New Delhi, March 13: India will have to wait for some more time to increase its quota in the International Monetary Fund (IMF) as its chief Christine Lagarde today ruled out any immediate reform to reflect the changed global economic realities.

"The IMF has just completed the quota reform. It was an in-depth series of changes, which are not sufficient. A quota review is a continuous momentum. We will be at it over and over because it has to mirror the state of the economy," she told reporters at the end of the three-day "Advancing Asia" conference here.

Lagarde said, "We just completed one (round of reforms) and we need to breathe for a few moments and then move to the next one."

Her comments came a day after Prime Minister Narendra Modi pitched for increasing the IMF quota.

He said the long-pending quota revision agreed in 2010 had finally came into effect but "even now, IMF quotas do not reflect the global economic realities".

"Change in quotas is not an issue of increasing the 'power' of certain countries. It is an issue of fairness and legitimacy. The belief that quotas can be changed is essential for the fairness of the system," Modi had said.

In January, the IMF had announced an implementation of its long-pending quota reforms, which will give more voting rights to the emerging economies such as India and China in the functioning of the multilateral institution.

The minor stake increase for India comes six years after it was agreed upon, mainly on account of dilly-dallying by the western powers who control bulk of the voting rights in the World Bank and the IMF.

India's quota in the IMF rose to 2.7 per cent from 2.44 per cent and its voting share increased to 2.6 per cent from 2.34 per cent.

In the supplementary demand of grants moved by finance minister Arun Jaitley, the government has sought a grant of Rs 69,575.47 crore towards a subscription to the IMF for an increase in quota.

For the first time, four emerging market countries of the Bric bloc - Brazil, Russia, India and China - will be among the 10 largest members of the IMF. Other top 10 members include the US, Japan, and the four largest European countries - France, Germany, Italy and the UK.

Lagarde welcomed Brics Bank and the Asian Infrastructure Investment Bank, saying they were much needed for the region and its investment requirements.

She said it would be better for the multilateral institutions to work together. "The IMF is a different animal. We are in the business of helping countries in disarray, when there is a significant balance of payments issues, when a country is unable to finance or refinance itself, then we are called upon for help."