KV Kamath elected as first President of New Development Bank of BRICS nations [ Current Affairs ]

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Eminent economist of banker Kundapur Vaman Kamath (KV Kamath) was appointed as first President New Development Bank (NDB) of BRICS nations. KV Kamath was born on 2 December 1947 in Mangalore, Karnataka.

  • At present, KV Kamath is the Chairman of the India’s largest private sector bank, Industrial Credit and Investment Corporation of India (ICICI).
  • From 1996 to 2009, Kamath was ICICI Bank’s managing director and CEO and he also had served as Chairman of India’s second-largest Indian IT services company, Infosys Limited.
  • In 2008, Klamath was received Padma Bhushan Award and he also had worked with Asian Development Bank (ADB), Manila in its Private Sector department in 1988.
  • New Development Bank (NDB) consists of BRICS group of nations comprising Brazil, Russia, India, China and South Africa in 2014 had inked a pact to set up NDB and emergency reserve fund.
  • The headquarters of the New Development Bank will be located in Shanghai, China and it will have a regional office in Johannesburg, South Africa.
  • New Development Bank will start operating with $50 billion in initial capital with the five BRICS contributing $10 billion each.

- Published on: May 14, 2015