India, Aug. 12 -- Reserve Bank Governor Sanjay Malhotra on Tuesday said the BRICS nations are in discussions to link their respective Central Bank Digital Currencies (CBDCs) and fast payment systems, such as India's UPI, to facilitate cheaper and faster fund transfers for trade and remittances.

Addressing the annual Fibac event, Malhotra said cross-border payments are "an area of interest for all of us", including the BRICS bloc, because there is a lot of scope to reduce costs, especially for retail transactions, and increase the speed. "There is a lot of work which is being done over there. And various methods, various options are on the table, but it is still at the discussion stage, including CBDC and linkages of fast payment systems,...