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