Ajay Bhushan Pandey joins AIIB as Vice President

New Delhi: Former Finance Secretary to the Indian government and Chairperson of National Financial Reporting Authority (NFRA) Ajay Bhushan Pandey has joined the Asian Infrastructure Investment Bank (AIIB) as vice president, investment solutions, the Beijing-headquartered multilateral development bank said on its website. 

India is the second largest shareholder of the bank.  

In this capacity, Pandey provides leadership and oversees the institution’s sectors, themes, and finance solutions department, sustainability and fiduciary solutions department and portfolio management department, AIIB said. Pandey will be based out of Beijing.

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Pandey, who holds a PhD in computer science from the University of Minnesota and a bachelor’s degree in electrical engineering from the Indian Institute of Technology (IIT) Kanpur, was instrumental in several new initiatives of the Indian government including the faceless assessment and appeal scheme of the Income Tax department. 

Pandey had also played a key role in improving the efficiency of the Goods and Services Tax (GST), leading to improved reporting of transactions and revenue collections. 

Shaping digital infrastructure

He had also played a key role in shaping India’s digital and financial infrastructure through initiatives such as Aadhaar, the Unified Payments Interface (UPI), the Goods and Services Tax Network (GSTN), and the National Infrastructure Pipeline. Pandey contributed in integrating technology, policy, and infrastructure in different sectors. 

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As the CEO of Unique Identification Authority of India (UIDAI), Pandey expanded the platform to cover 1.2 billion Indians, boosting financial inclusion and reducing leakages in government welfare programs. He also successfully defended Aadhaar’s legal and privacy frameworks before the Supreme Court of India.

Awareness raised

In his previous role as NFRA chairperson, Pandey raised awareness about the roles of statutory auditors, audit committees in companies and company executives who prepare financial statements in order to improve corporate governance. 

Pandey also initiated disciplinary proceedings against erring auditors and audit firms and defended the audit watchdog’s regulatory powers in various judicial forums including the Supreme Court of India. Through its inspections, NFRA highlighted the areas where audit firms need to make improvements. 

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Audit firms should not fall prey to narrow interpretations of the law on what they are permitted to do and what they are prohibited from offering, Pandey told Mint in an interview published on 15 June 2023. Auditors have to be truly independent to show professional scepticism and challenge management’s assertions, Pandey said then. 

AIIB is a multilateral development bank to finance sustainable infrastructure in Asia and beyond. The multilateral bank which began operations in Beijing in 2016 is capitalized at US$ 100 billion and is AAA-rated by major international credit rating agencies. Its current estimate is to have cumulative climate finance approvals of US$ 50 billion by 2030.