Shri. K. V. Kamath, first President of New Development Bank, also known as BRICS Bank has stated that the functioning of the bank is expected to commence in April, 2016.

NDB, founded by the BRICS nations ( Brazil, Russia, India, China and South Africa ) has now decided to expand its operations to other  member nations as well. Shri. K. V. Kamath has also said that the bank would be different from other institutions such as the ‘World Bank and the Asian Development Bank. It would have a different mindset and be a lot more flexible in its operations. An important aspect will be with regard to the speed of lending.

Mr. Kamath stated that the bank would have Vice Presidents from three other nations. Mr. K. V. Kamath, former Chairman of ICICI bank and Infosys, will take over as the head of the multilateral development institution in July, 2015 at Shanghai in China.