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KV Kamath named chief of BRICS Development Bank

ICICI Bank chairman KV Kamath, who earlier worked with ADB, is appointed as President of the New Development Bank of BRICS nation. The Bank that will start with an initial paid-in-capital of $50 billion with each country contributing $10 billion

 

Eminent banker KV Kamath and chairman of India's largest private sector lender ICICI Bank was on Monday appointed as chief of the $50-billion-New Development Bank (NDB) being set up by the five emerging economies of the BRICS grouping.
 
Kamath will have a five-year term of the bank, which is likely to be operationalised within one year, Finance Secretary Rajiv Mehrishi said.
 
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. Kamath has been named the first president of the NDB, Mehrishi added.
 
A few days ago, Bharatiya Janata Party (BJP) leader Dr Subramanian Swamy, while speaking at Moneylife Foundation seminar on Black Money Bill, as well as in a tweet, had mentioned that Prime Minister Narendra Modi wanted him to become head of the BRICS Bank, but he declined the offer. 
 
The BRICS nations account for nearly $16 trillion in GDP and 40% of the world’s population. The bank will start with an initial paid-in-capital of $50 billion with each BRICS country contributing $10 billion.
 
After serving at ICICI for more than a decade, Kamath had moved to Asian Development Bank, Manila, in the private sector department in 1988.
 
His principal work experience at ADB was in various projects in China, India, Indonesia, Bangladesh and other emerging nations.
 
Making a strong pitch for speeding up the creation of the BRICS development bank, Prime Minister Narendra Modi had said last year that India hopes to ratify the agreement over the financial institution by 2014-end, and 2016 should be set as the target for its inauguration.
 
Modi had made this remark at an informal meeting with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President President Jacob Zuma on the sidelines of the G20 summit at Brisbane (Australia) in November.
 
India’s presidency will be followed by Brazil and Russia, who will have a five-year term each under an agreement reached after intense negotiations among the five-country grouping.
 

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Prohibitory order violation: Court asks Kejriwal to appear May 15
A court here on Monday asked Delhi Chief Minister Arvind Kejriwal and four other AAP leaders to positively appear before it on May 15 in a case of violating prohibitory orders during their protest in January last year.
 
Metropolitan Magistrate Akash Jain asked Kejriwal, Deputy Chief Minister Manish Sisodia, Aam Padmi Party legislators Rakhi Birla and Somnath Bharti and party leader Ashutosh to positively appear before court at the next date of hearing.
 
The magistrate's warning came after observing that the accused had also not appeared before court on the last date of hearing. 
 
Advocate Rishikesh Kumar, appearing for the AAP leaders, moved an application seeking exemption from their personal appearance, and assured court that they will present themselves before the court appear on the next date of hearing.
 
Delhi Police have booked the five AAP leaders for allegedly violating orders prohibiting any gathering of five or more people during demonstration outside Rail Bhavan here. The AAP leaders were demanding action against policemen who refused to raid an alleged drug and prostitution racket in south Delhi in January 2014. 
 
The police charge sheeted the AAP leaders for joining and continuing in an unlawful assembly, rioting, obstructing public servants in discharge of their public function and assault or use of criminal force to deter a public servant from discharging his duty. All the accused are out on bail.

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