India has named private banker K.V. Kamath as the first head of a new development bank being set up by the BRICS group of emerging market economies, Finance Secretary Rajiv Mehrishi told reporters on Monday. The BRICS – Brazil, Russia, India, China and South Africa – agreed to set up the $100 billion development bank last July, in a step toward reshaping the Western-dominated international financial system. It was agreed that the New Development Bank, which will fund infrastructure projects in developing nations, would be based in Shanghai.