Sixty seven-year-old veteran banker KV Kamath will take over as the first president of $100-billion BRICS Bank in next 10 days after he resigns from various board positions he holds at present.
“Kamath will join in the next week or 10 days after he resigns from various boards he is working at present. The New Development Bank -- promoted by the five emerging economies (Brazil, Russia, India, China and South Africa) to meet developmental credit needs -- will become functional sometime next year,” Finance Secretary Rajiv Mehrishi told reporters here on Thursday.
The 67-year-old banker is the non-executive Chairman of the India's largest private sector bank ICICI. He is also the non-executive chairperson of the IT bellwether Infosys.
leaders of BRICS nations had last year reached an agreement to establish the New Development Bank, with its headquarters in Shanghai.