This integration will help bring national financial systems closer together.
Aug 14, (TV BRICS/GNA) – The BRICS countries are considering the possibility of integrating their national instant payment systems and central bank digital currencies. This would reduce the cost of cross-border transactions, noted Sanjay Malhotra, Governor of the Reserve Bank of India. His comments were reported by Brasil 247, a partner of TV BRICS.
According to him, the group’s members are currently discussing several options for financial integration. Discussions are centred on improving the efficiency of cross-border transfers. 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,” said Malhotra.
A specific model for integration and a timetable for its implementation have not yet been defined. The technical parameters of a possible shared infrastructure have also 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 agenda of the BRICS summit. India holds the chairmanship of the group this year and is hosting its annual meeting.
Furthermore, the Reserve Bank of India intends to continue its work on the internationalisation of the rupee and the expansion of 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. The integration of their payment systems will require coordination between countries with different financial systems and national currencies.
GNA/TV BRICS