The 67-year-old Kamath is one of India's most well-known bankers. He retired as Managing Director and CEO of ICICI bank in April 2009, and took up his current position as non-executive chairman.

Last week, IT major Infosys had also replaced Kamath with Board member R Seshasayee as Non-Executive Chairman of the company.

The New Development Bank of BRICS countries will be bsaed in Sanghai, China's financial hub. India will hold the presidency of the Bank for first six years, followed by five-year terms each for Brazil and Russia.

Latest News  from Business News Desk