PM Modi Urged BRICS to set up Credit Rating Agency

Prime Minister Narendra Modi, who is in China currently for BRICS Meet, sought setting up of a BRICS credit rating agency.

The move envisages countering western rating institutions and cater to the financial needs of developing nations.

He made a strong pitch while addressing at the plenary session of the BRICS (Brazil-Russia-India-China-South Africa) Summit.

Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.

"Our Central Banks must further strengthen their capabilities and promote cooperation between the Contingent Reserve Arrangement and the IMF (International Monetary Fund)," the prime minister said.