(e) The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. BRICS leaders agreed to set up a Development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013. On 11 May 2015, K. V Kamath was appointed as the President of the bank. Its Headquarters located at Shanghai, China.