BRICS nations discuss linking payment systems and CBDCs: RBI chief
BRICS discuss linking their respective fast payment system and central banks' digital currencies
Reserve Bank of India Governor Sanjay Malhotra revealed on Tuesday that BRICS nations, including Brazil, Russia, India, China, and South Africa, are exploring the possibility of linking their fast payment systems and central bank digital currencies (CBDCs). The 2026 BRICS summit will be hosted by India. Malhotra stated that cross-border payments are a key area of interest for all BRICS members due to the potential for cost reduction.
Various options, including CBDCs and fast payment system linkages, are currently under discussion. Earlier this year, Reuters reported that the RBI had suggested adding a proposal to connect CBDCs to the agenda for the upcoming BRICS summit. Malhotra also emphasized the RBI's commitment to internationalizing the rupee and promoting the use of local currencies for cross-border payments and trade.
Moreover, he highlighted the RBI's positive outlook on harnessing artificial intelligence (AI) as a valuable capability rather than just a risk. He urged Indian banks to inventory all AI models in use and establish board-approved AI governance policies, emphasizing that innovation and safety are complementary requirements for a resilient financial system.
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