Kamath appointed BRICS bank president

newstrack24x7.com

09b74594_2402428fNEW DELHI: Eminent banker K.V. Kamath was on Monday appointed as head of the USD 50 billion New Development Bank being set up by the five emerging economies of BRICS grouping.
Mr. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year, Finance Secretary Rajiv Mehrishi said.
Leaders of of Brazil, Russia, India, China and South Africa (BRICS) had in 2014 reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.

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