BRICS Bank HQ in Shanghai, India gets first presidency

Leaders of the BRICS group of emerging powers on Tuesday created a Shanghai-based development bank and a reserve fund seen as countering the Western-dominated international financial system.India will be the first President of the bank while the first chair of the Board of Governors will be from Russia.The initial subscribed capital shall be of $100 billion to be equally shared by the founding-members. China won the race for getting the bank's headquarters in Shanghai even as India also made a pitch for its location in New Delhi.The leaders of Brazil, Russia, India, China and South Africa agreed to launch the institutions to finance infrastructure projects and head off future economic crises.