Bank Indonesia (BI) is exploring cooperation with India’s central bank, the Reserve Bank of India (RBI), on cross-border payment system interconnection and local currency transactions (13/9).

The discussions were held by BI Governor Destry Damayanti during the second BRICS Finance Ministers and Central Bank Governors meeting (2nd BRICS FMCBG) in Mumbai, India, on September 9–10, 2026.

Destry held a bilateral meeting with RBI Governor Sanjay Malhotra to discuss ways to accelerate financial and payment cooperation between Indonesia and India.

QRIS and Rupiah-Rupee Transactions at the Center of Talks

The bilateral meeting focused on accelerating the Indonesia-India Local Currency Transaction (LCT) framework, allowing transactions to be conducted directly in Rupiah and Rupee without using the US dollar as an intermediary currency.

The two central banks also discussed the Local Currency Bilateral Swap Arrangement (LCBSA) and the interconnection of QR-based payment systems between the two countries, including QRIS in Indonesia.

“Kerja sama ini menjadi salah satu langkah untuk menerjemahkan komitmen BRICS ke dalam konektivitas ekonomi dan keuangan yang memberikan manfaat bagi kedua negara,” said BI Executive Director of the Communications Department Ramdan Denny Prakoso.

He said the cooperation represents a step toward translating BRICS commitments into economic and financial connectivity that can benefit both Indonesia and India.

Indonesia Pushes Stronger Financial Cooperation Through BRICS

The bilateral discussions with India are part of Indonesia’s broader agenda at the BRICS forum. Destry and Deputy Finance Minister Juda Agung pushed for stronger practical cooperation among member countries amid rising geopolitical tensions and growing global economic fragmentation.

Destry said the 10-member emerging-market bloc has significant capacity to help reduce the impact of uncertainty in the global economy.

“Indonesia melihat peluang strategis bagi BRICS untuk mengubah berbagai tantangan menjadi resiliensi bersama melalui penguatan kerja sama konkret. Termasuk transaksi mata uang lokal dan konektivitas pembayaran lintas negara, dengan tetap memperhatikan tahapan pembangunan dan prioritas nasional masing-masing negara," Destry said.

“Indonesia sees a strategic opportunity for BRICS to turn various challenges into shared resilience by strengthening concrete cooperation. This includes local currency transactions and cross-border payment connectivity, while continuing to take into account the development stages and national priorities of each country,” she said.

BRICS Members Agree on Key Areas to Strengthen Economic Resilience

The 2nd BRICS FMCBG meeting, attended by representatives from Indonesia, Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia and Iran, resulted in a Joint Statement.

BRICS members agreed to strengthen economic resilience through deeper cooperation in at least four strategic areas.

The first is the optimization of local currency transactions and cross-border payment connectivity. The second covers digital transformation, the use of artificial intelligence (AI), and cybersecurity resilience.

The third area is expanding sustainable finance instruments. The fourth involves reforming the governance of the global financial architecture, including structural reforms at the International Monetary Fund (IMF) to strengthen the voice and representation of developing countries.

PHOTO: BANK SAQU

This article was created with AI assistance.

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