The leaders of the five emerging market economies are expected to sign a deal on Tuesday that creates the $100 billion bank and a reserves fund of the same size to challenge Western dominance over global finance.
Finance Ministers of Brazil, Russia, India, China and South Africa, including P Chidambaram, are likely to prepare a report for consideration of their leaders on Wednesday in which they are expected to say that launching a BRICS bank is 'feasible and workable'.
China criticised western attempts to "demonise" the BRICS.
A feature of this year's BRICS summit was economic cooperation.
He said the Fourth Industrial Revolution will have more importance than the capital.
The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently.
Her comments come a day after External Affairs Minister S Jaishankar said in Geneva that roughly 75 percent of the "disengagement problems" with China are sorted out but the bigger issue has been the increasing militarisation of the frontier.
Rediff.com's Nikhil Lakshman, who is travelling with Prime Minister Manmohan Singh to the BRICS Summit in the Chinese town of Sanya, reports that the next BRICS Summit will be held in India in 2012 even as the five BRICS nations pledged to jointly work towards peaceful transformation of the world order.
'China did not expect India to show such strategic resolve in defending its territorial integrity.'
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
Evidently, something has gone awry in India's regional strategies. Yet, one feels tempted to call this India's "BRICS moment". The Durban summit will show how far India is prepared to go in a new direction. MK Bhadrakumar examines
BRICS countries may reach consensus at next month's G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said.
'To consider BRICS anything more than a temporary club with some common interests would be folly. The goal should be to induce others (Japan, ASEAN, South Africa) to align with us -- a non-threatening, democratic nation, rather than with malevolent China or waning America. For us to consider aligning with either China or the US would be absurd. India is just too big to be a sidekick,' says Rajeev Srinivasan.
The rise of BRIC countries represents a fundamental shift in global economy and the developing world needs a legitimate seat at the table so that shared challenges are better addressed, a powerful US Senator has said.
South Africa's Deputy International Relations and Cooperation Minister Marius Fransman said this would give a major boost to some of the development needs of these countries.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
The fact that the Indian government has allowed the bank to be headquartered in Shanghai merely underlines the fact that this will be a largely Chinese enterprise.
'Trump's disregard for norms and institutions could prove very costly for America's social fabric.'
In a statement released by Pakistan's ministry of foreign affairs, Aziz said that "Modi is misleading his BRICS and BIMSTEC colleagues", after Indian Prime Minister Narendra Modi on Sunday said that Pakistan is the 'mothership of terrorism'.
The joint declaration lists the BRICS nations' consensus on global economy, international financial issues and developmental affairs.
BRICS is the title of an association of leading emerging economies. As of 2012, the group's five members are Brazil, Russia, India, China and South Africa.
BRIC countries -- Brazil, Russia, India and China -- are expected to contribute one-third of the world's GDP increment in 2015, by which time their total economy will surpass America, according to a leading Chinese think tank.
Investors recognise India's market growth
In his conversation with Prime Minister Narendra Modi, President Xi Jinping stressed that improving China-India relations serves common interests and is conducive to peace and stability of the region and the world.
India ranks lower than most BRICS nations in terms of innovation.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
Modi said South America has tremendous potential.
Sanya was a way station, the real summit is G-20 where India must have a voice of its own.
Condemning strongly the terrorist attack in Paris, India on Sunday made a case for united global effort to combat the menace of terrorism.
Prime Minister Manmohan Singh on Wednesday met Chinese President Xi Jinping on the margin of the BRICS Summit in Durban, in the first structured high-level contact between the two countries since the change of leadership in China.
...although issues like capital, membership and governance are still bogging the plan.
National Security Advisor Ajit Doval held a meeting with top Chinese diplomat Wang Yi during which he emphasised the need for continuing efforts to restore peace and tranquillity in the border areas to remove the 'impediments' to normalcy in bilateral relations.
The theme of the Summit is "BRICS Partnership for Global Stability, Security and Prosperity". Prime Minister Dr Manmohan Singh will host President Dilma Rousseff of Brazil, President Dimitry Medvedev of Russia, President Hu Jintao of China and President Jacob Zuma of South Africa at the Summit.
In two years of tough negotiations to create the new BRICS development bank, the main stumbling block was not a lack of resources or commitment, but fellow partner China.
Difference between India and other BRICS nations has increased recently as India heads into elections and investors hope the next five years will bring in growth
The agenda is to give a concrete shape to a Development Bank and pitch for reforms of the UN Security Council.
Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, Modi also said India soon will become a $5 trillion economy.
Inflation declined marginally to 7.45 per cent in October even though prices of food items like rice, wheat pulses and potato showed a rising trend.
