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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Chit fund scam: CBI raids offices of Silicon Group
The Central Bureau of Investigation on Friday conducted searches in 26 different locations across India of the Silicon Group of Companies which is allegedly running chit fund operations.
 
The Kolkata-based group is one of the 44 chit fund companies being probed by the CBI following directions of the Supreme Court.
 
"Searches were conducted at 26 locations including 16 places in West Bengal, five places in Haryana, two each in Bihar and Jharkhand and one place in Odisha," a CBI official said.

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Honda to replace air bag inflator in 11,381 vehicles
Automobile major Honda Cars India on Friday said it will carry-out preventive replacement of air bag inflators in its sports utility vehicle (SUV) CR-V and premium sedan Accord.
 
According to the company, it will carry-out preventive replacement of the passenger-side air bag inflator in 575 units of CR-V manufactured in 2004 and driver-side air bag inflator of 10,805 units of Accord manufactured during 2003-2007.
 
The company said this exercise is part of Honda’s global recall and safety improvement campaign concerning the air bag inflator in their car models. Additionally, the passenger-side air bag inflator in 1 unit of Civic of 2004 make will also be replaced. 
 
The company added that the replacement would be carried out free of cost at its dealerships across India from June 4 in a phased manner and the company will communicate with customers directly. 

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