K.V. Kamath has formally relinquished his position as non-executive chairman of ICICI Bank. Kamath is to take over as the head of the BRICS-promoted New Development Bank (NDB). The bank said in a filing to the stock exchanges that effective close of business hours on 30 June, Kamath has relinquished office consequent on his nomination and acceptance of full-time executive position based in Shanghai as the President of the New Development Bank. The bank also said it has appointed M.K. Sharma non-executive part-time chairman, post RBI approval. Sharma’s appointment is for three years, effective July 1, 2015, it added.
