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India Inc hails BRICS pact to set up New Development Bank

Last Updated: Wednesday, July 16, 2014, 19:29

Terming as "historic" the pact on establishment of a New Development Bank at the BRICS Summit, India Inc Wednesday said the move was likely to strengthen economic cooperation between the five-nation grouping, help stave off future economic crises and boost infra development.

BRICS bank to get going in 2 yrs; India to head for 6 yrs

Last Updated: Wednesday, July 16, 2014, 18:31

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five country-grouping BRICS -Brazil, Russia, India, China and South Africa.

BRICS members likely to have equal shareholding in new bank

Last Updated: Tuesday, July 15, 2014, 20:04

The BRICS Summit, Prime Minister Narendra Modi's first multilateral engagement, commenced Tuesday amid an understanding that the 5-member nations will have equal shareholding in the proposed USD 50 billion BRICS Development Bank which India had been strongly pressing for.

Shanghai most likely headquarters for BRICS development bank

Last Updated: Monday, July 14, 2014, 17:45

Russian presidential adviser Yuri Ushakov told Kremlin reporters late last week that bank would be based in Shanghai.

Setting up of BRICS Development Bank in pipeline: PM

Last Updated: Thursday, November 21, 2013, 14:11

Singh said the BRICS countries have chosen differing growth paths suited to their macroeconomic conditions and varied institutional strengths.

BRICS agree on bank's structure, progress difficult: Russia

Last Updated: Monday, September 02, 2013, 08:55

The establishment of the development bank aimed at providing funds for infrastructure projects has been slow in coming, with prolonged disagreement over funding and management of the institution.

BRICS combined GDP will surpass US, western Europe by 2020: UN

Last Updated: Thursday, April 11, 2013, 23:27

The combined output of BRICS countries will surpass the aggregate GDP of the US, Canada and other European nations by 2020, said a UN report.

'BRICS a force but cannot challenge US due to disputes'

Last Updated: Tuesday, April 02, 2013, 16:31

On March 27, BRICS nations had decided to establish a new development bank to finance infrastructure projects.

Following BRICS development bank plan with great interest: IMF

Last Updated: Friday, March 29, 2013, 09:48

The International Monetary Fund has said it is following with "great interest" the recent announcement by leaders of Brazil, Russia, India, China and South Africa (known as BRICS) to establish a development bank.

US hopes synergy between proposed BRICS bank, existing bodies

Last Updated: Friday, March 29, 2013, 09:25

The US has expressed hope that the new multilateral development bank planned by BRICS countries will work closely with existing international financial institutions and follow best of the practices.

US hopes synergy between proposed BRICS bank, existing bodies

Last Updated: Friday, March 29, 2013, 09:25

The US has expressed hope that the new multilateral development bank planned by BRICS countries will work closely with existing international financial institutions and follow best of the practices.

Manmohan Singh hails BRICS' decision to launch development bank

Last Updated: Thursday, March 28, 2013, 23:58

Hailing the BRICS summit's decision to launch a development bank and a Contingency Reserve Arrangement (CRA), Prime Minister Manmohan Singh Thursday said India's initiatives in these projects made a significant progress.