K.V. Kamnath was appointed as the head of New Development bank, which is being setup by BRICS nations as an alternative to US dominated World Bank and IMF. Mr. Kamath has been the CEO and Managing Director of ICICI. He has also served as the Chairman of Infosys.

According to the agreement India has the right to choose the first president of the bank. Mr Kamath will head NDB for the tenure of the next five years.