Dr. Rajiv Ranjan, Executive Director at the Reserve Bank of India (RBI) and former member of the Monetary Policy Committee (MPC), has been appointed Vice-President of the New Development Bank (NDB), the multilateral lender earlier known as the BRICS Bank. The appointment, announced on August 23, 2025, is for a five-year term. He will also serve as the bank’s Chief Risk Officer.
A career central banker, Dr. Ranjan joined the RBI in 1989 and brings with him more than 35 years of experience in economic policy, financial markets, and risk management. Since May 2022, he has served as Executive Director and MPC member, contributing to India’s monetary policy decisions. He is due to retire from the RBI in September.
Over the course of his career, Dr. Ranjan has held several key positions, including Head of the Monetary Policy Department, Secretary to the MPC, and Chief of the Department of Economic and Policy Research. He has also worked in the International Department and the Department of External Investments and Operations. Between 2012 and 2015, he served as Economic Policy Expert at the Central Bank of Oman.
His expertise spans macroeconomic, fiscal, and external sector policies; foreign exchange and bond markets; financial market operations; and risk management. He has represented India in various global forums such as the G20, IMF, World Bank, BIS, FSB, OECD, and SAARC, and has contributed significantly to policy dialogue within the Global South.
Dr. Ranjan holds a master’s degree in Economics from the Delhi School of Economics, University of Delhi, and a PhD in Economics from the University of Mumbai. He has published extensively on contemporary economic and developmental issues and co-authored three books.
The NDB, established in 2015 by Brazil, Russia, India, China and South Africa, finances infrastructure and sustainable development projects in emerging markets and developing countries.
Meanwhile, the RBI has named Indranil Bhattacharya as Ranjan’s successor in its six-member MPC.
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