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A Kremlin aide said earlier this week that Shanghai has been chosen as the headquarters of the Bank.
BRICS are meeting at a time of political turmoil in the world, said the Indian PM.
Putin said "We will provide support to our Cuban friends to overcome the illegal blockade of Cuba”.
Pretoria says it is also concerned about the increasing number of rockets targeted at Israeli cities.
Both the Bank and a $100 billion contingency reserve fund for the BRICS nations will be launched during the Brazil Summit on 15-16 July.
More and more countries see the potential of this association, said the Russian President.
Held at the home of the late former PM Edward Heath, it traces the history of rapprochement with Beijing.
Russia, Putin said, will continue “to train employees for the special services and security forces” of the CIS.
The government has boosted defence spending by 12 per cent in 2014-15.
The five founding members of the new Bank will retain controlling interest should any new members be admitted.
