DHAKA: Indian private banker KV 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, reports The Straits Times.

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 the media.

BDST: 1712 HRS, MAY 11, 2015
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