New DelhiIndia’s instant-payment network handles over 250 billion transfers yearly.
Linking payment systems lets sanctioned members like Russia and Iran bypass the Belgium-based SWIFT bank-messaging system.
Commerce minister Piyush Goyal urged members to trade in local currencies, settling bilaterally instead of through dollar correspondent banks.
Russia also proposed a BRICS grain exchange and a joint space council at the summit.
Sources: Hindustan Times, Bloomberg Business, RT