NEW DELHI: ICICI Bank’s non-executive Chairman KV Kamath was on Monday appointed as the Chief of new development bank of BRICKS.

The 67-year-old Kamath is the non-executive chairman of India’s largest private sector bank ICICI and has also served as a Chairman of Infosys Limited.

Last year at the 6th BRICKS summit in Brazil, leaders of the emerging economies including Brazil, Russia, India, China and South Africa (BRICS) had reached an agreement to establish the New Development Bank. As per the agreement India got the right to nominate the first President.

Kamath started his career in 1971 at ICICI and after serving at ICICI, he moved to Asian Development Bank in 1988. He was also conferred with the Padma Bhushan in 2008. 

Last year, Prime Minister Narendra Modi made a strong pitch for the creation of the BRICS Development and said “India hopes to ratify the agreement over the financial institution by 2014-end, and 2016 should be set as the target for its inauguration.”

(With Agency Inputs)

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