Mumbai/Shanghai: Dr. Rajiv Ranjan, Executive Director at the Reserve Bank of India (RBI) and a former member of the Monetary Policy Committee (MPC), has been appointed as the Vice-President and Chief Risk Officer of the New Development Bank (NDB), formerly known as the BRICS Bank. The appointment was officially announced on August 23, 2025, and is for a five-year term.
35-Year RBI Veteran to Join NDB Leadership
Dr. Ranjan, who joined the RBI in 1989, brings over three and a half decades of expertise in monetary policy, economic research, financial market operations, and risk management. He is set to retire from the RBI in September 2025 and will transition into his new global leadership role soon thereafter.
Since May 2022, Dr. Ranjan has served as Executive Director of RBI and ex-officio member of the MPC, playing a key role in formulating India’s monetary policy in a volatile global economic environment.
Key Roles at RBI and International Experience
Over his distinguished career, Dr. Ranjan has held several high-profile positions, including–
- Head of the Monetary Policy Department
- Secretary to the Monetary Policy Committee
- Chief of the Department of Economic and Policy Research
- Roles in the International Department and Department of External Investments and Operations
Between 2012 and 2015, he also worked as an Economic Policy Expert at the Central Bank of Oman, gaining valuable international central banking experience.
Strong Academic and Policy Credentials
Dr. Ranjan holds–
- A Master’s degree in Economics from the Delhi School of Economics
- A PhD in Economics from the University of Mumbai
He has authored numerous research papers and policy articles, and co-authored three books on macroeconomics, financial systems, and policy issues.
Global Representation and Thought Leadership
Throughout his career, Dr. Ranjan has represented India in prominent international forums such as the–
- G20
- International Monetary Fund (IMF)
- World Bank
- Bank for International Settlements (BIS)
- Financial Stability Board (FSB)
- Organisation for Economic Co-operation and Development (OECD)
- South Asian Association for Regional Cooperation (SAARC)
His appointment to the NDB reflects his global standing and experience in development finance, particularly within the Global South.
About the New Development Bank (NDB)
Founded in 2015 by the BRICS nations – Brazil, Russia, India, China, and South Africa – the NDB is a multilateral development bank that funds infrastructure and sustainable development projects across emerging and developing economies.
Headquartered in Shanghai, the NDB aims to complement existing global financial institutions while promoting inclusive growth and development.
Succession at RBI: Indranil Bhattacharya Joins MPC
Following Dr. Ranjan’s appointment, the RBI has announced that Indranil Bhattacharya will succeed him as Executive Director and MPC member, ensuring continuity in the central bank’s monetary policy deliberations.
