Urjit Patel appointed as the Vice -President of AIIB
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Reserve Bank of India Former Governor Urjit patel has been appointed as the Vice President of Asian Infrastructure Investment Bank (AIIB).
- He has replaced Mr D.J.Pandian and he will be responsible for AIIB’s investment operations and all sovereign and non-sovereign lending in South and Southeast Asia.
Sovereign lending means loan given to the governments and non -sovereign lending means loans given to non -government/private sectors.
- Urjit Patel is one of the five Vice Presidents in the AIIB and he has been appointed for a period of three years .
- Urjit Patel was the Governor of RBI from 2016-2018.
Asian Infrastructure Investment Bank (AIIB)
- It is a multilateral development bank which was set up in 2016.
- It has at present 104 members and its Headquarter is at Beijing ,China.
- China is the majority shareholder of the bank and India is the second largest shareholder of the bank
- The United States and Japan are not the members of the bank
- AIIB has given maximum loans to India
Current President of the Bank : Jin Liqun of China .
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