The Indian proposal to form a BRICS Development Bank was endorsed by leaders of BRICS nation at the Durban Summit on Wednesday. The proposal was first mooted in last years BRICS Summit in New Delhi. Speaking on the development Finance Minister P. Chidambaram said, the big idea of BRICS Development has become a reality. He also said, the other idea of a Contingency Reserve Arrangements was also approved by the BRICS leaders. Chidambaram said these two were the major recommendation of finance minister of BRICS nations.