NCLT: Suspended Directors Who are Prospective Resolution Applicants Cann’t Access Valuation Reports  ||  Supreme Court Clarifies Test For Granting Bail to Accused Added at Trial under Section 319 CrPC  ||  SC: Fresh Notification For Vijayawada ACB Police Station not Required After AP Bifurcation  ||  SC: Studying in a Government Institute Does Not Create an Automatic Right to a Government Job  ||  NCLT Mumbai: CIRP Claims Cannot Invoke the 12-Year Limitation Period For Enforcing Mortgage Rights  ||  NCLAT: Misnaming Guarantor as 'Director' in SARFAESI Notice Doesn't Void Guarantee Invocation  ||  Jharkhand HC: Mere Breach of Compromise Terms by an Accused Does Not Justify Bail Cancellation  ||  Cal HC: Banks Cannot Freeze a Company's Accounts Solely Due To ROC Labeling a 'Management Dispute'  ||  Rajasthan HC: Father’s Rape of His Daughter Transcends Ordinary Crime; Victim’s Testimony Suffices  ||  Delhi HC: Judge Who Reserved Judgment Must Deliver Verdict Despite Transfer; Successor Can't Rehear    

Cabinet approves MoU between Export-Import Bank of India (Exim Bank) on General Cooperation with the New Development Bank (NDB), along with other Development Financial Institutions of BRICS nations- (Press Information Bureau) (13 Oct 2016)

MANU/PIBU/0808/2016

Banking

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) on General Cooperation with New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India. The proposal will enhance trade and economic relations among the BRICS countries. There is no financial implication involved with signing of the MoU. The participating institutions from the BRICS nations will be benefited by this MoU.

The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories, Further, establishment of the NDB reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role. Therefore, keeping in view the strategic relevance of cooperation for sustainable development and inclusive economic growth, the signing of MoU is necessary in the context of cooperation extended by the Members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries.

Background:
Five banks from the BRICS nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the BRIC countries, and enterprises. The BRICS Interbank Co-operation Mechanism now proposes to sign a Memorandum of Understanding (MOU) on General Co-operation with the New Development Bank.

Tags : APPROVAL   EXIM BANK   CO-OPERATION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved