BRICS nations discuss linking payment systems and CBDCs, RBI chief says
MUMBAI: Members of the BRICS group of nations are discussing potential linkages between their respective fast payment systems and central bank digital currencies, Reserve Bank of India Governor Sanjay Malhotra said at an event on Tuesday. The BRICS organisation includes Brazil, Russia, India, China and South Africa, among others. India is hosting the 2026 edition of the annual summit.…
Members of the BRICS group of nations - comprising Brazil, Russia, India, China, and South Africa - are discussing potential links between their fast payment systems and central bank digital currencies (CBDCs), according to Reserve Bank of India Governor Sanjay Malhotra. The 2026 BRICS summit, currently being hosted by India, is considering this idea, which could help reduce cross-border payment costs.
Malhotra mentioned several options are under discussion, including CBDCs and the integration of fast payment systems. Earlier this year, Reuters reported that the RBI had recommended including a proposal for CBDC connection in the BRICS 2026 summit agenda. The central bank also aims to internationalize the Indian rupee and promote local currency use for cross-border trade.
Malhotra emphasized the importance of harnessing artificial intelligence (AI) as a capability, rather than a risk. He urged Indian banks to inventory their AI models and establish board-approved AI governance policies, stressing that innovation and safety are complementary requirements for a resilient financial system.
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