K V Kamath appointed BRICS Bank President

 

Eminent banker K.V. Kamath was on Monday May 11,2015 appointed as head of the USD 50 billion New Development Bank being set up by the five emerging economies of BRICS grouping - Brazil, Russia, India, China and South Africa (BRICS)

 

  

K V  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. 

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank has its head-quarters in Shanghai,China

Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have Veto Power