PM Modi wants proposed BRICS Bank to be ready by 2016

Prime Minister Narendra Modi on Saturday asserted India's strong interest in seeing the proposed BRICS Bank functioning by 2016, and added that New Delhi would soon nominate its candidate for the position of bank president.

"We propose that we should set the target of 2016 for inauguration of this bank. We hope to ratify the agreement by the end of the year. We would soon nominate our candidate for the post of Presidency," Prime Minister Modi said during an meeting of BRICS leaders held here on the sidelines of the G-20 Summit.

"The contingency reserve agreement is also a very timely initiative. The work of the reinsurance pool among BRICS is also a welcome one. We hope that our official will be able to come up with a concrete proposal by the next year. This will send a strong message to the rest of the world about the efficacy of BRICS," he added.

"This signals our collective capacity to create and manage global institutions. This can be effective in promoting sustainable development and bridge infrastructure gaps. We can be more aligned to local conditions and requirements. We should focus on next generation infrastructure. We can promote new models of governance and financing while maintaining the highest banking standards," Prime Minister Modi added.

Prime Minister Modi also talked about deepening relations and co-operation in many other areas as well.

"Besides this, we have started work on many other proposals that would deepen our relations and enhance our co-operation in all spheres," he added.

In his meeting with BRICS leaders, Prime Minister Modi also made a strong pitch for repatriation of unaccounted money stashed abroad as key priority for India and linked the unaccounted money with security challenges.

Besides meeting with BRICS leaders, Prime Minister Modi attended the opening ceremony of the G-20 Summit in Brisbane.

Yesterday, Prime Minister Modi attended a dinner hosted by Japanese Prime Minister Shinzo Abe on the margins of the G-20 Summit. He also met European Union President Herman Van Rompuy and British Prime Minister David Cameron, and visited the Queensland University of Technology.

After the G-20 Summit, Prime Minister Modi is scheduled to travel to Sydney, where he will attend an Indian Diaspora community reception organized in his honour.

He will then travel to Australian capital Canberra to address a special joint sitting of the Australian Parliament on November 18. Prime Minister Modi will also address an Indian community event in Melbourne before travelling to Fiji.