BRICS exploring ways to cut costs and speed up cross-border payments: RBI Governor

Source: Business Standard | Original Published At: 2026-08-11 08:18:16 UTC

Key Points

• RBI Governor Sanjay Malhotra said BRICS countries are exploring ways to reduce the cost and increase the speed of cross-border payments.
• He said BRICS has a task force on payments and that cross-border payments are an area of interest for all member countries.
• Malhotra said options under discussion include central bank digital currencies and linkages between multiple payment systems.
• He cited India's UPI as an example of near-instant payments and questioned delays in foreign remittances.
• Malhotra said India is already trading in local currencies with several countries, although volumes remain small and need expansion.
• The RBI has signed memoranda of understanding with central banks of the UAE, Mauritius, Maldives and Indonesia to promote local-currency use.
• He said India will continue efforts to internationalise UPI and promote local currencies for cross-border payments and trade.