Kamath is also the non-executive chairperson of the IT outsourcing major Infosys
K V Kamath
New Delhi: India has nominated eminent banker K.V. Kamath as the first president of $100 billion Brics bank which will rival World Bank and IMF. According to an agreement reached between the BRICS nations, India was to nominate the first president of Brics banks, which is to be headquartered in Shanghai, China’s financial hub.
Mr Kamath, 67, is the non-executive chairman of the India’s largest private sector lender ICICI Bank. He is also the non-executive chairperson of the IT outsourcing major Infosys.
Mr Kamath will have to resign from the boards of these two companies before taking over Brics bank, which is formally knows as New Development Bank.
He will have a five-year term at the bank.
“There is no final decision on his tenure. But it is likely to be five years. We got ratification from the President of India,” finance secretary Rajiv Mehrishi said. The bank will start with an initial paid-in capital of $50 billion with each Brics country contributing $10 billion, while its authorised capital is $100 billion.
The New Development Bank will mobilise financial resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries.
The establishment of the Brics bank will help India and other signatory countries to raise and avail resources for their infrastructure and sustainable development projects.
( Source : dc correspondent )
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