Eminent banker K.V. Kamath was today appointed as head of the 50 billion dollars New Development Bank being set up by the five emerging economies of BRICS grouping. Finance Secretary Rajiv Mehrishi in New Delhi said, Mr Kamath will have a five-year term of the bank, which is likely to be operationalised within one year.Leaders of of Brazil, Russia, India, China and South Africa (BRICS) had in 2014 reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.