July 15, 2014 8:54 PM

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India ready to play vital role to launch BRICS Dev Bank

India has expressed its willingness to play a major role in the formation and running of the BRICS Development Bank.The sources in ministry of external affairs said in Brazil that India does not want to play a second fiddle or a role of smaller brother in the matters of the proposed bank.Officials from BRICS summit said that Shanghai is likely to be the headquarters of the bank, but they said that still there was no agreement among the five nations on where the lender will be located. It is likely to be decided after the meeting of the heads of BRICS nations.AIR correspondent reports from Fortaleza Brazil that the idea of a bank was mooted in Delhi BRICS Summit in 2012.The bank is supposed to be initiated with a corpus of 100 billion dollar, which can cater to the needs of member countries as well other needy developing countries.

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