BRICS members are considering whether to connect their fast payment systems and CBDCs as part of a broader push to make cross-border transactions cheaper and more resilient, Reserve Bank of India Governor Sanjay Malhotra said in Mumbai on Tuesday. He said several options are under discussion and that talks remain at an early stage. The RBI had previously recommended that links between BRICS digital currencies be discussed at the 2026 BRICS summit, which India will host. The proposal envisions connecting CBDCs and payment networks such as India’s UPI and China’s CIPS to reduce reliance on traditional dollar-based channels, though technical, regulatory and governance hurdles remain and wider adoption and tools such as currency swap lines would be needed for the system to scale. Malhotra also said the RBI would continue efforts to internationalize the rupee and promote local-currency use in trade and payments. Separately, he urged Indian banks to take a proactive approach to artificial intelligence by identifying all models in use and adopting board-approved governance policies while balancing innovation with safety.