India to Push BRICS Digital Currency Link at Summit

India will use its chairmanship of BRICS to push a proposal linking member countries' central bank digital currencies for cross-border payments when leaders meet in New Delhi on September 12 and 13, according to two sources familiar with the discussions. The Reserve Bank of India first proposed connecting the bloc's official digital currencies in January 2026, and the idea has been placed on the agenda for this weekend's leaders' summit. The proposal would let systems such as India's digital rupee, China's digital yuan, Russia's digital ruble and Brazil's Drex interact directly, allowing trade settlements and other payments to flow in local currencies. Officials and analysts describe the initiative as an effort to make cross-border transactions faster and cheaper, potentially reducing the role of correspondent banks in some transactions. India also supports greater use of national currencies for trade instead of relying on a third currency such as the US dollar. New Delhi has been careful to frame the plan as a payments efficiency measure rather than a geopolitical project.