Former RBI Governor Urjit Patel appointed VP of AIIB, Beijing

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.
Former RBI Governor Urjit Patel, 58, has been appointed as a Vice President of the Beijing-based multilateral funding institution AIIB. 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.
Previously, Patel had taken over as the 24th Governor of the Reserve Bank of India (RBI) succeeding Raghuram Rajan. He has also worked with the International Monetary Fund (IMF), Boston Consulting Group and Reliance Industries among other organisations.
The AIIB had recently granted USD 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. The bank had also funded the Bengaluru metro rail project.
Patel's posting to AIIB is regarded as significant as India has emerged as its biggest beneficiary by obtaining USD 6.7 billion funding for 28 projects.