Indian bankers and economists who can make it as President of the new BRICS Bank

By Sunil Fernandes
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    Indian bankers and economists who can make it as President of the new BRICS Bank
    The new BRICS (acronym for Brazil, Russia, India, China and South Africa) Bank is now almost formalised, with reports that the five member nations will have an equal shareholding in the proposed $50 billion BRICS Development Bank. Reports suggest that the headquarters would be in China, while the first President of the Bank would be from India. Here is a list of 4 top-notch Indian bankers and Economists that could be suitable as the President of BRICS Development Bank. Of course, the government may decide not to choose a person from the corporate sector, which could be highly probable.

    Dr Kaushik Basu

    The one reason why Kaushik Basu should make it as the President of the BRICS Development Bank is because of his exposure to a similar institution (not in size though), the World Bank. His experience as the Chief Economist at World Bank would hold him in good stead.

    Basu has had a illustrious career including a PHD from the prestigious London School of Economics. He is currently on leave from Cornell University where he is the C. Marks Professor of International Studies and Professor of Economics. He was the Chairman of the Department of Economics and Director, Center for Analytic Economics at Cornell University.

    He has held advisory posts with the ILO, the World Bank, the Reserve Bank of India and was, for several years, member of the steering committee of the Expert Group of Development Issues set up by the Swedish Government. He is currently a member of the Board of Directors of the Exim Bank of India.

    Basu has also been the Chief Economic Advisor, Government of India. He has a long list of awards and honours received, including the Padma Bhushan.

    Dr C Rangarajan

    If you are regularly following business channels, you would have often heard "the Rangarajan Committee" report or "Rangarajan Committee" recommendations, because former RBI Governor C Rangarajan has been part of so many panels and committees. A brilliant mind on regulatory framework he could be suitable for a start-up bank like BRICS Development Bank, because of liaisoning so closely with regulatory framework in the past. Rangarajan is also the former Chairman of the Prime Minister's Economic Advisory Council and a Member of Parliament.

    K V Kamath

    For the uninitiated in banking, K V Kamath was instrumental in transforming ICICI Bank into the conglomerate that it is today. Under Kamath, ICICI Bank undertook a series of acquisitions of non-banking finance companies between 1996-98 that ultimately led to the stupendous growth of ICICI Bank. He started his career at ICICI (Industrial Credit and Investment Corporation of India), which was a government undertaking than and helped transformed the institution from a financial institution to a full-fledged bank and India's largest private sector bank. He was the CEO of the bank from 1996 until his retirement in 2009.

    Kamath serves as an Independent Director on the boards of global oil giant, Schlumberger, Lupin and was former Chairman of Infosys.

    Deepak Parekh

    Another stalwart from the financial sector in India, Deepak Parekh, heads India's largest housing finance company, HDFC. Parekh has been a key figure in transforming not only HDFC, but also creating the second largest private sector bank in the form of HDFC Bank.

    Parekh is also the non-Executive Chairman of Glaxo India Ltd & Burroughs Wellcome (India) Ltd, Board member of Castrol India, Hindustan Unilever, Siemens Ltd, Mahindra & Mahindra, Indian Hotels Company and SingTel.

    He has also receive the Padma Bhushan by the Government of India. In 2010, Parekh became the the first international recipient of The Institute of Chartered Accountants in England and Wales' Outstanding Achievement Award, for his contribution over many years to the finance and accountancy profession.

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