The New Development Bank (NDB), set up by five BRICS nations including India, will start lending in local currency by April next year and member countries will primarily be the focus of credit facility, its chief and eminent banker K V Kamath said here on Friday.
In a major shift from the way multilateral lenders functions, borrowers' interest will be paramount for the USD 100-billion BRICS Bank as against the common practice of lenders' view getting preference, the first chief on the new institution K V Kamath has said.
With a decisive electoral mandate in hand, the government needs to accelerate the process of "clearing overdue receivables" for the corporate sector and ensure revival of the economic growth momentum, top banker K V Kamath has said.
Murthy, who retired in August 2011, was called back in June last year to take charge of the once IT bellwether that failed to keep pace with the growth posted by industry peers like TCS and HCL Technologies.
Companies should make corporate governance a part of their internal process where it does not remain a mere form filling or box ticking exercise, ICICI Bank's non-executive chairman K V Kamath said here Friday.
Describing the direct cash transfer scheme as a game-changer, noted banker and Infosys co-chairman K V Kamath today said the soon-to-be-launched programme will help reduce budgetary deficit by checking the seepages.
Corporate honchos, led by Infosys chairman K V Kamath and GVK Group vice-chairman Sanjay Reddy on Saturday said long-term policies were needed to revive sagging growth and blamed lack of policy clarity, coupled with high interest rate for the current economic problems.