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Behind India's last-minute rethink

NEW DELHI -- Indian banker K.V. Kamath may not be a big name in the world of international finance, but he has been chosen to lead the New Development Bank, also known as BRICS Bank, a Chinese government initiative.

     The Indian government, which had the right to choose the bank's first president, announced Kamath's appointment last Monday. So, why did the government pick Kamath who, unlike many chiefs of other international institutions, has not served as a finance minister or central bank governor? 

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