India to pitch CBDCs to BRICS partners at September summit

India is likely to push for seamless cross-border digital payments and adoption of central bank digital currencies (CBDCs) among BRICS member states at the summit it will host in New Delhi on September 12-13, people familiar with the deliberations told The Economic Times. New Delhi also wants discussions on more balanced trade within the 11-member grouping. A high-level meeting next week will work on mechanisms for using digital currencies and increasing intra-BRICS trade in national currencies.

The effort is not targeted against any other country, the people said. The summit could also finalise the BRICS Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters and an Action Plan 2026-30 for global value chains. The RBI, running a CBDC pilot, is examining the scope for cross-border digital transactions within BRICS. Full-fledged digital currencies are still being tested, with interoperability a key issue.