BRICS countries are actively discussing methods to connect their central bank digital currencies and fast payment systems, aiming to reduce costs and friction in international transfers ahead of the 2026 summit hosted by India.
BRICS countries are examining ways to connect their fast payment systems and central bank digital currencies as part of a wider effort to cut the cost and friction of cross-border transfers, Reserve Bank of India Governor Sanjay Malhotra said in Mumbai on Tuesday. India is due to host the 2026 BRICS summit, and Reuters reported earlier this year that the RBI had recommended the idea be placed on the summit agenda.
Malhotra said several options remain under discussion, including CBDCs and links between national instant payment rails. He also said the RBI will keep pressing to internationalise the rupee and encourage greater use of local currencies in trade and cross-border settlements. The comments fit with his earlier push for CBDCs over stablecoins, which he argued in October 2025 would preserve monetary integrity while still supporting faster international payments.
India’s own digital payments infrastructure is already among the most advanced in the world, which has shaped the central bank’s approach. According to reports from that period, Malhotra has repeatedly said the RBI wants to focus its digital currency work on cross-border use rather than replacing domestic systems such as UPI, NEFT and the digital rupee.
In the same speech, Malhotra also set out the RBI’s view of artificial intelligence as a tool to be managed rather than avoided. He said Indian banks should not stand aside as AI advances, and urged them to catalogue every model they use and adopt board-approved governance policies. Central banks have been scrutinising lenders’ use of AI more closely because of cyber, operational and oversight risks, and Malhotra said innovation and safety have to advance together in a durable financial system.
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