The BRICS countries are considering integrating their national instant payment systems and central bank digital currencies.
Sanjay Malhotra, governor of the Reserve Bank of India, said this would reduce the cost of cross-border transactions.
Brazilian media covered his comments, as reported by TV BRICS.
According to him, the group’s members are currently discussing several options for financial integration.
He said discussions are centred on improving the efficiency of cross-border transfers.
Mr Malhotra said integration will bring national financial systems, which currently operate independently of one another, closer together.
“Cross-border payments are of interest to all of us, including the BRICS countries, as we believe there is great potential here for reducing costs,” Mr Malhotra said.
He added that a specific integration model and implementation timetable have not yet been defined.
He also said that the technical parameters of a possible shared infrastructure have not been disclosed.
In early 2026, the Reserve Bank of India recommended that the government include the integration of central bank digital currencies on the BRICS summit agenda.
He said India holds the chairmanship this year and is hosting its annual meeting.
Furthermore, the Reserve Bank of India intends to continue its work on internationalising the rupee and expanding the use of national currencies in international trade and payments.
BRICS currently comprises 10 countries: Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran.
Integrating their payment systems will require coordination among countries with different financial systems and national currencies.
(TV BRICS/NAN)
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