Current Affairs - Banking - Discussion

Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings. The agreement was signed ahead of the Brics (Brazil, Russia, India, China and South Africa) summit in China's Xiamen city on September 3rd in which leaders of the five countries, including Prime Minister Narendra Modi. Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) have signed an agreement to establish credit lines in the national currencies, as well as a memorandum of cooperation on credit ratings.