BRICS nations discuss linking payment systems, CBDCs

Malhotra stated that while various options are under consideration, the discussions are still in their early stages. He confirmed that both CBDCs and the interconnection of fast payment systems are among the possibilities being explored. Earlier this year, Reuters reported that the RBI had proposed to the government that connecting CBDCs be placed on the agenda for the 2026 BRICS summit, which India is set to host.

In addition to these discussions, Malhotra reiterated the RBI's ongoing commitment to internationalizing the Indian rupee and encouraging the use of local currencies for international trade and payments. He also addressed the topic of artificial intelligence, characterizing it as a capability to be harnessed rather than solely a risk. Malhotra urged Indian banks to embrace AI, emphasizing the need for them to inventory their AI models and establish board-approved governance policies to ensure both innovation and safety in the financial system.