Efforts to Reduce Dollar Dependence: UPI May Be Discussed at BRICS Summit in Delhi

Source: Lokmat | Original Published At: 2026-09-04 12:05:15 UTC

Key Points

• The article reports that cross-border digital payments and central bank digital currency interoperability may feature at the 2026 BRICS summit in India.
• BRICS countries are exploring links between their fast payment systems to support local-currency transactions and reduce reliance on the dollar.
• The Reserve Bank of India has indicated that payment system connectivity and central bank digital currency interoperability are under discussion, but no single model has been finalized.
• Current efforts focus on connecting existing national currencies and payment systems rather than introducing a shared BRICS currency.
• India's UPI model is presented as relevant to the proposed payment cooperation.
• Implementation challenges include differing banking systems and regulations, currency risk, liquidity, cybersecurity, data protection and safeguards against financial misconduct.