Brazil, Russia, India, China and South Africa (BRICS) Monday appointed Indian banker Kundapur Vaman Kamath as the first chief of US $50 Billion New Development Bank being set up by the five emerging economies.

Financial Express, quoting Indian federal government Finance Secretary Rajiv Mehrishi, reports "Kamath is appointed for a five-year term with the BRICS bank that will open within one year." BRICS leaders last year agreed to set up the New Development Bank with its headquarters in Shanghai. India nominated the first president as per the agreement.

Kamath, 68, head India's largest private sector bank ICICI.

BRICS nations account for nearly US $16 Trillion in GDP and 40 per cent of the world's population.