BRICS bank could change the money game India recently suggested that it and four other growing economic powers start a jointly run bank.

The BRICS countries - Brazil, Russia, India, China, and South Africa - are increasingly prosperous [GALLO/GETTY]

Moscow, Russia - India's proposal to set up a bank of the BRICS nations (Brazil, Russia, India, China and South Africa) will top the agenda at the group's summit on March 28. India believes a joint bank would be in line with the growing economic power of the five-nation group. The bank could firm up the BRICS position as a powerful player in global decision-making. "The BRICS bank does not need much capital for a start," Alexander Appokin, senior expert at the Moscow-based Centre for Macroeconomic Analysis and Forecasting, said. "What is more important is that the BRICS development bank presents a unique opportunity for indirect investment of central bank foreign reserves inside the countries." READ MORE