BRICS FMs Meeting: RBI Governor stresses central banks' key role

Reserve Bank of India (RBI) Governor Sanjay Malhotra has stressed the need for stronger cooperation among central banks to build a resilient, efficient and inclusive global financial system.Malhotra made the remarks while co-chairing the BRICS Finance Ministers and Central Bank Governors meeting with Union Finance Minister Nirmala Sitharaman in Jaipur on August 12-13.
According to the RBI, the Governor highlighted the crucial role played by central banks in maintaining price stability and safeguarding financial systems amid a rapidly evolving global economic landscape.In a post on X, the RBI said Malhotra underscored the importance of collaboration among central banks in strengthening financial resilience and promoting sustainable growth.

Honourable Finance Minister and Governor RBI co-chaired the BRICS Finance Ministers and Central Bank Governors’ meeting in Jaipur on 12-13 August 2026. The Governor highlighted the pivotal role central banks play in maintaining price and financial stability. Cooperation between… pic.twitter.com/EyGmWsDlPp

— ReserveBankOfIndia (@RBI) August 13, 2026

According to media reports, he also acknowledged the progress made through various BRICS central bank workstreams in key areas, including information security, fintech, cross-border payments, sustainable finance, capacity building and the Contingent Reserve Arrangement.The meeting brought together finance ministers and central bank governors from BRICS member countries to discuss issues related to financial cooperation, economic resilience and reforms in the global financial architecture.
On the sidelines of the meeting, Finance Minister Nirmala Sitharaman held a bilateral discussion with Indonesia's Vice Minister of Finance, Juda Agung, on August 12.The two leaders explored opportunities for expanding cooperation in financial sector development, international financial services and knowledge-sharing related to the establishment and operation of financial centres.The discussions also focused on strengthening the India-Indonesia Economic and Financial Dialogue, enhancing bilateral trade and promoting local currency transactions.
According to the Finance Ministry, Sitharaman highlighted the significant progress achieved in bilateral relations following recent high-level engagements between the two countries.She noted that Prime Minister Narendra Modi's state visit to Indonesia last month had ushered the India-Indonesia Comprehensive Strategic Partnership into its "golden era."The two sides also exchanged views on cooperation within multilateral institutions and agreed that India and Indonesia, as important members of the Global South, should continue to work closely on issues of common interest.Agung commended India's economic resilience and strong growth trajectory, while both sides emphasised the importance of maintaining growth momentum despite ongoing global uncertainties.They also highlighted the role of structural reforms, sustained infrastructure investment and Digital Public Infrastructure in strengthening macroeconomic stability and supporting long-term economic growth.

(Business Correspondent)