The main agenda for the summit was the creation of a new development bank. The idea for setting up such a bank was put forward by India, as a sign of firming the power of the group and increasing its influence in global decision-making; Sudhir Vyas, a senior Indian official, said that the idea for a BRICS bank had been "in the air for some time." Analyst John Mashaka called India's move "long overdue", and said that setting up a bank was a means of "pulling out of the western-dominated World Bank and the International Monetary Fund." Yuhua Xiao, assistant professor at China's Institute of African Studies, noted that setting up the bank showed signs of growing self-assertiveness and inter-dependence among developing economies. Dr. Alexandra A Arkhangelskaya noted that creating such a bank would effectively "shift the weight of economic power" towards the East.
In the Delhi Declaration at the end of the summit, the BRICS announced the setting up of the bank, described as a "BRICS-led South-South development bank." The finance ministers of the member states were directed to conduct feasibility studies of the initiative and to submit their reports at the next BRICS summit. Pimentel said that the proposed bank was not meant as a sign of abandonment of existing global financial institutions, but that it was a response to current economic necessities. Vyas commented that the BRICS would determine the capital structure and that the initiative would take some time to get started.