BRICS bank not aimed at challenging IMF, WB: RBI Governor

IMF and the World Bank, RBI Governor Raghuram Rajan has said. ‘I don't think it was primarily meant to challenge the existing multilateral institutions but it certainly is saying look we have plenty of money ourselves, why don't we put some of this money to use in a way that benefits us rather than necessarily depending on the multilateral institutions to change which is taking much more time than anybody thought of,’ he said. The BRICS bank is meant to provide patient money, risk capital to long term projects, he said in a speech at an event organised in Chicago on Friday by the Chicago Council on Global Affairs. ‘One of the biggest lacunae in emerging markets is patient, risk-bearing money, so if we can have a bank which is willing to take junior stakes or equity stakes...that would be a really good thing,’ he said, according to indiatimes.com