<p>Former RBI Governor Urjit Patel has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB, according to sources in the bank on Sunday.</p>.<p>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.</p>.<p>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.</p>.<p>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, AIIB sources told <em>PTI</em>.</p>.<p>Pandian, who has previously served as the chief secretary of Gujarat, is set to return to India later this month.</p>.<p>Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on September 5, 2016.</p>.<p>Patel resigned in December, 2018 "on account of personal reasons”, saying “I have decided to step down from my current position effective immediately".</p>.<p>Prior to taking over on September 6, 2016, he was a Deputy Governor overseeing the monetary policy department at the RBI under Rajan and was known as his “inflation-warrior”.</p>.<p>Patel has previously worked with the International Monetary Fund (IMF), Boston Consulting Group and Reliance Industries among other organisations.</p>.<p>Patel’s posting to AIIB is regarded as significant as India has emerged as its biggest beneficiary by obtaining $6.7 billion funding for 28 projects, Pandian said in his farewell luncheon interaction on Saturday.</p>.<p>Also, the AIIB along with the Asian Development (ADB) is processing a $two billion loan for India to purchase Covid-19 vaccines.</p>.<p>Of the $two billion loan, the Manila-based ADB is expected to finance $1.5 billion and AIIB is considering providing $500 million.</p>.<p>The AIIB had recently granted $356.67 million loan for the expansion of the Chennai metro rail system. It is also considering funding several other infrastructure projects for the development of Chennai city and its suburbs.</p>.<p>The bank has also funded the Bengaluru metro rail project.</p>.<p>In his farewell interaction, Pandian sought to dispel the impression, especially in India, that the AIIB is a Chinese bank.</p>.<p>He said that the bank now has emerged as a multilateral bank becoming the lead financiers of the infrastructure projects in Asia.</p>.<p>Except the US and Japan, most of the developed and developing countries have joined the bank, he said.</p>.<p>A readout on AIIB official website said the bank is a “multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core”.</p>.<p>“We began operations in Beijing in January 2016 and have since grown to 105 approved members worldwide. We are capitalised at $100 billion and Triple-A-rated by the major international credit rating agencies,” it added.</p>.<p><strong>Check out DH's latest videos</strong></p>
<p>Former RBI Governor Urjit Patel has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB, according to sources in the bank on Sunday.</p>.<p>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.</p>.<p>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.</p>.<p>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, AIIB sources told <em>PTI</em>.</p>.<p>Pandian, who has previously served as the chief secretary of Gujarat, is set to return to India later this month.</p>.<p>Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan on September 5, 2016.</p>.<p>Patel resigned in December, 2018 "on account of personal reasons”, saying “I have decided to step down from my current position effective immediately".</p>.<p>Prior to taking over on September 6, 2016, he was a Deputy Governor overseeing the monetary policy department at the RBI under Rajan and was known as his “inflation-warrior”.</p>.<p>Patel has previously worked with the International Monetary Fund (IMF), Boston Consulting Group and Reliance Industries among other organisations.</p>.<p>Patel’s posting to AIIB is regarded as significant as India has emerged as its biggest beneficiary by obtaining $6.7 billion funding for 28 projects, Pandian said in his farewell luncheon interaction on Saturday.</p>.<p>Also, the AIIB along with the Asian Development (ADB) is processing a $two billion loan for India to purchase Covid-19 vaccines.</p>.<p>Of the $two billion loan, the Manila-based ADB is expected to finance $1.5 billion and AIIB is considering providing $500 million.</p>.<p>The AIIB had recently granted $356.67 million loan for the expansion of the Chennai metro rail system. It is also considering funding several other infrastructure projects for the development of Chennai city and its suburbs.</p>.<p>The bank has also funded the Bengaluru metro rail project.</p>.<p>In his farewell interaction, Pandian sought to dispel the impression, especially in India, that the AIIB is a Chinese bank.</p>.<p>He said that the bank now has emerged as a multilateral bank becoming the lead financiers of the infrastructure projects in Asia.</p>.<p>Except the US and Japan, most of the developed and developing countries have joined the bank, he said.</p>.<p>A readout on AIIB official website said the bank is a “multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core”.</p>.<p>“We began operations in Beijing in January 2016 and have since grown to 105 approved members worldwide. We are capitalised at $100 billion and Triple-A-rated by the major international credit rating agencies,” it added.</p>.<p><strong>Check out DH's latest videos</strong></p>