The leaders of the BRICS countries approved the formation of the BRICS Bank at their meeting in Brazil on Tuesday. The idea of a BRICS Bank was floated by India in 2011-12 during its chairmanship of the grouping. A study group was formed in 2012 to explore the idea further.
The leaders of the BRICS countries approved the setting up of an inter-governmental group at their meeting in South Africa in March 2013 to work out the modalities. The unresolved issues have been resolved and final approval given by the leaders at their summit in Brazil.
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