Bangladesh, Sept. 13 -- Russia and India have taken a new step toward strengthening financial cooperation within BRICS, with Russia's sovereign wealth fund and the Indian arm of the BRICS Pay initiative agreeing to work together on the development of a cross-border payments project.

The agreement brings together the Russian Direct Investment Fund (RDIF), BRICS Pay India and Moscow-based JSC BRICS Pay. The partners intend to explore how the BRICS Pay framework could be integrated with India's existing payment infrastructure, while preparing pilot services that could eventually support cross-border transactions and settlements in national currencies.

The agreement was announced on September 11, during Russian President Vladimir Putin's e...