Recently held meet in Durban of BRICS nation , it is proposed to set up a bank with 100 BL$ capital. It is too early to predict of such ventures. It may compete WB. The five nations of five continents will be really a multi cultural organization.Present world bank is headed by G-7 EU and capitalist bloc. India was benefited by bank's funding. India and third world nations in 60s 70s were treated as beggars cum debtors.Situation has changed. new emerging economies are going to set up bank to cater their financial needs and WB's monopoly will be contained.Under Robert McNamara WB funded India.