Former RBI governor Urjit Patel was named vice president for investment operations in South Asia at Asian Infrastructure Investment Bank (AIIB) on Tuesday, succeeding Gujarat bureaucrat D.J. Pandian. The appointment of Patel will be effective from February 1, AIIB said in a statement.
He takes over from D Jagatheesa Pandian, a Gujarat cadre IAS official who served as the state’s chief secretary for six years. He was the head of the Gujarat State Petroleum Corporation (GSPC) during the tenure of Narendra Modi as CM of Gujarat. He was AIIB’s first Chief Investment Officer and had been with the bank when it initially opened its doors in 2016.
Patel, 58, became the Reserve Bank of India’s (RBI) 24th governor in September 2016, succeeding Raghuram Rajan. Patel quit unexpectedly in December 2018, citing “personal reasons.”
The Asian Infrastructure Investment Bank (AIIB) headquartered in Beijing, China is an international development bank that aspires to improve Asia’s economic and social outcomes. The bank now has 104 members, with 17 new members on the way from all across the world.
Patel was also the previous Chair of the National Institute of Public Finance and Policy’s Governing Body in New Delhi, a key think tank on fiscal policy and tax issues. He was also an Executive Director of the Infrastructure Development Finance Company Ltd. and a member of the Management Committee. In 2019, he was awarded the Wilbur Cross Medal by Yale University, and he has written numerous scholarly publications and papers in the fields of public finance, infrastructure, regulatory economics, monetary policy, the global financial safety net, climate change economics, and international trade theory.