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The Bank will have its headquarters in China with India holding its first rotating presidency.
The two leaders will acknowledge the increasing clout of developing economies in the new global financial architecture.
The contract win will boost to Beijing’s bid to improve connectivity with Russia and Europe.
Russia-India ties are expected to receive a significant boost by twin visits by Prime Minister Narendra Modi to Russia in July and November.
The prospects of a Putin-Obama meet was not discussed during talks with Kerry, said Kremlin aide Yuri Ushakov.
High on the agenda of talks are the BRICS Bank, bilateral ties, the trade deficit, China’s Silk Route revival and India’s manufacturing drive.
Most Western leaders boycotted the Victory Parade in Moscow which celebrated 70 years since the end of World War II.
US President Barack Obama had accused China of "flexing its muscles" to advance its territorial claims at sea.
This is the third round of rate cuts by the PBOC following one in November 2014 and another in March 2015.
