BUSINESS

Looking forward to serve BRICS nations: Kamath

Seasoned banker K. V. Kamath, on Friday, thanked the Modi government for appointing him as the first President of New Development Bank (NDB) and said he would look forward to serving BRICS nations.

“I look forward to the establishment of the bank and commencement of its operations in the service of the BRICS nations,” he said in a statement. Earlier this week, the government had announced the appointment of Mr. Kamath as the first President of the $100-billion BRICS bank named NDB.

“I am honoured and humbled that the Government of India has nominated me as the first president of the New Development Bank for the BRICS nations. I would like to thank the government for reposing confidence in me,” he said.

Mr. Kamath, 67, non-executive Chairman of the India’s largest private sector ICICI Bank, will have a five-year term at the institution, which is likely to be operationalised within one year.

Mr. Kamath will take over the new role in next 10 days, Finance Secretary Rajiv Mehrishi had said. —PTI

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