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BRICS is examining ways to make cross-border payments cheaper through closer links between fast payment systems and central bank digital currencies (CBDCs).
Reserve Bank of India Governor Sanjay Malhotra said the proposals remain under discussion, according to Reuters.
Possible approaches include greater interoperability between members’ instant payment networks and connections between their respective CBDCs.
The discussions follow an earlier RBI push to put CBDC connectivity on the BRICS agenda.
Reuters reported in January that the RBI had asked the Indian government to include a proposal for connecting member countries’ CBDCs at the 2026 summit, with trade and tourism payments among the intended uses.
India holds the BRICS chairmanship this year and is hosting the group’s 2026 summit.
BRICS currently has 11 members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Indonesia and Saudi Arabia.
Malhotra also noted that the RBI would continue promoting wider use of the rupee overseas and local currencies in cross-border trade and payments.
Featured image: Edited by Fintech News Singapore, based on images by Ministry of Finance of India via Wikimedia Commons and Frolopiaton Palm via Magnific
