What is brics bank? heard something in the news about indo china conflict over it?

They are starting a bank as an alternative to the Brettonwood twins (WB & IMF) at whose hands all of them suffered bad. They pledged $100 billion as the corpus for Contingency reserve arrangement (CRA) - $5 b from South Africa, $18 b each from Brazil, Russia & India and $41 b from China.
I made a little bit of study of the evolution from BRIC to BRICS.
Together these account for 42.5% of population in 25.7% of land area of globe. I made a table of their areas, populations & GDPs with the No.1 country in each category given a weightage of 1 in that category. The others have proportional weightages. In the end with these three figures (populations, areas & GDP) I calculated the Euclidean distance (E=√[wₓ²+wₐ²+wₒ²]) for each country as a figure of its power, importance or overall bigness of size. For comparison I included USA too.
Country. . . . . Population(wₓ) . . . . Area(wₐ). . . . . . . GDPin$trillion(wₒ). . . E
Brazil . . . . . 193,946,886(0.143) . . 8,511,965 km² (0.5) . . 2.4766(0.1651) . . . 0.5456
Russia. . . . 143,369,806(0.106) . . 17,075,200 km²(1) . . . 1.8577 (0.1238) . . . 1.013
India . . . . 1,210,193,422 (0.89) . . . 3,287,590 km²(0.1925) 1.8976 (0.1265). . .0.9193
China. . . . 1,354,040,000 (1) . . . . . 9,706,961 km²(0.568) . 7.2038(0.4802) . . . 1.2463
South Africa* 50,004,440 (0.037) . . 1,219,912 km²(0.0714) 0.4082 (0.0272). . 0.0849
and USA for comparison
USA . . . . . 315,452,000(0.233) . . 9,826,675 km²(0.5755).15.0(1) . . . . . . . . 1.177

E or importance is highest for China (better than USA) followed by Russia, India & Brazil, & trailing far behind is South Africa. It is the new entrant (*) making it to ‘BRICS’. Other ranked countries, Canada & Australia (2nd & 6th in area) or Indonesia (4th in population) are not even considered. The rationale behind it is politically motivated. Africa became neglected as a continent, but being too large with 54 countries in it, couldn’t be ignored. Its severe under-development is a challenge & hence an opportunity too that others don’t want to miss out, at least in their search for work & custom. To pick a country in Africa for representation is bristling with intra-African rivalry with equal sized countries. Three are in contention: Nigeria with its claim as 7th in population; Egypt another important country that is most important in Africa's geopolitical setting & South Africa had pretensions to prosperity in its earlier ‘Apartheid’ avatar. Egypt with a sliver of Asian territory (‘Sinai’) has more links (civilisational, cultural, linguistic as well as economic) in Asia than in Africa. South Africa for its modest size has the largest concentration of almost all minerals (including diamonds & gold) and is a cynosure of all eyes of the industrial world (China mainly).

BRICS. Brazil, Russia, India, China, South Africa. They're building a new international bank to take over when the dust has settled from the coming disaster that's the EU, the FED, IMF and World Bank...