Kundapur Vaman Kamath well known as KV Kamath recently quit his post as president of National Development Bank (NDB). KV Kamath is a top notch banker in India as he was the former ICICI Bank’s chairman and former chairman of Infosys.
Eminent banker KV Kamath demitted office on Wednesday 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. KV Kamath is a 72 year-old- man. He was born in Mangalore. His family belongs to a town of Kundapur in Karnataka.
KV Kamath’s career:
After an initial study at Mangalore, he completed his bachelor’s degree in Mechanical Engineering from the National Institute of Technology, Karnataka. After that, he joined the Indian Institute of Management, Ahmedabad (IIM-A) for a Post Graduate Diploma in Management in 1969.
The eminent banker Kamath did his post graduation in Management from IIM-A in 1971 and begun his career with Industrial Credit and Investment Corporation of India (ICICI)Bank in the Project Finance division.
Later on, KV Kamath joined the Asian Development Bank, Manila in 1988. He worked there at various projects in India, China, Indonesia, Bangladesh, Vietnam, and the Philippines. He had also served as the representative of ADB on the boards of several companies.
In 1996, KV Kamath returned as the managing director chief executive officer (CEO) in ICICI Bank.
He expanded the services of the ICICI to the retail customers and launched a series of acquisitions of non-banking finance companies in 1996–98 which led to the formation of ICICI Bank.
Kamath was instrumental in expanding the Group’s services to the retail customers. He initiated a process of a series of acquisitions of non-banking finance companies in 1996–98.
Mr. Kamath was appointed as Non-Executive Chairman of the second-largest software exporter, Infosys Limited in 2011.
In 2015, Mr. Kamath was appointed as the first President of the New Development Bank, the multilateral development bank established by BRICS nations.
Meanwhile there is a buzz doing rounds on social media in which it is speculated that he is going to be the next Finance Minister and will replace Nirmala Sitharaman.
It is also reportedly said that CBI and ED is waiting to interrogate Kamath in two cases.
He is said to be involved in two bank loan fraud cases one of which was to NDTV promoter Prannoy Roy who borrowed in Shell’s name and siphoned off to the tune of Rs 40 crores.
Now, the second case is his link to ICICI CEO Chanda Kochchar’s loans.