BRICS Bank's newly-appointed presient KV Kamath to quit current posts shortly

NEW DELHI: Newly-appointed president of $100-billion BRICS Bank K V Kamath today said he will relinquish his current responsibilities in the next few days and move to Shanghai, the headquarters of the New Development Bank (NDB).

"I have not yet left posts. I am in the process of disengaging (and) in the next few days I hope to do that. Let me go to Shanghai and understand the situation better," he told reporters after meeting Finance Minister Arun Jaitley here.

Seasoned banker Kamath, who has been chosen to be the first head of the BRICS Bank or NDB, said, "I am honoured and humbled, I look forward to nomination of BRICS Bank."

Earlier in the month, the government had announced appointment of Kamath as the first president of the NDB for a term of five years. The bank is likely to be operationalised in one year.

Before joining the NDB, Kamath will have to relinquish his current responsibilities and board positions. He is at present non-executive chairman of two major entities, ICICI Bank, country's largest private sector bank, and Infosys, a software major.

Leaders of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.

The BRICS nations account for nearly $16 trillion in GDP and 40 per cent of the world's population.

The bank will start with initial capital of $50 billion with each BRICS country contributing $10 billion, while its authorised capital is $100 billion.