KV Kamath has demitted office as the President of the National Development Bank led by the five BRICS member countries after completing his five-year tenure. Kamath is credited to have built the multilateral lending institution from the scratch.

Attending a special Board of Governors meeting through video conference on Wednesday, finance minister Nirmala Sitharaman appreciated Kamath’s work “for his stellar stewardship in very quickly giving shape to the vision stated by the BRICS Leaders in 2014". 

She added, “The swift response to COVID-19 through the launch of the COVID-19 Emergency Programme Loan product will be remembered as one of his contributions.”

Addressing the fifth and his last annual meeting of the NDB last month, Kamath said as he prepares to hand over to a new president, he is personally happy and satisfied to leave NDB as a full-fledged financial institution that “can proudly stand shoulder-to-shoulder with its peers." He further said, “It has indeed been a privilege to serve as the first President of the Bank. It has been a learning experience to set up a global institution from scratch.”

In a grand bargain arrived between India and China in 2014, it was decided that the NDB would based out of Shanghai while an Indian will be its first president. Brazil’s Marcos Troyjo took over as the new president of NDB while Anil Kishora has been appointed as the Vice President and Chief Risk Officer (CRO) of NDB. 

Marcos Troyjo recently served as Brazil's Deputy Economy Minister and Special Secretary for Foreign Trade and International Affairs and represented the Brazilian Government on the boards of multilateral development institutions. Troyjo is also a member of the World Economic Forum (WEF) Global Future Council on International Trade and Investment. He was Director of the Intelligent Tech & Trade Initiative (ITTI). 

Kishora was till recently serving as the CRO of State Bank of India and was set to retire in May. Prior to that, he served as Deputy Managing Director/ Chief General Manager, SBI Local Head Office, Chandigarh, India and CEO of SBI in Singapore.

BRICS consists of five of the largest emerging market economies such as Brazil, Russia, India, China and South Africa.