Union Finance Minister Arun Jaitley has said that he has urged the World Bank to grant India USD 5-7 billion to meet its funding requirements.
As per reports, India has decided to seek the aid only through the International Bank for Reconstruction and Development (IBRD) of the World Bank and cease the funding from its affiliate -- International Development Agency (IDA).
As the original World Bank institution, IBRD offers loans to middle-income developing countries, while IDA gives loans and grants to the world's poorest developing countries.
Jaitley also stressed on the need for capital increase in the Bank group. He also urged the World Bank to lower its interest rate by removing the commitment charges levied on the undisbursed loans.