UPSC CDS GS Economy Questions Part 2

Only the statement (2) is correct as K.V. Kamath, from India, is the first elected president of the New Development Bank (NDB). The bank is headquartered in Shanghai, China. So, the first statement is not correct. The NDB, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries (Brazil, Russia, India, China and South Africa). The first regional office of the NDB is in Johannesburg, South Africa.