<h1>India's Cabinet Approves MoU for Blockchain Research with BRICS Banks to Boost Financial Sector Efficiency.</h1> The Union Cabinet of India approved a Memorandum of Understanding (MoU) for collaborative research on Distributed Ledger and Blockchain Technology, facilitated by the Export-Import Bank of India under the BRICS Interbank Cooperation Mechanism. This initiative involves banks from Brazil, Russia, China, and South Africa, aiming to explore blockchain applications to enhance operational efficiencies in the financial sector. The MoU aligns with the BRICS leaders' Xiamen Declaration, emphasizing the importance of the digital economy and its potential to drive global economic development. The collaboration seeks to improve understanding and application of blockchain technology within member banks' operations.