K.V. Kamath of ICICI Bank Named BRICS Bank President

ICICI bank's non-executive chairman K V Kamath has been appointed the New Development Bank president. The New Development Bank, which is worth 100 billion USD venture, is being set up by  five BRICS nations:  Brazil, Russia, India, China and South Africa.

It has been reported that the presidency of the bank for the first six years will lie with India, and after that Russia and Brazil will get a five-year term each.  

The name 'New Development Bank' is the brain child of Indian PM Narender Modi. He suggested it at the BRICS meeting in Brazil in November 2014.

The bank will basically focus at funding infrastructure projects in developing countries and is being seen as a step away from West-dominated international financial systems.

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