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The Prime Minister of India, Narendra Modi, has invited BRICS countries to adopt the Unified Payments Interface (UPI) systems. UPI is among the most successful payment methods, providing smoother and faster transactions. If the alliance accepts Modi’s invitation, the trade settlement among member nations will experience a complete overhaul. The United Arab Emirates (UAE), which is a BRICS member, already uses the UPI payment method. Apart from the UAE, the Maldives, Bhutan, Nepal, Singapore, and Sri Lanka use the payment interface. Cash usage in these countries is diminishing, with over 40% to 50% of transactions being settled online. Also Read: BRICS Currency Impossible to Even Challenge US Dollar, Experts Say India Could Make BRICS Get a Boost via UPI Payments Source: The Canadian Press / AP, Matias Delacroix UPI payments could boost the BRICS alliance, allowing them to explore the new payment interface. The payment mechanism could be an alternative system dominated by the West,...

BRICS member India hit back at Trump for dictating with whom they must conduct business and cross-border transactions. India’s Foreign Minister S. Jaishankar dismissed the West’s BRICS vs. Quad narrative, citing that both alliances are different. Many commentators in the West hit out at India, citing that the country is procuring oil from Russia despite being a part of the Quad. For the uninitiated, Quad is an alliance comprising four countries: India, Japan, Australia, and the US. The group was formed in 2007 by Japanese Prime Minister Shinzo Abe to hold talks among member nations. Also Read: Wall Street Reacts To BRICS Currency During a talk at The Economic Times World Leaders Forum (WLF), S Jaishankar said that BRICS and Quad are separate. The two cannot be interlinked as the ideologies are different, and business deals and policies are non-identical. “Quad is still the Quad, and BRICS is still BRICS, and countries like India should not be forced to make binary choi...

The major announcement from the BRICS alliance is that the bloc is divided on the global de-dollarization agenda. The nine-member alliance is seeing divisions as cracks open up from all sides on what the group stands for. While some countries want to launch a new common currency for trade and transactions, others don’t. The breaking up of ideas is causing a split within the group with each country wanting different agendas. Also Read: More Countries Ready to Join BRICS Alliance BRICS: India & Brazil Announce ‘No Interest’ in De-Dollarization BRICS member India has made it clear that it has no interest in ending reliance on the US dollar and will not pursue the de-dollarization agenda. Foreign Minister S. Jaishankar said that India has “absolutely no interest” in undermining the US dollar. He said that the country “has never had a problem” with the greenback and has no plans to replace it. Also Read: India Officially Dismisses BRICS Currency, Praises the US Dollar ...

Binance and KuCoin has obtain FIU-IND approval, marking a milestone in Indian crypto regulation. KuCoin pays $41,000 penalty as Binance awaits fine determination amid compliance proceedings. The return of the exchanges to India signals the growing acceptance of cryptocurrencies in India’s regulatory framework. In a significant development for the cryptocurrency industry In India, two major exchanges, Binance and KuCoin, have obtained registration approval from India’s Financial Intelligence Unit (FIU-IND), marking a pivotal moment in their journey toward regulatory compliance in the country. This comes after months of negotiations and challenges following the ban of the two exchanges for alleged illegal operations. Binance and Kucoin to re-enter India after ban The path to registration was fraught with obstacles, as both Binance and KuCoin, along with several other offshore entities, faced a ban in December of the previous year for non-complianc...

BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the bilateral trade agreement for energy, pharmaceuticals, and transport sectors. India and Nigeria have agreed to cooperate and settle trade in local currencies and not the US dollar. Also Read: BRICS: 20% of Oil Payments Settled in Local Currencies, Not US Dollar However, the local currency in question is yet to be finalized and could be either the India n Rupee or the Nigeria n Naira . The agreement comes at a time when BRICS is looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Economist Predicts One Final Rally Before the Markets Crash 50% BRICS: India & Nigeria To Trade in Local Currencies, Ditch US Dollar Soir...

BRICS member India is accused for the third time in a year of dumping US dollars to keep the Rupee from falling. The US dollar hammered the India n Rupee making it fall to an all-time low of 83.61 this week. However, the Rupee managed to reverse course after briefly rising against the US dollar and reached 83.50. Also Read: Where’s De-Dollarization? US Dollar Hammers Other Currencies in 2024 The spike in the rupee, insiders say, is not natural and might have involved ‘players’ to keep it from falling. The players in question might be the Reserve Bank of India (RBI), which helped keep the rupee from crashing against the US dollar. BRICS members India, China, and Russia have previously been called out for interfering in the currency markets. Also Read: BRICS: China & Iran Make Major Announcement BRICS: India Might Have Dumped US Dollars To Stop the Rupee’s Fall Source: compareremit.com BRICS countries have been intervening in the foreign exch...

In an RBI-organized conference for the directors of Indian banks, deputy governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and stability. A top federal official representing India's central bank, the Reserve Bank of India (RBI), recommended all banks adopt artificial intelligence (AI) and blockchain technology to ensure sustainable growth and stability. In an RBI-organized conference for the directors of Indian banks, deputy governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and stability. Governance in Banks: Driving Sustainable Growth and Stability - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of India at the Conference of Directors of Banks organised by the RBIhttps://t.co/Ft4Kv68X0T — ReserveBankOfIndia (@RBI) May 31, 2023 Jain spoke about the importance of effective corporate governance and governance structure and processes when it comes to staying prepare d for future risks. Technological disr...