Why is BRICS exploring cross-border payments? |Explained

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Why is BRICS exploring cross-border payments? |Explained — Sources: The Hindu

How do cross-border payments work? What are the instructions between banks and costs involved in each step? How have transaction times reduced? Why does BRICS want to change the system? What alternatives are being explored? What does India propose?

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Why is BRICS exploring cross-border payments? |Explained

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