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).

Urjit Patel appointed as the Vice -President  of 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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