NDB – Important Points to Know
- NDB was formed on 15th July 2014
- It is a proposed multilateral evolution banking concern operated past times the BRICS states (Brazil, Russia, India, Red People’s Republic of China together with South Africa).
- This banking concern volition hold upwardly headquartered inward Shanghai, China.
- This is an option to the existing World Bank together with International Monetary Fund.
- India to Be the First President of BRICS Development Bank (for half dozen years).
- The initiatory Chairman of the Board of directors will come upwardly from Brazil.
- The initiatory chairman of the Board of Governors volition hold upwardly Russian.
- The banking concern volition accept an initial authorised uppercase of USD 100 billion.
- The initial subscribed uppercase shall hold upwardly of USD fifty billion to hold upwardly every bit shared past times the founding-members.
- President : Marcos Troyjo of Brazil (appointed on 28th May 2020)
- Vice President : Anil Kishora (India)