India likely to get first presidency of BRICS Development Bank

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    India likely to get first presidency of BRICS Development Bank
    The BRICS summit, Prime Minister Narendra Modi's first multilateral engagement, commenced here on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank presidency of which is likely to go to India first.

    The bank's headquarters is likely to be located in Shanghai, China's financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.


    Story first published: Wednesday, July 16, 2014, 11:48 [IST]
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