Shanghai : A new USD 100 billion bank floated by the BRICS nations opened for business here, over three years after India mooted the idea, making it the first major financial institution from the emerging countries to reduce dependence on the IMF and World Bank. The New Development Bank (NDB) of the five-nation BRICS bloc is headed by eminent banker K V Kamath. “Our aim will be that we do not see only from the point of view of the lenders, but also from the point of view of the borrowers,” he said.
K J M Varma
