India to fork out $20 bn for crisis kitty

India is open to the idea of contributing a total of around $20 billion - roughly Rs 100,000 crore - towards increasing the capital base of the IMF, the World Bank and the Asian Development Bank (ADB) as part of the global effort to enable these institutions to lend more. The contribution, which is likely to be spread out over the next two years, will be in proportion to the quotas or shareholding that India has in these multilateral bodies, sources said. In response to a question on why India had made no commitments of additional resources to the IMF at the G-20 summit in London, unlike its neighbour China, the sources said "we do not wish to make any grand announcements, but we would be willing to contribute to the extent of our shareholding". India's quotas in the IMF are currently 2% and that would translate into roughly $10 billion for that institution alone. An equal amount might be needed for the World Bank and ADB when the exercise to enhance their capital base and rebalance shareholdings takes place, the sources said, adding that these were just preliminary estimates. The amounts involved could be larger if the reallocation of quotas happens before the contributions are to be made. The money given to the IMF will initially be part of the new arrangement for borrowing (NAB) that the body is now running on an ad hoc basis, but will eventually be transformed into an enhanced equity base. China announced at the G-20 that it would put in $40 billion as its contribution to the NAB.