Exim Bank signs multilateral cooperation agreement with BRICS banks

Exim Bank of India has signed a MoU with member development banks of BRICS to undertake “collaborative research” in distributed ledger/blockchain technology.

The MoU — signed by Exim Bank Managing Director David Rasquinha — was an outcome of the discussions the member development banks had during their annual meeting, with the objective of strengthening the cooperation under the BRICS Interbank Cooperation Mechanism.

The BRICS grouping comprises Brazil, Russia, India, China and South Africa. Under this umbrella agreement, the signatories have agreed to constitute a joint research working group which will formulate the research agenda and targeted outcome.