KV Kamath Eminent banker K.V. Kamath was on Monday appointed as head of the USD 50 billion New Development Bank being set up by the five emerging economies of BRICS grouping. Mr. Kamath will have a five-year term of the bank, which is likely to be operationalised within one year. About NDB – The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund. The bank is set up to foster greater financial and development cooperation among the five emerging markets.
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