Political and social networks are speculation regarding the appointment of Nirmala Sitharaman as Minister of Union Finance of India early by eminential banker Mr Kundapur V Kamath. KV Kamath ‘s recent resignation from office as President of the BRICS-led National Development bank has given steam to uncertainty. The government or the ruling Bharatiya Janata Party ( BJP) did not say whether Kamath was considered as Finance Minister.
As Prime Minister Narendra Modi is visiting thousands to see how the Indian economy can be restored, the rumour mills in New Delhi are bumping over a prospective finance minister, succeeded by the existing finance minister, Nirmala Sitharaman, shortly after the upcoming budget.
K.V. Kamath (Kundapur Vaman Kamath), former ICICI Bank President, is considered to be a front-runner. Kamath is presently President of the BRICS New Development Bank (Brazil, Russia, India , China and South Africa) Countries Alliance of Developing National Economies.
Finance Minister Nirmala Sitharaman attended a special board of governors conference on Wednesday and praised Kamath ‘s role ‘in his stellar stewardship in a very quick shaping of the dream outlined in 2014 by the BRICS members.’
During a special Governing Board meeting via a video conference on Wednesday, Finance Minister Nirmala Sitharaman expressed appreciation for Kamath’s work ‘for his stellar stewardship, which very quickly shapes the 2014 vision of the BRICS leadership.’ ‘The rapid response to COVID-19 through the launch of COVID-19’
In order to fight the Covid 19 pandemic, NDB promised to provide $1 billion each of its five members, and was ready to lend more. To date, 55 member country projects for $16,6 trillion have been approved by NDB.
In 2014, a big deal signed between India and China guided the NDB to become the first president from Shanghai. NDB ‘s current chairman Marcos Troyjo has been taken over, and the NDB ‘s vice chairman and Chief Risk Officer (CRO) Anil Kishora has been hired. Kishora served as State Bank of India’s CRO until recently, and he was scheduled to retire in May.
In highlighting his 5th and final annual meeting last month of the NDB, Kamath said that as he prepares to hand it over to a new president he was personally happy and happy that NDB was left as a fully-fledged financial institution that “can be proud of its peers as a shoulder-to-shoulder.”
The second term of Modi was not quite economically successful. The opposition pointed fingers to the failure of the Modi government to save the sloppy economy. Thus, for the NDA government led by the BJP, the economic recovery plan appears to be top priorities.
In the midst of businesses, however, it’s moving for the PM to choose either an economist or a banker as India’s Minister of Finance. Surprisingly, the name of the veteran banker KV Kamath who is the front-runner. The name of the former president of ICICI is circulating but you know that in two cases, the CBI and ED await interrogation of Kamath? He has allegedly been involved in two cases of bank loan fraud like Prannoy Roy, NDTV founder, who lent from Shell and lowered the Rs 40 crores. He has a mansion in the Cape Town of South Africa. This was when Chidambaram was the Congressional Finance Minister. Now the second case is his connection to Chanda Kochchar’s disgraced CEO of ICICI.
As he was stationed in beijing because of NDB, the ED and the CBI were unable to reach Kamath. It is also known that Kamath was a buddy of the Ambanis and he lent Dhirubhai Ambani enormous amounts of loans. He was was reported to be an significant participant in separating properties between two Ambani daughters. So industry sources say, suggests Ambani could probably push his candidacy to the FM ‘s leading position in the country. The question now is one million dollars if Modi will boldly choose a tangled banker from the FM without worrying about the backlash, or if he would hold Nirmala Sitharaman as finance minister.