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BRICS grouping discussing linking CBDCs, fast payment systems: RBI Guv Malhotra
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....RICS grouping discussing linking CBDCs, fast payment systems: RBI Guv Malhotra<BR>FEMA / RBI<BR>Dated:- 11-8-2026<BR>PTI<BR>Mumbai, Aug 11 (PTI) Reserve Bank Governor Sanjay Malhotra on Tuesday said the BRICS nations are in discussions to link their respective central bank digital currencies and fast payment systems, such as India's UPI, to facilitate cheaper and faster fund transfers for trade an....
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....d remittances. Addressing the annual Fibac event here, Malhotra said cross-border payments are "an area of interest for all of us", including the BRICS bloc, because there is a lot of scope to reduce costs, especially for retail transactions, and increase the speed. "There is a lot of work which is being done over there. And various methods, various options are on the table, but it is still ....
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....at the discussion stage, including CBDC and linkages of fast payment systems," he said. The RBI Governor said it takes hours, if not days, to settle an international remittance transaction, whereas something like UPI gets done instantaneously. Malhotra said he will be headed to Jaipur later on Tuesday to be at the first meeting of BRICS Finance Ministers and Central Bank Governors, starting ....
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....Wednesday. The meetings are scheduled to last for three days. He also said that efforts are on to internationalise the rupee, and India is looking to expand the number of memorandums of understanding (MoUs) between central banks that it signs for promoting bilateral trade in local currencies. At present, India and the RBI have signed such agreements with four countries, including Indonesia, ....
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....Maldives, Mauritius and the UAE, Malhotra said. "There are a number of countries with which we do trade in local currencies. The volumes are of course small; we need to expand that," he said. Meanwhile, Malhotra said that the country's policymakers have always turned external crises like the Covid-19 pandemic or the Ukraine war into an opportunity to emerge stronger, and exuded confidence th....
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....at India will come out strong after the West Asia conflict. He acknowledged that growth may be impacted in the short term due to the West Asia conflict, but the measures taken in the face of the conflict will ensure that it accelerates over the long term. In the face of the West Asia crisis, the government has taken measures, including diversification for energy, fertilisers and critical ele....
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....ments, reducing energy intensity, ethanol blending, focus on electric vehicles, signing free trade agreements and taking steps on increasing capital flows, which will bode very well for the Indian economy in the longer term, he said. Malhotra said the geopolitical uncertainties hovering around as a "risk" to India extend beyond the West Asia conflict, and specifically mentioned trade and tariff....
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....-related issues, along with cybersecurity risks. "I must mention that the Indian economy and the Indian banking sector are very well positioned to meet these risks, these challenges," he added, pointing to a strong banking sector with strong capital buffers, low proportion of dud assets and good profitability. Our macroeconomic fundamentals are also very strong, he said, adding that growth i....
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....s resilient, inflation is more or less under check and the forex reserves are good. PTI AA BAL BAL =============<BR> News - Press release - PIB....