India and BRICS discuss linking fast-payment systems and CBDCs
Business
India is working with BRICS countries to make cross-border payments quicker and less expensive.
Sanjay Malhotra, RBI Governor, shared that the group is discussing ways to link their fast-payment systems and even exploring digital currencies from central banks to help make trading in local currencies easier.
India not backing single BRICS currency
Malhotra highlighted that cutting payment costs could be a big win for everyday transactions, though talks are still early.
India is also pushing for more rupee-based trade deals with countries like the UAE and Indonesia, but isn't on board with a single BRICS currency.
The focus right now is on better financial teamwork, not one shared currency.