K V Kamath has been appointed as head of New Development Bank of the BRICS countries. Mr. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year.
Mr Kamath retired as Managing Director and CEO of ICICI bank in April 2009, and took up his current position as non-executive chairman. He also worked at the Asian Development Bank and spent several years in South-East Asia. He was honoured with a Padma Bhushan in 2008.