The buzz in the North Block which houses the Union ministry of finance is if Governor of Reserve Bank of India Raghuram Rajan or Finance Secretary Arvind Mayaram would become the first Indian to head the BRICS bank (also called as New Development Bank.)
Insiders say more names will come up when the High Power Selection Committee will be constituted with former RBI governors D Subba Rao, Bimal Jalan and Dr C Rangarajan. This committee will submit a panel of names to the government. Highly placed sources confirmed that a selection committee will be constituted in a month's time.
The New Development Bank was founded at a summit meeting of heads of state from Brazil, Russia, India, China, and South Africa. They will have a president (an Indian for the first six years), a Board of Governors Chair (a Russian), a Board of Directors Chair (a Brazilian), and a headquarters (in Shanghai).
The selection committee's terms and references will include major points like; What is the purpose of this BRICS bank? Why have these countries created it now? And, what implications does it have for the global development-finance landscape?