Prime Minister Narendra Modi to press for equal shareholding in Brics bank

Fortaleza: PM Narendra Modi will launch his first multilateral engagement in Brazil, by meeting Russian President Vladimir Putin and Chinese Pr-esident Xi Jinping ahead of Tuesday’s Brics Summit. India will press for equal shareholding for its five member countries in the proposed $50 billion Brics Development Bank so that no shareholder dominates.

Mr Modi will join Vladimir Putin, Xi, South African President Jacob Zuma and the host Pre-sident Dilma Rousseff in deliberations over the proposed bank, international financial architecture and other issues at Fortaleza

India is keen on the issue of equal share holding since it does not want a repeat of the distortions that have crept into the IMF, the World Bank and the Asian Development Bank.