CURRENT AFFAIRS

Detailed explanation-1: -ICICI Bank, India’s largest private bank, on Thursday signed a Memorandum of Understanding (MoU) to establish a strategic partnership with the New Development Bank (NDB), a multilateral development bank established by the BRICS-Brazil, Russia, India, China and South Africa-nations.

Detailed explanation-2: -New Development Bank Members Brazil, India, Russia, South Africa, and China are the founding members of the New Development Bank.

Detailed explanation-3: -Industrial Development Bank of India (IDBI) was constituted under the Industrial Development Bank of India Act, 1964 as a Development Financial Institution (DFI) and came into being on July 01, 1964, vide GoI notification dated June 22, 1964.

Detailed explanation-4: -The initial subscribed capital of the bank was equally distributed among the founding members (Brazil, Russia, India, People’s Republic of China, South Africa). The Agreement on the NDB specifies that every member will have one vote no one would have any veto powers . The bank is headquartered in Shanghai, China.

Detailed explanation-5: -Q. Which country is the new member of the BRICS New Development Bank (NDB)? Notes: The BRICS New Development Bank (NDB) announced that it will add Egypt as its new member. NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa, in the year 2015.