BRICS discuss linking payment systems and CBDCs before 2026 summit
Business
BRICS countries, Brazil, Russia, India, China, and South Africa, are talking about linking their fast payment systems and central bank digital currencies (CBDCs).
Reserve Bank of India (RBI) Governor Sanjay Malhotra says these talks are part of India's preparations for hosting the 2026 BRICS summit.
The goal? Make international payments smoother and cheaper within the group.
RBI urges rupee use, AI oversight
The RBI also wants to boost the Indian rupee's global use and encourage trading in local currencies.
Plus, Malhotra urged Indian banks to keep a close eye on how they use artificial intelligence (AI), reminding them that "innovation and safety are not opposing goals, they are in fact complementary requirements of a durable financial system."