BRICS Cross-Border Payments Initiative

The BRICS countries are set to continue discussions on implementing a cross-border payments system following a summit in Rio de Janeiro. This initiative aims to enhance the interoperability of payment systems among member countries.

Leaders Declaration

• BRICS leaders have tasked finance ministers and central bank governors with continuing discussions on the Cross-Border Payments Initiative.
• The BRICS Payment Task Force has made progress in identifying pathways for greater interoperability of payment systems.
• The technical report titled 'BRICS Cross-border Payments System' is highlighted as pivotal in facilitating efficient, transparent, and safe cross-border payments.

India's Role and Perspective

• India has implemented an interoperability payment mechanism and is engaging in bilateral arrangements with other countries.

New Development Bank (NDB)

• BRICS leaders welcomed the steady capacity expansion of the New Development Bank.
• Key areas of focus include mobilizing resources, fostering innovation, and expanding local currency financing.

BRICS Interbank Cooperation

The leaders also noted the significance of BRICS Interbank Cooperation as part of broader efforts to strengthen financial collaboration.