New Development Bank appoints RBI's Rajiv Ranjan as vice president

NDB, the BRICS multilateral bank, named RBI executive director Rajiv Ranjan vice president and chief risk officer for five years; he will assume charge in September

The board of governors of the New Development Bank (NDB) — a multilateral bank set up by BRICS nations — has appointed Reserve Bank of India (RBI) executive director Rajiv Ranjan as vice president and chief risk officer for a five-year term.

 

Ranjan, a career central banker with over 35 years of experience, has been a member of the RBI’s rate-setting panel, the Monetary Policy Committee (MPC), since May 2022. He is likely to assume charge from September.

 

Previously, as head of the Monetary Policy Department and secretary to the MPC, Ranjan played a key role in monetary policy and liquidity-related functions.

 

 

“His extensive professional experience includes leading the Department of Economic and Policy Research with a focus on data-driven policy research, serving as an economic policy expert in the Central Bank of Oman (2012–15), and assignments in the International Department and the Department of External Investments and Operations of the RBI,” NDB said in a statement.

 

“Ranjan also brings a wealth of experience in working with major multilateral financial institutions and groupings such as the G20, IMF, World Bank, BIS, FSB, OECD, SAARC, and central banks from the Global South,” the statement added.

 

Last week, the RBI board nominated Indranil Bhattacharyya as Ranjan’s replacement in the MPC.

 

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China, and South Africa (BRICS) to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries. The bank prioritises projects that support long-term growth.