Current Affairs - Banking - Discussion

India is all set to become the 69th member of the European Bank for Reconstruction and Development (EBRD) after shareholders of the international financial institution gave their nod to the country's candidature. The formal membership process will now get underway, which includes the purchase of shares by India at an estimated cost of around 1 million euros. The EBRD's Board of Governors, which represents all the existing shareholders of the UK-based bank, voted in favor of India's membership application.