Which of the following statements with regard to New Development Bank BRICS, formerly referred to as the BRICS Development Bank, is/are correct? 1. The Headquarters of the Bank is situated at Moscow, Russia. 2. K. V. Kamath is the first President of the Bank. Select the correct answer using the code given below.

The New Development Bank (NDB), formerly known as the BRICS Development Bank, was established following the Fortaleza Agreement signed in 2014. Statement 1 is incorrect because the headquarters of the NDB is situated in Shanghai, China, not Moscow, Russia [4]. Statement 2 is correct as K. V. Kamath, a prominent Indian banker, was appointed as the first President of the bank during the inaugural meeting of the Board of Governors in July 2015. He served as the inaugural chief to lead the institution's mission of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies [4]. The bank became fully operational in 2016, providing an alternative to traditional Western-led multilateral financial institutions [3].

Sources

1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > 13.16 New Development Bank (NDB)/ BRICS Bank > p. 401
2. [2] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > NEW DEVELOPMENT BANK OR BRICS DEVELOPMENT BANK > p. 529
3. [4] https://en.wikipedia.org/wiki/K._V._Kamath
4. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > NEW DEVELOPMENT BANK OR BRICS DEVELOPMENT BANK > p. 528