Brics Bank

New Development Bank has appointed central banker Rajiv Ranjan as vice president and chief risk officer for five years.

Over the past few years a few of its member countries, in particular Russia and China, are seeking an alternative to the US Dollar or create own BRICS currency. India has so far not been part of the move.

The New Development Bank, the lender created by the BRICS group of nations, will widen its membership as it seeks to boost its capital and counter the influence of Western-dominated multilateral banks.