KV Kamath elected as first President of New Development Bank of BRICS nations


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/Last Modified on: May 14, 2015