Eminent banker Kundapur Vaman Kamath also known as KV Kamath has been appointed as head of the New Development Bank, which is likely to be operationalised within one year. The bank is being set up by the five emerging economies of BRICS group. KV Kamath will have a tenure of five years. As per the agreement, India got the right to nominate the first president of the Shanghai headquartered New Development Bank.
The bank will start with an initial paid-in-capital of USD 50 billion with each BRICS country contributing USD 10 billion.
KV Kamath
- He was the fundamental force behind building ICICI Bank.
- He worked in Asian Development Bank and spent several years in South-East Asia.
- He was the Managing Director and CEO of ICICI Bank.
- He retired from executive responsibilities at the ICICI Bank on April 2009 and continues as a Non-Executive Chairman.
- He has also served as the Chairman of Infosys Limited.
In 2014 BRICS Meeting at Brazil, the leaders of the five countries have reached an agreement to set up the New Development Bank.
Tidbits
- An African regional center of the Bank will be set up in Johannesburg.
- The inaugural Chairman of the Board of directors will come from Brazil.
- The inaugural chairman of the Board of Governors will be Russian.
- The bank will have starting capital of $50 billion, with capital increased to $100 billion over time.
- None of the countries will have veto power.
GK Questions
- Where will the Seventh BRICS Summit will be held on 2016? Ufa, Russia
- When did BRIC become BRICS after the inclusion of South Africa? 2010
- What is the location of 2014 BRICS Summit? Fortaleza, Brazil
