BRICS bank ratified by Russia and India

BRICS bank: Within the past week, the governments of both Russia and India have given their official blessing to the establishment of the $100bn BRICS development bank and the BRICS Contingent Reserve Arrangement (CRA). Russia has agreed to provide $2bn from the federal budget for the bank over the next seven years, with  Finance Minister Anton Siluanov likely to become the bank’s first Chairman of the Board of Governors, while India is expected to nominate its first President. The bank will only begin operations once the governments of all member countries have ratified the concept and its first board is due to take place in April in the Russian city of Ufa with  the bank expected to start functioning fully by the end of 2015.