VICE PRESIDENT OF NEW DEVELOPMENT BANK (NDB)

CURRENT CONTEXT : New Development Bank (NDB), set up by BRICS nations (Brazil, Russia, India, China, South Africa), appointed Dr Rajiv Ranjan as Vice President and Chief Risk Officer.

ABOUT DR RAJIV RANJAN

• Joined Reserve Bank of India (RBI) in 1989.
• Over 30 years of central banking experience.
• Served as Executive Director at RBI and member of the Monetary Policy Committee (MPC) since 2022.
• Worked with G20, IMF, World Bank, BIS, FSB, OECD, SAARC.
• Expertise: Monetary policy, liquidity management, financial markets, risk assessment.

INDIA’S ROLE IN NDB

• Second-largest project portfolio: USD 7.5 billion (after China’s USD 8.1 billion).

ABOUT NDB

• The New Development Bank, established by the BRICS nations (Brazil, Russia, India, China, South Africa), plays an important role in financing sustainable development and infrastructure projects.
• Established: July 2015 (formally launched at the 7th BRICS Summit, Ufa, Russia)
• Headquarters: Shanghai, China
• Member Countries: BRICS founding members; later expanded to include new members like Bangladesh, UAE, Egypt, Uruguay.
• Authorized Capital: USD 100 billion
• Initial Subscribed Capital: USD 50 billion (equally shared among BRICS nations)
• Current President: Dilma Rousseff (former President of Brazil)