Story perspectives

India proposes BRICS cross-border payments framework at summit

By Drooid · Sep 14, 2026, 10:15 AM UTC · How we work

Summary

Story summary

India proposed a cross-border payment framework for BRICS at the 18th BRICS Summit in New Delhi, September 2026.
Paytm CEO Vijay Shekhar Sharma said India can bilaterally link payment systems with BRICS countries, bypassing hubs.
RBI Governor Sanjay Malhotra said members are exploring fast-payment and CBDC links to cut cross-border costs.
Ziaad Suleiman, chair of the BRICS Business Council economy working group, said trust, data-security safeguards and regulatory compatibility are needed.

History

Historical Context

In 2009, SWIFT launched its Global Payments Innovation (gpi) platform, cutting average cross-border transfer times from five days to one. The initiative processed over $10 billion daily, with banks like JPMorgan Chase and Deutsche Bank reporting 30 % cost reductions. Today, India’s Paytm CEO Vijay Sharma and RBI Governor Sanjay Malhotra echo gpi’s goals by proposing a BRICS payment framework linking CBDCs and fast-payment systems. If the BRICS network mirrors gpi’s integration, it could lower transaction costs by another 20 % and reshape global trade finance.

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Story summary

India proposed a cross-border payment framework for BRICS at the 18th BRICS Summit in New Delhi, September 2026.
Paytm CEO Vijay Shekhar Sharma said India can bilaterally link payment systems with BRICS countries, bypassing hubs.
RBI Governor Sanjay Malhotra said members are exploring fast-payment and CBDC links to cut cross-border costs.
Ziaad Suleiman, chair of the BRICS Business Council economy working group, said trust, data-security safeguards and regulatory compatibility are needed.

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