12:17 GMT +321 November 2019

Indian rupee

BRICS NDB to Issue First Indian Rupee Bond Worth Up to $500Mln in 1Q17

© Flickr/ Harsh Agrawal

12:03 16.10.2016(updated 12:17 16.10.2016) Get short URL

Topic:

2016 BRICS Summit in Goa, India (58)

Subscribe

The BRICS-created New Development Bank is to issue the first Indian rupee bond in the first quarter of 2017.

A security personnel stands guard outside one of the venues of BRICS (Brazil, Russia, India, China and South Africa) Summit, in Benaulim in the western state of Goa, India, October 14, 2016.

© REUTERS / Danish Siddiqui

BRICS Leaders Officially Start Summit in India's Goa

GOA (Sputnik) — The BRICS-created New Development Bank (NDB) intends to issue the first Indian rupee bond worth up to $500 million in the first quarter of 2017, NDB President Kundapur Vaman Kamath told Sputnik on Sunday.

"We will do our first rupee bond issue, masala bond issue [a financial instrument allowing to raise funds from overseas in Indian rupee] in the first quarter of the coming year with the issue size of USD 250-500 mln. After India, it will be Russia and South Africa. India has the offshore market that is developed for rupee and we could tap into that," Kamath said.

G20 Finance Ministers and Central Bank Governors Meeting at the Pudong Shangri-la Hotel in Shanghai, Saturday, Feb. 27, 2016

© AP Photo / Rolex Dela Pena

BRICS NDB, Chinese Gov't Sign Agreement Setting Shanghai as Bank's HQ

According to Kamath, local currency financing is critical for the NDB development.

"Our project pipeline is ready for local currency funding," he said.

In July, the NDB did its first bond issue in China in renminbi.

The NDB was created in July 2014 by the BRICS member states — Brazil, Russia, India, China and South Africa — to mobilize resources for infrastructure and sustainable development projects.

Topic:

2016 BRICS Summit in Goa, India (58)

Related:: India Calls Pakistan 'Mothership of Terrorism' at BRICS Leaders' Meeting

: BRICS Leaders Hold Quiet Meeting on Sidelines of Goa BRICS Summit

: BRICS Leaders Officially Start Summit in India's Goa

: 'Tropical Diplomacy': BRICS Leaders Hit Goa to Look For New Narratives

Tags:

renminbi, bonds, BRICS New Development Bank (NDB), Kundapur Vaman Kamath, China, Goa, India

Community standardsDiscussion

Comment via FacebookComment via Sputnik

Сomment
Thank you! Your comment will be reviewed by the moderator for compliance with the Rules
Add more
Post limit reached. Please try again in a minute.
Your comment contains a link, so it can't be published on our site

Сomment

Community standards

The fact of registration and authorization of users on Sputnik websites via users’ account or accounts on social networks indicates acceptance of these rules.

Users are obliged abide by national and international laws. Users are obliged to speak respectfully to the other participants in the discussion, readers and individuals referenced in the posts.

The websites’ administration has the right to delete comments made in languages other than the language of the majority of the websites’ content.

In all language versions of the sputniknews.com websites any comments posted can be edited.

A user comment will be deleted if it:

does not correspond with the subject of the post;
promotes hatred and discrimination on racial, ethnic, sexual, religious or social basis or violates the rights of minorities;
violates the rights of minors, causing them harm in any form, including moral damage;
contains ideas of extremist nature or calls for other illegal activities;
contains insults, threats to other users, individuals or specific organizations, denigrates dignity or undermines business reputations;
contains insults or messages expressing disrespect to Sputnik;
violates privacy, distributes personal data of third parties without their consent or violates privacy of correspondence;
describes or references scenes of violence, cruelty to animals;
contains information about methods of suicide, incites to commit suicide;
pursues commercial objectives, contains improper advertising, unlawful political advertisement or links to other online resources containing such information;
promotes products or services of third parties without proper authorization;
contains offensive language or profanity and its derivatives, as well as hints of the use of lexical items falling within this definition;
contains spam, advertises spamming, mass mailing services and promotes get-rich-quick schemes;
promotes the use of narcotic / psychotropic substances, provides information on their production and use;
contains links to viruses and malicious software;
is part of an organized action involving large volumes of comments with identical or similar content ("flash mob");
“floods” the discussion thread with a large number of incoherent or irrelevant messages;
violates etiquette, exhibiting any form of aggressive, humiliating or abusive behavior ("trolling");
doesn’t follow standard rules of the English language, for example, is typed fully or mostly in capital letters or isn’t broken down into sentences.

The administration has the right to block a user’s access to the page or delete a user’s account without notice if the user is in violation of these rules or if behavior indicating said violation is detected.

Users can initiate the recovery of their account / unlock access by contacting the moderators at moderator@sputniknews.com

The letter must contain:

Subject - the restoration of account / unlock access
User ID
An explanation of the actions which were in violation of the rules above and resulted in the lock.

If the moderators deem it possible to restore the account / unlock access, it will be done.

In the case of repeated violations of the rules above resulting in a second block of a user’s account, access cannot be restored.

To contact the team of moderators, write to moderator@sputniknews.com