India is likely to propose for a SAARC Bank at the regional grouping's ministerial council in Bhuthan which begins on Thursday.
A government official said that the SAARC Bank will go a long way as it will felicitate regional integration. If other countries agree upon the idea then the bank will focus on eight SAARC nations- India, Maldives, Nepal, Bhutan, Pakistan, Sri Lanka, Afghanistan and Bangladesh.
If the SAARC Bank does materialize, then it could the economic development of South Asia.
Officials are confident that other SAARC nations may agree to establish the bank.
Prime Minister Narendra Modi had invited all the BRICS leaders to his swearing in ceremony on May 26 this year, a move that drew a lot of appreciation from the political fraternity.