Leading private banker and non-executive chairman of ICICI Bank KV Kamath will be the first president of the $100-billion Brics Bank that would provide development funds to emerging nations.
“Kamath has been appointed as the head of the Brics bank, the appointment will become effective when he becomes free from his current assignments,” finance secretary Rajiv Mehrishi told reporters on Monday.
The Brics bloc consisting of Brazil, Russia, India, China and South Africa had in July last year at the Brics Summit in Fortaleza, Brazil agreed to set up the New Development Bank with an authorised capital of $100 billion to fund infrastructure projects in emerging countries that is often seen as a rival to multi-lateral agencies such as the IMF and the World Bank that are dominated by developed economies. Under the agreement, the bank would be headquartered in Shanghai, China with India getting the chance to nominate its first president.
Kamath, 67, is likely to have a five year term at the BRICS Bank that is expected to be operationalised by the year-end.
“The appointment will be effective when he becomes free from his current assignment. I think he is on some boards. It may take couple of days,” Mehrishi said, adding that there is no final decision on his tenure.
“But it is likely to be for five years. We have got ratification from President of India,” he said, adding it now has to be ratified by all the member nation.
Kamath is at present, the non-executive chairman of the board of directors of the country’s largest private lender – ICICI Bank and is also the non-executive chairman of Infosys Limited.