India, Aug. 14 -- RBI Governor Sanjay Malhotra said central bank cooperation was vital to maintaining price and financial stability and building a resilient, efficient and inclusive financial system at the BRICS Finance Ministers and Central Bank Governors' meeting in Jaipur on August 12-13. The meeting was co-chaired by Union Finance Minister Nirmala Sitharaman and Malhotra. According to an RBI social media post on Thursday, Malhotra appreciated work by central bank groups on information security, fintech, cross-border payments, sustainable finance, capacity building and the Contingent Reserve Arrangement. Also Read - TVK welcomes SC's stay of Madras HC ruling against jobs to kin of stampede victims Earlier this week, Malhotra said BRICS countries were examining ways to make cross-border payments faster and cheaper. Options under discussion include linking multiple payment systems and using central bank digital currencies (CBDCs), particularly to lower costs for retail transactions. He said the initiatives were still at the discussion stage. On trade in local currencies, Malhotra said India already conducts such transactions with several countries, although volumes remain small. The RBI has signed memoranda of understanding with the central banks of the UAE, Mauritius, Maldives and Indonesia to create awareness among importers and exporters about using local currencies. More such agreements are in the pipeline, he said.
Published by HT Digital Content Services with permission from Millennium Post.