Beyond the G20, the BRICS grouping has achieved much since its first political dialogue in September 2006. The New Development Bank (NDB) was established to mobilise resources for infrastructure development, particularly within the BRICS countries but also in other EMDEs.
The lower rating for our compliance with the liquidity guidelines stems from the view of the review team that State Development Loan (SDL), or the state government securities as they are popularly called, cannot be considered as sovereign debt securities in the context of the Basel standard and hence, cannot be accorded treatment of Level 1  BIS central bankers’ speeches  3  HQLA.