Washington: In order to set up a development bank, India and other members of BRICS grouping have agreed to establish a task force to come up with recommendations in this regard. This move has received "good vibrations" from the World Bank and IMF.

"The fact that there would be a task force to elaborate on the proposal for a BRICS-led developmental bank has been agreed upon. We are all very enthusiastic about this," Kaushik Basu, the Chief Economic Advisor to the Finance Ministry, told in an interview.

There will be both policymakers from BRICS (Brazil, Russia, India, China and South Africa) and experts who will partake in this, he said.

"The exact structure of such a task force or experts group will soon be worked out," Basu said, referring to the decisions made by the BRICS Finance Ministers when they met here on sidelines of the annual Spring meeting of the World Bank and the IMF.

"I have to say, contrary to earlier BRICS meetings, this time it was evident that all five countries are very enthusiastic about the importance of the new development bank. On this even from the World Bank and the IMF we have received good vibrations -- I have had conversations with several leaders of the Bank and the Fund," Basu said.

They recognise that on Sunday's global economy is so large that another new development bank does not really take away from any existing bank; "there is space for much more; indeed there is need for much more," he noted.