India has named private banker K.V. Kamath as the first head of a
new development bank being set up by the BRICS group of emerging market
economies, Finance Secretary Rajiv Mehrishi told reporters on Monday the 11th May, 2015.
The BRICS - Brazil, Russia, India, China and South Africa - agreed
to set up the $100 billion development bank last July, in a step toward
reshaping the Western-dominated international financial system.
It was agreed that the New Development Bank, which will fund
infrastructure projects in developing nations, would be based in Shanghai. It
would be headed by an Indian for a first five-year term, followed by a
Brazilian and then a Russian.
"Kamath has been appointed as the head of the BRICS bank, the
appointment will become effective when he becomes free from his current
assignments," Mehrishi told reporters in New Delhi.
Kamath, 67, is a veteran banker who was credited with developing
ICICI Bank into India's second-largest lender. He headed the bank for 13 years
until 2009 and is now its non-executive chairman.
He is also non-executive chairman of India's second-biggest
software services exporter Infosys.
Atul Tiwari, a senior official in Prime Minister Narendra Modi's
office, said India has conveyed the decision to nominate Kamath for the BRICS
bank presidency to partner countries.
"They have been notified about it," Tiwari said.
"There is no scope for any partner country to raise an objection to Mr.
Kamath's appointment because it was already decided that India will choose the
first BRICS bank head."
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