Urjit Patel appointed as the Vice -President of AIIB

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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