Economy
Looking forward to the establishment of the BRICS bank: Kamath
Days after being appointed as the head of the up-coming BRICS (Brazil, Russia, India, China and South Africa) New Development Bank, banker K.V. Kamath on Friday said he looked forward to the establishment of the financial institution and commencement of its operations.
 
"I look forward to the establishment of the bank and commencement of its operation for the service of the BRICS nations," said Kamath, 67, who is the non-executive chairman of ICICI Bank as well as the non-executive chairperson of the Indian IT giant, Infosys.
 
Kamath said in a statement that he was honoured and humbled by the government of India's decision to nominate him as the first president of the new development bank for the BRICS nation. 
 
Kamath will have a five-year term at the BRICS bank, which is likely to be operationalised within one year.
 
Kamath is expected to take over as the first president of the $100 billion BRICS Bank within a span of 10 days post his resignation from various board positions which he currently holds.
 
Previously, he served as ICICI Bank's managing director and chief executive from May 1996 until his retirement from executive responsibilities on April 30, 2009.
 
The BRICS bank is promoted by the five major emerging global economies (Brazil, Russia, India, China and South Africa) to cater to the financial needs of these countries for developmental purposes.
 
With an authorized capital of $100 billion, it has been christened New Development Bank (NDB) and will start its operations with an initial capital of $50 billion with each of the five member nations contributing $10 billion.
 
Leaders from the BRICS countries agreed upon the NDB at a meeting last year. It was agreed that the new bank will be set up in the Asian financial powerhouse, Shanghai with India being given the right to nominate its first president.
 
The BRICS nations together account for nearly $16 trillion in gross domestic product and house 40 percent of the world population.

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India's wholesale price inflation decelerates further
India's annual rate of wholesale price inflation decelerated further 
 
India's annual rate of wholesale price inflation decelerated further to (-)2.65 percent in April from (-) 2.33 percent for the previous month on the back of a major decline in prices of fuels and minerals, official data showed on Thursday.
 

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COMMENTS

B. Yerram Raju

2 years ago

Prices only know how to misbehave. Watch for more when monsoon plays truant with the farmer.

`Come June/July, business unfriendly states to be named and shamed'

In his speech at the function, Kant said the slogan 'Make in India' is not for making a protective market but to make India a part of the global supply chain. He said the government is focused on making India an easy place to do business

 

Come June/July, the central government will name and shame state governments that do not ease up the process of doing business, a top government official said on Wednesday.
 
"We will name and shame the states that do not ease up the process of doing business, come June or July," Amitabh Kant, secretary, department of industrial policy and promotion (DIPP) in the commerce and industry ministry, told IANS.
 
"I hope Tamil Nadu is not in that list," he said.
 
Kant, who was here to participate in a function organized by Finnish Nokia Networks, said the central government has sent to the states 98 points on which action to be taken by the state governments towards ease of doing business.
 
The states have been given time till this month to comply.
 
The 98 points listed by the central government fall under domain of state governments like land and other things.
 
Kant said the foreign direct investment (FDI) has grown 56 percent increase till now as compared to the previous year's figure.
 
To a query by a reporter to name some of the investors who have brought FDI, he said the government is building confidence in the minds of investors and naming them would prevent the inflow of funds.
 
In his speech at the function, Kant said the slogan 'Make in India' is not for making a protective market but to make India a part of the global supply chain. He said the government is focused on making India an easy place to do business.
 

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