A new Bank is added to the lexicon of world development finance. Rather than welcoming it, the merchants of poverty eradication propagate its unbecoming. Completely one-sided views have been floating since the announcement of the BRICS New Development Bank adopted in Brazil during the BRICS Sixth Summit. Even after a month-long soccer carnival, it is a shocker to the world.
The acceptance of the feasibility of the BRICS Development Bank at the recently concluded Fifth BRICS Summit at Durban has sent a shivering effect on a certain section who criticise the very idea.