India has begun the recruitment process for officials for setting up the BRICS bank that is expected to start lending in local currency from next April.
While the bank has come into existence from July 2015, pre-establishment activities have to be started to make it operational. For the purpose, a temporary company called the New Development Bank (Shanghai) Preparation and Management, LLC has been set up in Shanghai.
The finance ministry has now sought nominations for up to seven officials from the government as well as financial institutions for deputation to the company for posts including legal adviser, financial and banking adviser, general administration adviser and a personal assistant to the BRICS bank president.
“It has been agreed that BRICS countries would second officials to the NDB who have experience in key functions such as HR, IT, finance, legal required to undertake pre-establishment activities of the bank. The officials will work under the direction and superintendence of president of NDB,” said a notice by the finance ministry.
Officials in the level of director, deputy secretary and joint secretary in the government are eligible to apply for the posts (excluding that of personal assistant) and would be required to have experience in banking or finance sector in a multi-lateral organisation. Experience of working in China would also be preferred, said the ministry.
Selected officials would be deputed to Shanghai for a period of three to six months.
The $ 100 billion NDB is promoted by BRICS nations —Brazil, Russia, India, China, and South Africa for investments in infrastructure in the five nation bloc.
Headquartered in Shanghai, the Bank’s first president KV Kamath has announced that it would start lending in local currency by April 2016. “I think we will start lending process sometimes early first quarter next year (April)…The idea is that by April next year, we will create a state of projects from all the member countries (for lending),” he had said earlier this month.