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V. Kamath, the newly-appointed chief of the New Development Bank of BRICS countries.
Prime Minister Modi tweeted about this meeting.
The bank will be based and operate out of Shanghai.
The name 'New Development Bank' was reportedly suggested by Prime Minster Modi at a BRICS meeting at Brazil in November 2014.
The bank aims at funding infrastructure projects in developing nations and is being seen as a step away from West-dominated international financial systems.