BRICS nations are discussing linking their fast payment systems and central bank digital currencies (CBDCs) to make cross-border payments cheaper and more efficient, Reserve Bank of India Governor Sanjay Malhotra said in Mumbai on August 11, 2026.
Speaking ahead of the BRICS summit hosted by India this year, Malhotra said cross-border payments are a shared area of interest among member countries, with significant scope to reduce costs. He said options including CBDC linkages and connections between fast payment systems remain under discussion, although talks are still at an early stage.
The RBI had earlier recommended that a CBDC-linking proposal be included on the agenda for this year’s BRICS summit. The initiative could potentially strengthen payment connectivity between member economies while supporting greater use of local currencies.
Malhotra also said the RBI will continue efforts to internationalise the Indian rupee and encourage the use of local currencies for cross-border trade and payments.
The RBI governor highlighted the growing role of artificial intelligence in banking. He said Indian banks should view AI as a capability to harness rather than simply a risk to contain. He urged lenders to identify all AI models currently in use and establish board-approved governance policies.
Malhotra said innovation and safety should be treated as complementary requirements for a durable financial system as banks increasingly adopt AI amid cyberattacks, operational risks and governance gaps.
