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RBI Hosts BRICS FinTech Meeting to Boost Global Financial Cooperation

The Reserve Bank of India conducted the third BRICS FinTech Working Group meeting virtually on May 13, focusing on global financial cooperation. The meeting followed the BRICS Payment Task Force discussions held a day earlier. External Affairs Minister S Jaishankar participated in the BRICS Foreign Ministers' Meeting in New Delhi, calling for a stabilizing role from the grouping. Prime Minister Narendra Modi met with BRICS foreign ministers, emphasizing the platform's importance for emerging economies and the Global South.

Key Points: RBI Hosts BRICS FinTech Meeting for Global Cooperation

  • RBI held third BRICS FinTech Working Group meeting virtually
  • Meeting followed BRICS Payment Task Force discussions
  • BRICS Foreign Ministers' Meeting hosted in New Delhi
  • PM Modi met with BRICS foreign ministers
  • Jaishankar called for BRICS to play stabilizing role globally
3 min read

RBI convenes third BRICS FinTech working group meeting to address global financial cooperation

RBI convenes third BRICS FinTech Working Group meeting virtually, focusing on global financial cooperation alongside the BRICS Foreign Ministers' Meeting in New Delhi.

"BRICS has emerged as an important platform for advancing cooperation among emerging economies and giving voice to the aspirations of the Global South. - Narendra Modi"

New Delhi, May 15

The Reserve Bank of India, on Wednesday, successfully conducted the third meeting of the BRICS FinTech Working Group. The RBI said that the meeting was held virtually.

Highlighting the meeting on X, RBI said, "RBI conducted the Third Meeting of the BRICS FinTech Working Group, virtually on May 13, 2026. @BricsIndia2026."

This technical session followed the third meeting of the BRICS Payment Task Force, which focused on Track II and Track III engagements, also held virtually on May 12, 2026.

"RBI conducted the Third Meeting of the BRICS Payment Task Force (Track II and Track III), virtually on May 12, 2026 @BricsIndia2026," RBI said in a separate post on X.

BRICS is an 11-member intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, Indonesia, and Saudi Arabia

The RBI's financial discussions took place alongside the broader diplomatic engagement of the BRICS Foreign Ministers' Meeting hosted at Bharat Mandapam.

External Affairs Minister (EAM) S Jaishankar on Thursday joined Russian Foreign Minister Sergey Lavrov, Iranian Foreign Minister Abbas Araghchi, Indonesian Foreign Minister Sugiono and other senior leaders for a family photo during the BRICS Foreign Ministers' Meeting.

The gathering brought together foreign ministers and representatives from BRICS member countries and partner nations to discuss key global and regional issues, including economic cooperation, multilateral engagement and international security.

The family photograph marked a symbolic moment of unity and diplomatic engagement among participating nations at the high-level meeting being hosted in New Delhi.

EAM Jaishankar, delivering his welcome remarks, stated that the BRICS grouping is expected to play a "constructive, stabilising role" in a world that is currently experiencing "considerable flux in international relations" with multiple overlapping challenges, including economic uncertainties, and disruptions in trade, technology, and climate governance among other issues shaping global developments.

Jaishankar said that ongoing conflicts and structural uncertainties are reshaping the global landscape, creating both challenges and expectations for emerging economies.

Prime Minister Narendra Modi also met with the Foreign Ministers and Heads of Delegation of BRICS countries and highlighted how the grouping has emerged as a key platform for deeper cooperation among emerging economies.

He emphasised that under India's leadership of BRICS this year, the partners would work together to strengthen multilateralism and strive for a more inclusive world order.

In his remarks on X, PM Modi said, "BRICS has emerged as an important platform for advancing cooperation among emerging economies and giving voice to the aspirations of the Global South."

- ANI

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Reader Comments

P
Priya S
While this is positive, I hope the focus remains on actual financial inclusion and not just on power politics. BRICS has grown to 11 members now, and coordinating technology standards among such diverse economies won't be easy. Let's ensure the benefits reach small businesses and common people, not just governments and big banks.
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Vikram M
The Payment Task Force discussions on Track II and Track III are particularly interesting. If BRICS can create an alternative cross-border payment system that's faster and cheaper than current options, it would be a game-changer for trade within the bloc. India should push for interoperability with our UPI infrastructure.
S
Siddharth J
Proud of how India is shaping the BRICS agenda this year. From Jaishankar's diplomatic outreach to PM Modi's vision for the Global South, we're positioning ourselves as a bridge between developed and developing economies. Fintech cooperation is a smart area to focus on - low friction, high impact.
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James A
As someone who works in international payments, I can see the strategic value here. BRICS nations together represent over 40% of the world's population. Creating alternative fintech rails is inevitable. India's leadership in digital public infrastructure gives it a unique advantage to drive this conversation.
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Aman W
The family photo of all BRICS foreign ministers at Bharat Mandapam is a powerful image. India is emerging as a trusted convenor for the Global South. But we need to move beyond photo opportunities to concrete outcomes - let's hope this fintech working group delivers practical solutions, not just more meetings.

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