THE BRICS Think Tank has started thinking, and has made a beginning by floating a proposal for an exclusive BRICS Development Bank. Its mandate is likely to be the one to harmonise the existing global financial institutions like World Bank. Talks are not just about modalities of creating it but also how to create. So, it has been decided at the on-going Summit to convene experts' meetings to explore the possibility to work out on the necessity and practicality of creating the bank for further action.

The 2012 BRICS Think-Tanks Forum is a follow up to the understanding arrived at the BRICS leaders' summit in New Delhi in March this year to consider the possibility of creating a new development bank. India expects to see the bank established as soon as possible. It is expected that the Bank may be in existence by the next meeting of the top leadershing in 2013.

A roadmap has become apparent after the forum and all its five members are clear about what to do subsequently to summarize the form of organisation for the bank, equity shares, head office and other issues.