K V Kamath to take charge of BRICS Bank next month
Banker K V Kamath is likely to take charge as <g data-gr-id="14">first</g> president of New Development Bank (NDB), promoted by BRICS nations, in the first week of the next month. “He will be visiting China next week and is likely to formally assume charge of President in early July,” a finance ministry official said. Last month, the government had announced <g data-gr-id="12">appointment</g> of Kamath as the first president of the $100-billion BRICS Bank named NDB.
Kamath, 67, will have a five-year term at the institution, which is likely to be operationalised within one
year. He has an experience of working with <g data-gr-id="15">multi-lateral</g> funding agency, Asian Development Bank, Manila, in the Private Sector department in 1988 after serving at ICICI for more than a decade. His principal work at ADB was in various projects in China, India, Indonesia, Bangladesh and other emerging nations. Leaders of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the NDB, with its headquarters in Shanghai.