Beyond De-dollarisation: BRICS Search for Financial Resilience

Source: Hindustan Times | Original Published At: 2026-09-21 05:27:58 UTC

Key Points

• India is reportedly working toward greater connectivity among BRICS central bank digital currencies to address cross-border payment inefficiencies.
• The article identifies interoperability, liquidity, resilience during financial stress, and institutional trust as key challenges for BRICS payment and CBDC initiatives.
• It recommends modular cooperation and pilot payment corridors instead of immediately creating a single BRICS-wide payment platform.
• The New Development Bank is proposed as part of a broader financial architecture that expands local-currency financing options without replacing existing multilateral institutions.
• The piece argues that BRICS financial diversification should aim at resilience and integration rather than the disintegration of existing currencies or payment systems.
• For India, the article says international use of the rupee depends on stronger exports, deeper financial markets, predictable regulation, and rupee-denominated assets.