New Delhi, 25 October 2025:
The New Development Bank (NDB), formed by the BRICS nations—Brazil, Russia, India, China, and South Africa—has taken a significant step forward by appointing Dr. Rajiv Ranjan as its new Vice President and Chief Risk Officer for a five-year term. With a wealth of experience, Dr. Ranjan is set to play a crucial role in advancing the bank’s objectives and enhancing its global reach.
Dr. Rajiv Ranjan: A Veteran in Central Banking
Dr. Ranjan’s remarkable career spans over 30 years in central banking, having started his professional journey at the Reserve Bank of India (RBI) in 1989. He served as an Executive Director and was an active member of the Monetary Policy Committee (MPC) since May 2022. In this role, he significantly influenced India’s monetary and liquidity policies—critical components for a robust banking sector essential for maintaining stability in the Indian economy. His expertise is not limited to national 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,” stated the NDB in a recent announcement.
Contributions to Indian Macroeconomic Policy
Ranjan’s role at the RBI extended to various essential domains, including fiscal, monetary, and external policies. His extensive contributions to risk management and financial market operations have uniquely positioned him to guide the NDB into its next phase of growth. The emphasis on macroeconomic stability is critical for an institution that finances projects encompassing clean energy, infrastructure, and environmental protection—essential areas for enhancing quality of life and promoting sustainable development in member countries.
NDB’s Growing Importance in India’s Infrastructure Development
The NDB’s financing capabilities have already had a transformative impact on critical public infrastructure projects in India. Examples include the development of metro rail systems, water management initiatives, and a myriad of projects aimed at improving digital infrastructure. Currently, India holds the largest project portfolio with the NDB, valued at a remarkable $7.5 billion, second only to China’s $8.1 billion. This elevates the country’s stature within BRICS and highlights India’s commitment to enhancing its infrastructure landscape.
Union Finance Minister Nirmala Sitharaman recently emphasized the need for multilateral development banks, including the NDB, to “unlock” private capital for developmental projects in the Global South. Such calls for action reflect a growing consensus on the importance of enhancing financial support, particularly to regions that require it the most.
Reforming Multilateral Development Banks
Sitharaman has also underscored the urgent need for reforms within multilateral development banks’ lending practices. Her calls aim to ensure a more inclusive and equitable financing approach, particularly for nations in the Global South. This shift could redefine how financial resources are allocated, allowing for more comprehensive development strategies. By making financing more accessible, institutions like the NDB can lead the charge in improving economic conditions, particularly for lower and middle-income countries.
As India continues to solidify its role in multilateral development banking, the appointment of Dr. Ranjan symbolizes a significant milestone. His expertise is expected to foster innovation and operational efficiency within the NDB. The implications of this could resonate beyond just the BRICS nations, affecting global economic dynamics as financing becomes more structured and equitable.
The future looks promising for the NDB under Dr. Ranjan’s leadership, marking a new chapter in infrastructure and economic development for member states. The world will be watching closely as the NDB gears up to enhance its financing strategies, particularly during these challenging economic times.
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Original source: www.livemint.com
