NEW DELHI - BRICS leaders have encouraged further talks on faster, cheaper cross-border payments while acknowledging discussions on local-currency settlement.

The Sept. 12 New Delhi Declaration says the BRICS Payment Task Force has been exploring practical solutions for more efficient cross-border payments.

Leaders acknowledged work on interoperability between payment and messaging channels and discussions on trade settlements and investments using members’ local currencies, while stressing national priorities and that there is “no one-size-fits-all approach.”

They encouraged the task force to continue discussions on payment solutions that are fast, low-cost, more accessible, efficient, transparent and safe.

Two days earlier, BRICS finance ministers and central bank governors met in Mumbai, where they adopted a joint statement. The New Indian Express reported that the statement used similar language on payment-system interoperability and local-currency settlement ahead of the leaders’ summit on Sept. 12.

Reserve Bank of India Governor Sanjay Malhotra had said in August that BRICS members were discussing possible links between fast-payment systems and central bank digital currencies.

“Various options are on the table, but it is still at discussion stage,” he said, according to Reuters. Malhotra also said cross-border payments offered scope to reduce costs.

India also separated the payments agenda from speculation about a shared BRICS currency. In a post-summit briefing, Secretary (Economic Relations) Sudhakar Dalela said local-currency settlement was a practical mechanism for reducing transaction costs in bilateral trade.

“There is no proposal in the Brics for a Brics currency, as of now,” Dalela said.