From left, India's EAM S. Jaishankar, PM Narendra Modi and NSA Ajit Doval during the 16th BRICS Summit in Kazan, Russia, in 2024
New Delhi: India is likely to push for seamless cross-border digital payments, greater interoperability of fast payment systems and the adoption of central bank digital currencies (CBDCs) among BRICS member states at the BRICS Summit 2026 in New Delhi on September 12-13. The discussions are expected to focus on reducing cross-border payment costs, strengthening intra-BRICS trade and expanding the use of national currencies for trade settlements among the 11-member grouping.
Reports say that New Delhi is also keen to promote discussions on achieving more balanced trade within BRICS. A final decision on the issues to be taken up by BRICS leaders at the New Delhi summit is expected shortly.
The 2026 BRICS Summit will mark 20 years of the global grouping. India, which is hosting the annual BRICS summit, is expected to place cross-border payments, CBDCs, national currencies and intra-BRICS trade among the key economic issues under discussion.
A high-level meeting is expected to be held next week to work out mechanisms for the use of digital currencies and explore ways to increase trade within BRICS through national currencies. The discussions are expected to examine possible linkages between fast payment systems and central bank digital currencies, providing greater clarity on the way forward for faster and more efficient cross-border transactions.
Reserve Bank of India Governor Sanjay Malhotra said on August 11 that BRICS members are already discussing potential linkages between their respective fast payment systems and CBDCs. Speaking at an event in Mumbai, Malhotra said reducing the cost of cross-border payments was an important area of interest for BRICS countries.
“Cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost,” Malhotra said. He added that several options remain under discussion, including central bank digital currencies and linkages between fast payment systems. The proposals are still at the discussion stage, he said.
The RBI, which is running a pilot programme for a central bank digital currency, is examining the scope for expanding cross-border digital transactions within BRICS. Reuters reported earlier that the RBI had recommended to the government that a proposal to connect CBDCs be included in the agenda for the 2026 BRICS Summit.
The proposed BRICS digital payments mechanism is also expected to support greater use of national currencies for cross-border trade and payments. Malhotra said the Reserve Bank of India would continue efforts to internationalise the rupee and promote the use of local currencies in cross-border payments and trade.
New Delhi is focusing on mechanisms that could reduce transaction costs for trade across the 11-member BRICS grouping. However, the discussions on digital currencies, payment systems and national currency settlements will not be targeted against any other country.
BRICS under Brazil’s presidency in 2025 had already emphasised the interoperability of payment systems among member nations. The BRICS declaration adopted during the Brazilian presidency called for greater cooperation to make cross-border transactions easier through interoperable payment systems.
One of the key challenges in developing stronger BRICS cross-border payment networks is interoperability, which could require the alignment of technology among participating countries. Full-fledged digital currencies have not yet been launched on a large scale across BRICS, with countries continuing to test various aspects, including the uses, applications and safety of CBDCs.
Countries including China, a BRICS member, are running pilot programmes for digital currencies. India’s efforts through the RBI CBDC pilot could therefore become part of wider discussions on linking digital payment systems and digital currencies across BRICS countries.
Apart from CBDCs, fast payment systems and national currency trade, the New Delhi BRICS Summit could also advance the BRICS Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters. Member countries have confirmed their in-principle approval and willingness to sign the agreement.
The proposed customs cooperation agreement is aimed at supporting faster trade, reducing transaction costs, strengthening secure borders, facilitating trusted trade, improving the ease of doing business and tackling illicit trade within the BRICS grouping.
Cooperation on global value chains is also expected to feature on the BRICS agenda. Discussions could include the Action Plan 2026-30, including proposals for a technical council and a joint study on enhanced cooperation. The objective is to ensure that global value chains are more resilient, efficient and productive.
The BRICS organisation includes Brazil, Russia, India, China and South Africa, along with other member states, forming an 11-member grouping. As India prepares to host the BRICS Summit in New Delhi on September 12-13, discussions on CBDCs, seamless cross-border payments, fast payment system linkages, national currencies, intra-BRICS trade and lower transaction costs are expected to form an important part of the economic agenda.
Malhotra also said the RBI views artificial intelligence as a capability to be harnessed rather than merely a risk to be contained. He urged Indian banks to identify AI models in use and establish board-approved AI governance policies, noting that innovation and safety are complementary requirements for a durable financial system.
