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Private Indian banker named first BRICS bank head

K.V. Kamath will head the new bank of the so-called emerging BRICS countriesIndian private banker K.V Kamath was named Monday as the first head of a new development bank being set up by the so-called emerging BRICS nations, officials said. The BRICS — Brazil, Russia, India, China and South Africa — announced last year that they were forming the development bank to be headquartered in Shanghai. The move was seen as a major challenge to the Washington-based International Monetary Fund and World Bank, which some powers see as biased towards Western policy positions. “Kamath has been appointed as the president of BRICS bank for a term of five years,” an Indian finance ministry spokesman told AFP.

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