India To Pitch RBI Backed Cross-Border Digital Currencies For BRICS Payments: Report

India will push BRICS nations to expand the use of central bank-backed digital currencies for cross-border payments, while stopping short of supporting a unified payments network that could be seen as a challenge to the dollar, according to people familiar with the matter.With India chairing BRICS this year, Prime Minister Narendra Modi favors using central bank digital currencies to settle bilateral trade between members, the people said, asking not to be identified because the discussions are private. An agreement on a single bloc-wide payments settlements system at the upcoming leaders' summit in New Delhi this weekend is unlikely, they said.The BRICS bloc -- which includes China, Russia, India and South Africa -- has been working toward linking members' payment systems in ways that could reduce reliance on the global SWIFT network, which is dominated by Western nations.