Home ShortStories Entrepreneur K. V. Kamath – President of the New Development Bank

K. V. Kamath – President of the New Development Bank

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India has produced great men who have brought series of innovations into reality, and their mark is something humanity will never forget until the end of time. But, ever thought of Indian men who dare to make a mark and achieve something new? It is about a young man who had a vision of making the banking industry a stress-free work.

Today’s story is about Kundapur Vaman Kamath, popularly known as K.V. Kamath, an Indian Banking and I.T. expert whose effort reshaped the ICICI for good. He was born on December 2nd, 1947, in Mangalore, Karnataka State and his father’s name was Vishwanath Kamath. He attended Kannada-medium government school, did his pre-University at St. Aloysius College, and went on to study mechanical engineering at the National Institute of Technology Karnataka, Surathkal. Upon graduation from NIT, he joined the Indian Institute of Management for Postgraduate Diploma in Management.

The central situation faced in India back then was stress in banking which he was also experienced. His work upon graduation was to ensure the establishment of new business lines such as venture capital, leasing, credit ratings, and handling general management responsibilities. However, he was motivated to push for a new change where technology is used to make the work easy and stress-free for banking industry experts.

Kamath began to make a positive impact after joining the ICICI through his position as a market leader with crucial steps that influence the institution’s fortune. Within three years, he became the managing director and CEO of ICICI in 1989, and the company got into the New York Stock Exchange list. This marked a new era and the beginning of his Eureka moment. Moreover, his persistence for a better financial institution led to the computerization of ICICI, which earned him the title of the most e-savvy CEO present in Asia.

In May 1996, he played an instrumental role in expanding the institution’s services to the retail customer by initiating series of processes of acquiring non-banking finance companies from 1996 to 1998, which led to the formation of ICICI Bank. He was appointed as Non-Executive Chairman of Infosys Ltd., the second-largest software exporter. His notable achievement further led to his appointment as the first chief of the New Development Bank set up by the BRICS. However, he stepped down, and he is currently a Lead independent at the organization. Presently, the ICICI Bank Ltd features one of the most sophisticated and technology-derived banking systems. 

His effort has earned him lots of recognition and awards. In 2001, he was named the Asian Business Leader of the Year. Kamath is also a recipient of coveted “Padma Bhushan,” one of India’s highest civilian honors, in 2008. He was awarded the Lifetime Achievement Award at the NDTV Profit Business Leadership Awards 2008. He was named ‘Businessman of the Year’ by Forbes Asia and The Economic Times Business Leader of the Year in 2007. He was also awarded Business Standard’s ‘Banker of the Year’ and CNBC-TV18’s’ ‘ ‘Outstanding Business Leader of the Year in 2006. The Banaras Hindu University has also given him an honorary Ph.D. He is forever a genius in the mind of Indians and Asia at large.

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