Reserve Bank of India Governor Sanjay Malhotra highlighted the pivotal role central banks play in maintaining price and financial stability at the BRICS Finance Ministers and Central Bank Governors’ meeting in Jaipur on August 12-13, according to a social media post on Thursday.

He said cooperation among central banks was crucial for building a resilient, efficient and inclusive financial system.

The Governor also appreciated the work done by central bank workstreams on information security, fintech, cross-border payments, sustainable finance, capacity building and the Contingent Reserve Arrangement.

The Finance Minister and the RBI Governor co-chaired the meeting.

“Honourable Finance Minister and Governor RBI co-chaired the BRICS Finance Ministers and Central Bank Governors’ meeting in Jaipur on 12-13 August 2026. The Governor highlighted the pivotal role central banks play in maintaining price and financial stability. Cooperation between central banks is crucial for building a resilient, efficient and inclusive financial system. He appreciated the work done by the central bank workstreams in the areas of information security, fintech, cross-border payments, sustainable finance, capacity building and Contingent Reserve Arrangement,” a social media post said.

Earlier this week, Malhotra had said BRICS countries were exploring ways to reduce the cost and increase the speed of cross-border payments, including through linkages of multiple payment systems and central bank digital currencies (CBDCs).

He had said that cross-border payments were an area of interest for BRICS countries, with scope to reduce costs, particularly for retail transactions, and improve transaction speed.

He said work was underway on various methods for cross-border payments, including CBDCs and linkages of multiple payment systems, although these remained at the discussion stage. On local currency trade, Malhotra said India already trades in local currencies with several countries, though volumes remain small.

The RBI has signed memoranda of understanding with the central banks of the UAE, Mauritius, Maldives and Indonesia to spread awareness among importers and exporters about using local currencies, with more MoUs in the pipeline, he said.