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July 16, 2014

Important Details you should know about New Development Bank (NDB)

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In a major victory for India, on 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil,  the group of emerging economies decided to establish the New Development Bank (NDB) with an initial authorized capital of $100 billion for which the initial subscribed capital will be equally shared by the founding members, a point New Delhi emphasized to prevent the dominance of any one member. Below are some important points you should know about New Development Bank (NDB) / BRICS Bank.

NDB - Important Points to Know 

  • NDB was formed on 15th July 2014 
  • It is a proposed multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa). 
  • This bank will be headquartered in Shanghai, China. 
  • This is an alternative to the existing World Bank and International Monetary Fund. 
  • India to Be the First President of BRICS Development Bank  (for 6 years).
  • The inaugural Chairman of the Board of directors will come from Brazil.  
  • The inaugural chairman of the Board of Governors will be Russian
  • The bank will have an initial authorised capital of USD 100 billion.  
  • The initial subscribed capital shall be of USD 50 billion to be equally shared by the founding-members.
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7 comments:

  1. Thanks. Useful for IBPS

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  2. Don't you guys think that it would have been a bigger victory if bank was headquartered in India rather than first 6 years of presidency.....?????

    ReplyDelete
    Replies
    1. Agreed bro. But something is better than nothing... We wouldn't have achieved this much if our MMS is on the field -_-

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  3. ofcouse dudu but they're giving $ 41 billions we're $18 billions...... money rules everything.

    ReplyDelete
  4. Money is everything

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  5. Another important fact is that Modi is the only prime minister among 5 members,remaining all of them are PRESIDENT.this type question may be ask in upsc.....

    i wonder why our president participate in that summit?

    ReplyDelete
  6. either it is first 5 or 6 six years presidency by India

    ReplyDelete

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