Brics Bank appoints veteran banker Rajiv Ranjan as Vice President

The New Development Bank (NDB), a multilateral institution founded by the Brics countries-Brazil, Russia, India, China and South Africa-has Dr. Rajiv Ranjan appointed Vice President and Chief Risk Officer for a term of five years. Ranjan, who brings more than three decades in central banking, began his career at the Reserve Bank of India (RBI) in 1989. He was recently an executive director and a member of the Monetary Policy Committee (MPC) since May 2022 and played an important role in shaping the country’s financial and liquidity policy. “Dr. Rajiv Ranjan also brings a wealth of experience into work with large multilateral financial institutions and groups such as the G20, IMF, World Bank, BISB, OECD, SaarC and Central Banks from the Global South,” the NDB said in a statement. BIS stands for Bank for International Settlements, and FSB is the Financial Stability Council. Ranjan contributed extensively to Indian macro economic policies, including fiscal, financial and external policies, as well as financial market operations, risk management and unit markets, the NDB said. India’s growing role in NDB Dinancing NDB provides financing for important public infrastructure projects in India, such as subway rails and water management systems, including initiatives. The NDB finance in the broad projects in transport infrastructure, clean energy and energy efficiency, water and sanitation, environmental protection and digital infrastructure. India has the largest project portfolio with the NDB worth $ 7.5 billion, second only for China’s $ 8.1 billion, according to the data from the multilateral development bank. The development comes amid India’s strengthening of its position in multilateral development banks. Finance Minister Nirmala Sitharaman called on the NDB last month to ‘unlock’ private capital for development in the global south. Sitharaman also recently called on reforms in the lending practices of multilateral development banks to provide more inclusive and fair financing, especially in the global south.