India, Sept. 13 -- BRICS leaders on Saturday called for practical measures to make cross-border payments among member countries faster, cheaper, more transparent and secure, as the grouping seeks to deepen financial cooperation.

In the New Delhi Declaration, the grouping recognised the need for harnessing the collective potential of BRICS to build a more self-reliant BRICS insurance ecosystem to support trade among members, and further discussion on enhancing reinsurance capacities.

In this regard, the Declaration said members expressed interest in taking forward the discussions on India's proposal to host a BRICS Risk Lab, open to participation by interested members, at the GIFT City International Financial Services Centre (IFSC) in Gu...