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Indian bank head appointed first chief of BRICS Bank

May 11, 2015, 12:21 UTC+3 NEW DELHI
The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries
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Kundapur Vaman Kamath (archive)

Kundapur Vaman Kamath (archive)

© EPA/JAGADEESH NV

NEW DELHI, May 11. /TASS/. Chairman of a major private bank - ICICI Bank Kundapur Vaman Kamath was appointed chief of the BRICS Bank, Economic Times wrote on Monday.

Kamath (born in 1947) earlier was top manager of India’s major software company Infosys.

The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries. In fact, India is looking to tap it to meet its large infrastructure financing requirement and has been an active supporter of the new entity, the newspaper writes.

On February 25, the government formally ratified India's membership of New Development Bank along with the proposed $100 billion Contingency Reserve Arrangement that can be tapped in case of a crisis. "The New Development Bank will mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development," the Indian government had said in a statement.

China is expected to make the biggest contribution, $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa, Economic Times reads.

The Russian Finance Ministry hopes the New Bank will begin working before the yearend, reaching its full capacity in 4-5 years’ time.

The Bank’s headquarters will be located in Shanghai.

ICICI is a member of India’s "big four" banks. It is represented in 19 countries.

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