BRICS bank to start operations by July 2016: K V Kamath
The BRICS’ signature initiative, the New Development Bank (NDB), a symbol of the grouping’s drive to recast global financial governance architecture, is expected to begin its operations and take up projects by April 2016.
NDB bank will function on the lines of world’s major financial institutions including World Bank, Asian Development Bank, and private money lenders. It will be given the same privileges as those institutions. The bank will have vice presidents from three other nations.
Speaking at the CII National Council Meeting in Mumbai on June 25, the newly appointed chief of the New Development Bank of BRICS countries K V Kamath said, “NDB has opted for a larger canvas by expanding its scope of operations to other member nations. The name of the bank was changed as new partner countries are likely to join the BRICS group of emerging economies.”
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