"I propose that a working group be set up comprising representatives from our finance ministries, central banks and other experts co-chaired by India, as the current BRICS chair, and South Africa, as the next BRICS chair," said Finance Minister Pranab Mukherjee.
He was addressing a meeting of the BRICS (Brazil, Russia, India, China and South Africa) finance minister in Washington on April 19.
Mukherjee said that the working group should be asked to submit its report by November this year, and that would form the basis for formation of the proposed development bank.
"The working group may decide on its own composition, work plan and processes and report back to us by our next meeting in November 2012, so that we are in a position to report back to the leaders by the next BRICS Summit," he said.
Leaders of the five emerging economies that together make up 43 percent of the world's population and one-fourth of the global economy last month at a Summit in New Delhi had agreed to set up a development bank to boost intra-group trade.
"We now need to carry this process forward expeditiously as the leaders expect a report from us at the next summit in South Africa," Mukherjee said.