Urjit Patel appointed as a vice-president of AIIB 

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• Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed as a vice-president of the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral development bank.

• He will succeed outgoing Vice President D J Pandian.

• He will be one of the five Vice Presidents of the AIIB with a three-year tenure.

• Urjit Patel is currently the chairman of the National Institute of Public Finance and Policy.

• China's leader Xi Jinping first proposed an Asian infrastructure bank at an APEC summit in Bali in 2013.

• AIIB began operations in 2016 and has 105 members. 

• It is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core.

• It aims to improve social and economic outcomes in Asia and beyond.

• India is a founding member of AIIB with the second-highest voting share after China.

• Headquarters: Beijing, China.

• The bank staff is headed by a President who is elected by AIIB shareholders for a five-year term and is eligible for re-election once.