India together with its BRICS partner working toward launching of a financial institute rivalling the western dominated World Bank and IMF which was first proposed during the New Delhi summit in 2012 by the then Indian Prime Minister Manmohan Singh . In the 6th BRICS summit held on 14 – 26 July in Fortaleza , Brazil the group have agreed to establish the bank with a corpus of US$ 100 billion . The bank would be named the New Development Bank as suggested by the Indian side but Modi government has failed to bag the bank 's headquarter for New Delhi which would be located in Shanghai , China
6th BRICS summit
6th BRICS summit
Foreign policy of the Narendra Modi government