The Reserve Bank of India is examining ways to reduce cross-border payment costs through closer links between instant payment systems and central bank digital currencies across BRICS member countries, Governor Sanjay Malhotra said, according to Reuters.

Possible approaches include greater interoperability between members' instant payment networks and direct connections between their CBDCs, with trade and tourism payments among intended uses. India, which holds the BRICS chairmanship this year, is hosting the group's 2026 summit where the proposals are expected to be discussed, Fintech News Singapore reports.