India’s one of the well-known private bankers, KV Kamath has been appointed as the head of the New Development Bank of the group of BRICS countries. He is the person who transformed ICICI Bank into the conglomerate it is at the moment. Under his leadership, the Bank undertook a series of acquisitions of non-banking finance companies between 1996-98, which ultimately led to its enormous growth.
Kamath also serves as an Independent Director on the boards of global oil giant, Schlumberger, Lupin and had been former Chairman of Infosys, the popular IT enterprise. Kamat, a mechanical engineer also holds a degree from the Indian Institute of Management (IIM), Ahmedabad. Earlier, he has also worked at the Asian Development Bank and spent several years in South-East Asia. In addition to it, he has also been honoured with a Padma Bhushan in the year 2008.
The BRICS Bank, which will be known as the New Development Bank, will be having its Headquarters in Shanghai. Meanwhile, India has got the right to nominate its first President, and it will hold the presidency for the first six years.
The Presidency will further be followed by Brazil and Russia having five years’ term each under an agreement reached after intense negotiations among the five country-grouping BRICS- Brazil, Russia, India, China and South Africa last year.