New Development Bank of BRICS economies (Brazil, Russia, India, China and South Africa) was inaugurated in Beijing in China. This bank has been started with 50 billion USD capital and later it will be expanded to 100 billion USD. It has been formed with a aim to expedite regional development of BRICS countries and as an alternative of world bank and IMF.
Again a proud moment for us that Mr. K V Kamath (Ex chair person of ICICI bank ) has been made president of BRICS economies new bank for 5 years. Mr. Kamath has said, ‘” we will be successful in making tailor made soultions for member countries.