New Development Bank (NDB), known as the BRICS Bank is expected to commence its operations and take up projects by April 2016. The name of the bank was changed as new partner countries are likely to join the BRICS group of emerging economies.

NDB will have vice presidents from three other nations. The charter for the bank has been drawn and it will be mostly on the lines of World Bank, Asian Development Bank and private multilateral lenders. The bank will enjoy the same privileges as these institutions.

About NDB (BRICS):

• NDB a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa)
• Formation:15th July 2014
• Headquarters: China
• President : KV Kamath

To get more information, Click  BRICS