Outlook Business Desk
On September 14, the Appointments Committee of the Cabinet cleared the appointment of L Satya Srinivas, Indian Revenue Service officer (IRS), as India’s executive director at the Asian Development Bank (ADB).
Currently serving as special secretary in the commerce department, Srinivas will hold the ADB position until his retirement on February 28, 2026, and then continue on contract for up to three years or until directed otherwise.
Belonging to the 1991 batch of the Indian Revenue Service, L Satya Srinivas has replaced Vikas Sheel as India’s executive director at the ADB, where he also represents Bangladesh, Bhutan, Laos, Tajikistan, and Turkmenistan on the board.
The appointment came at a moment when India strongly objected to loans for Pakistan from multilateral banks like the Asian Development Bank and International Monetary Fund (IMF), warning against funds being diverted for terrorism or defence use.
In a separate development, India and the Asian Development Bank also signed a $126.42 million loan to develop rural tourism in Uttarakhand’s Tehri Lake area, aiming to benefit 87,000 residents and 2.7 million annual visitors.
India has urged reforms at multilateral banks to meet development financing needs of emerging economies. Srinivas is expected to push this agenda more strongly at the ADB board on behalf of India and partners.
Meanwhile, India ranks as the fourth-largest shareholder in the Asian Development Bank after Japan, the United States, and China. By April 2025, the bank had committed $59.5 billion in loans and $9.1 billion in investments to India.