of the multinational financial institution Asian Infrastructure Investment Bank (AIIB).
• AIIB Bank is headquartered in Beijing city of China. India is a founding member of AIIB. India has its second highest voting rights after China.
• AIIB is headed by former Finance Minister of China Jin Liqun.
• Mr Patel, 58, will be one of the five Vice Presidents of the AIIB with a three-year tenure. He is expected to take over his posting next month.
• 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.

Important Takeaways

About AIIB

• AIIB: Asian Infrastructure Investment Bank
• The Asian Infrastructure Investment Bank (AIIB) is an international development bank focused on improving Asia's economic and social outcomes. The bank now has 104 members, with 17 new members on the way from all across the world.
• Formation: 16 January 2016
• President: Jin Liqun