India opposes BRICS currency while pursuing digital payment integration

As preparations begin for the 2026 BRICS summit to be hosted by India, member nations are discussing financial integration through digital linkages. Reserve Bank of India (RBI) Governor Sanjay Malhotra indicated that connecting central bank digital currencies (CBDCs) is a primary topic of discussion aimed at making international transactions more efficient and affordable. The RBI has recommended that a formal proposal to connect these systems be a major part of the upcoming summit agenda.

Despite these efforts toward digital integration and the use of local currencies, India has officially opposed the creation of a unified BRICS currency. Commerce and Industry Minister Piyush Goyal stated, “India is not in favor of a BRICS currency,” and confirmed that the alliance will not hold talks on the formation of a new tender.

While Russia and China have increased the use of the yuan and ruble for cross-border transactions, India intends to continue using the US dollar for trade while simultaneously working to internationalize the Indian rupee. The shift in India's stance follows previous discussions regarding de-dollarization and the potential for economic stability through local currency trade.