ICICI Bank Inked MoU with New Development Bank of BRICS [ Current Affairs ]


ICICI Bank largest private sector creditor of India has signed a MoU with the BRICS Grouping-promoted New Development Bank (NDB) for a corporation in bond issuance, co-financing, reserves management and human resources.

  • After signing this ICICI Bank has becomes first financial organization in the country to tie up with the BRICS Grouping-promoted NDB.
  • The first President of BDB and ICICI Bank veteran KV Kamath and ICICI Bank Chief Chanda Kochhar had signed MoU in Mumbai, Maharashtra.

Key facts

  • The MoU will help NDB in discovering rupee-denominated promises in the domestic and international markets.
  • It will make both the investors collaborate to fund development projects in India.
  • They will also influence an equally useful partnership in other areas such as
  1. Reserves risk management
  2. Human resource development
  3. Account and cash management services
  • The MoU will help NDB to control the deep market entrance and awareness of ICICI Bank in the India’s financial markets.

About New Development Bank

  • NDB is a multifaceted advance bank encouraged by BRICS nation’s such are: Brazil, Russia, India, China and South Africa.
  • It is consequence of 6th BRICS Summit being held in Fortaleza, Brazil.
  • Headquartered of NDB is located in Shanghai, China.
  • It will have a local office in Johannesburg, South Africa.
  • In July 2015 NDB began its operations with an initial capital of 100 billion dollars.
  • The goal of the bank is to account substructure projects in emerging economies for supportable development.
  • Each participant country has been allocated one vote, and none of the countries have veto power in the NDB.

- Published on: May 9, 2016