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KV Kamath appointed as first President of New Development Bank of BRICS nations

May 12, 2015 13:19 IST

Eminent banker Kundapur Vaman Kamath was on 11 May 2015 appointed as the first President of the New Development Bank (NDB) of BRICS nations. He will serve a five year term after the bank becomes operational within one year.

Currently, Kamath is the Chairman of the India’s largest private sector bank, Industrial Credit and Investment Corporation of India (ICICI). He was ICICI Bank’s managing director and CEO from 1996 to 2009.

Kamath also served as Chairman of Infosys Limited. He had also worked with Asian Development Bank (ADB), Manila in its Private Sector department in 1988. He was conferred with Padma Bhushan Award in 2008.

About New Development Bank (NDB) of BRICS nations

• BRICS group of nations comprising Brazil, Russia, India, China and South Africa in 2014 signed a pact to set up NDB and emergency reserve fund during the 6th BRICS Summit being held in Fortaleza, Brazil.
• In the beginning, bank will start operating with 50 billion US dollars as initial capital with the BRICS nation contributing 10 billion US dollars each.
• According to the pact, the capital of the bank will be divided equally among the five participating nations and initially it will focus on infrastructure projects member countries.
• The headquarters of the bank will be located in Shanghai, China and it will have a regional office in Johannesburg, South Africa.
• The chairmanship of the bank will be rotational and its first President will come from India for the first 5 years followed by Brazil and Russia.

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