Modi says India committed to BRICS Bank formation by 2016

Ahead of the G-20 Summit here, PM Modi met the BRICS leaders and expressed India's commitment to the creation of a BRICS Bank with highest banking standards.

"We can promote new models of governance and financing, while maintaining the highest banking standards. We should also make it more participatory," he said.

"We need to work towards their early implementation. We propose that we should set the target of 2016 for inauguration of this Bank," he said.
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"We hope to ratify the agreement by the end of the year. We would soon nominate our candidate for the post of the Presidency," he said.

Modi met BRICS (Brazil, Russia, India, China, and South Africa) leaders and began with congratulating  Dilma Rousseff on her re-election as the President of Brazil.

Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma were the other BRICS heads of state who were in the meeting.

He said the historic 6th BRICS Summit in Fortaleza delivered - the New Development Bank and the Contingent Reserve Arrangement.

"These signal our collective capacities to create and manage global institutions. These can be effective in promoting sustainable development and bridge infrastructure gaps. We can be more aligned to local conditions and requirements. We should focus on next generation infrastructure," he said.

He said the Contingent Reserve Arrangement is also a very timely initiative.

He said the work on the Reinsurance pool among BRICS is also a welcome one. "We hope that our officials will be able to come up with a concrete proposal by the next year.
These measures send a strong message to the rest of the world about the efficacy of BRICS," said Modi.

Photo caption: The Prime Minister, Shri Narendra Modi with the other BRICS leaders ahead of G-20 Summit, in Brisbane, Australia on November 15, 2014.