A bank backed by the BRICS economic alliance is reportedly planning on raising up to $500 million with its first-ever Indian rupee-denominated bonds.
Reuters, citing “three sources familiar with the matter,” reports the New Development Bank (NDB) is “in advanced stages of discussions” with India’s central bank to issue rupee bonds in the country’s domestic market.
The bank, founded by BRICS countries in 2015, wants to secure between $400 million and $500 million through 3-5 year bonds, according to one of Reuters’ anonymous sources. The NDB has already issued Chinese yuan and South African rand bonds.
Vivek Rajpal, an Asia macro strategist at the brokerage firm JB Drax Honoré, tells Reuters the move is an effort to further rupee internationalization.
“The issue will draw interest from a segment of investors, particularly those focused on emerging markets and interested in the de-dollarisation trend.”
BRICS held its first summit in 2009 and was originally known as BRIC, representing its four founding members: Brazil, Russia, India, and China. The acronym became BRICS after South Africa joined the group in 2010.
In 2024, it expanded its membership to other nations, including Iran, Egypt, Ethiopia and the United Arab Emirates. Indonesia joined in early 2025.
Brazil, which holds the current presidency of the group, also claims that Saudi Arabia is part of the bloc, but the Middle Eastern country has reportedly eschewed formal membership in the intercontinental economic alliance to avoid antagonizing the US.
The bloc also includes 10 “partner countries,” including Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Partner countries aren’t full-fledged members but are invited to participate in the BRICS summit and can endorse the alliance’s declarations.
Brazil says current BRICS priorities include “facilitating economic transactions between bloc countries, such as the use of local currencies; the development of international payment platforms; cooperation in government procurement; and the promotion of trade facilitation measures, among others.”
In 2023, the alliance reportedly began working on creating a common currency backed by gold and potentially additional precious metals and assets to circumvent international reliance on the US dollar, though officials from several of the bloc’s member countries claimed earlier this year that they weren’t pushing for de-dollarization.
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