The New Development Bank (NDB), a multilateral institution established by the Brics nations—Brazil, Russia, India, China, and South Africa—has appointed Dr. Rajiv Ranjan as vice president and chief risk officer for a five-year term.
Ranjan, who brings over three decades of experience in central banking, began his career at the Reserve Bank of India (RBI) in 1989. Most recently, he served as an executive director and a member of the Monetary Policy Committee (MPC) since May 2022, playing a pivotal role in shaping the country’s monetary and liquidity policies.
“Dr. Rajiv 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 NDB said in a statement.
BIS stands for Bank for International Settlements, and FSB is the Financial Stability Board.
Ranjan has contributed extensively to Indian macroeconomic policy including fiscal, monetary and external policies, as well as financial market operations, risk management, and bond markets, the NDB said.
India’s growing role in NDB dinancing
NDB provides financing for crucial public infrastructure projects in India, such as metro rails and water management systems, among other initiatives.
The NDB broadly finances 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 to China’s $8.1 billion, according to the multilateral development bank’s data.
The development comes amid India's amping up of its position in multilateral development banks. Union finance minister Nirmala Sitharaman last month called on the NDB to ‘unlock’ private capital for development in the global south.
Sitharaman also recently called for reforms in multilateral development banks’ lending practices to provide more inclusive and equitable financing, especially in the global south.
