\n Reuters<\/a> quotes Malhotra saying: “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”. \n <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n Promoting local currencies and global efficiency
\n
\n
\n
\n
\n
\n <\/p>\n
\n The push for financial integration goes beyond just technology; it also involves how different national currencies are used in international trade.
\n <\/p>\n
\n The RBI has already recommended to the Indian government that a formal proposal to connect CBDCs should be a major part of the agenda for the upcoming 2026 summit.
\n <\/p>\n
\n Alongside these technical connections, Governor Malhotra emphasized that the central bank is working to internationalize the Indian rupee.
\n <\/p>\n
\n By encouraging the use of local currencies for trade and cross-border payments, BRICS nations can potentially create a more stable economic environment.
\n <\/p>\n
\n
\n
\n
\n
\n
\n
<\/p>\n
\n This strategy aims to promote the use of member nations’ own money for daily business and trade, reducing the complexities often found in current global financial systems.
\n <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n Governance and the future of artificial intelligence
\n
\n
\n
\n
\n
\n <\/p>\n
\n As these financial systems become more digital, the role of artificial intelligence (AI) has become a major topic of discussion for central banks.
\n <\/p>\n
\n Governor Malhotra stated that the RBI views AI as a powerful capability to be harnessed rather than just a risk that needs to be contained.
\n <\/p>\n
\n He urged Indian banks to take an active role in this technological shift instead of watching from the sidelines.
\n <\/p>\n
\n To do this safely, he recommended that lenders create a complete inventory of all the AI models they use and establish clear governance policies approved by their boards.
\n <\/p>\n
\n Central banks around the world are watching how lenders use AI because of concerns regarding cyberattacks and operational risks.
\n <\/p>\n
\n However, Malhotra believes that progress does not have to come at the expense of security.
\n <\/p>\n
\n He noted that innovation and safety are not opposing goals, but are actually “complementary requirements of a durable financial system”.
\n <\/p>\n
\n This balanced approach to technology and finance will likely be a subject of discussions as BRICS nations work toward a more connected and independent financial future.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"
These talks are a key part of the preparations for the 2026 BRICS summit, which will be…\n","protected":false},"author":2,"featured_media":591992,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-591991","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/591991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=591991"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/591991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/591992"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=591991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=591991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=591991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}