Meet the new Indian Chief of BRICS Bank, also easily India's most renowned banking name

ICICI Bank Chairman KV Kamath was on Monday appointed as the chief of the BRICS Bank. As part of the understanding, while the New Development Bank, as it will be called, will be headquartered in Shanghai, India has got the right to nominate the first president.

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.
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 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.