At last final decision has been taken to establish the BRICS Development Bank. The decision was taken in the meeting of the heads of BRICS countries viz. Brazil, Russia, India, China and S.Africa, being held in Brazil. The headquarters of the Bank will be in Shanghai in China. India will have the post of President for the first term of 6 years, which will be rotated afterwards. All the member countries will pay initially equal contribution to the bank for a total of $ 50 billion.
This will be almost a parallel World Bank / IMF for helping the BRICS countries for their development.

It is reported that India may be granted the post of President of the BRICS Development Bank, which is being constituted. The meeting of the powerful economic group of Brazil, Russia, India, China and S.Africa (BRICS)is being held at Fortaleza, Brazil now. The HQ of the bank may be in Shanghai, China.