India has named private banker K.V. Kamath as the first head of the BRICS development bank. The 67-year old Kamath is a veteran banker who was credited with developing ICICI Bank into India's second-largest lender. He headed the bank for 13 years until 2009 and is now its non-executive chairman.
The BRICS, namely Brazil, Russia, India, China and South Africa, agreed to set up the 100 billion dollar development bank last July. The New Development Bank, which will fund infrastructure projects in developing nations, would be headed by an Indian for a first five-year term, followed by a Brazilian and then a Russian.
