FIFA report on Russia’s 2018 World Cup bidding proves legitimacy of its win — deputy PMSport June 27, 21:08
FIFA report on Russia’s 2018 bidding dismisses Western media allegations — LOC chiefSport June 27, 19:53
Encrypting ransomware Petya attacks computers worldwide — Kaspersky LabBusiness & Economy June 27, 19:23
Kremlin says its computers not affected by hacker attackRussian Politics & Diplomacy June 27, 18:55
Security experts urge Putin, Trump to overcome disagreementsWorld June 27, 18:51
Jury to deliver verdict on Nemtsov murder case on June 28Society & Culture June 27, 18:42
Syrian president visits Russia’s Khmeymim airbaseWorld June 27, 18:17
National Guard to complete assigned missions both in Russia and abroadMilitary & Defense June 27, 18:10
Key facts about St. Petersburg International Maritime Defense ShowMilitary & Defense June 27, 17:57
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.