#RBI

16 articles tagged #RBI — curated RWA tokenization coverage.

#India #CBDC #Tokenization #TokenizedBonds #SEBI #Blockchain #Demat2.0 #CorporateBonds #DLT #GovernmentBonds

From UPI to tokenised assets: Is India building the next generation of financial infrastructure?

India is evolving its financial infrastructure by transitioning from the high-volume UPI payment system to a programmable, tokenized asset framework. The Reserve Bank of India (RBI) is actively developing a Unified Markets Interface to facilitate tokenized settlements using wholesale central bank digital currency. Simultaneously, the Securities and Exchange Board of India (SEBI) launched a 'Demat 2.0' pilot on September 10, 2026, to test tokenized corporate bonds within a regulated environment. This shift aims to enhance market efficiency by automating lifecycle events and enabling fractional ownership for assets like real estate and infrastructure. Success hinges on establishing robust legal frameworks, ensuring global interoperability, and maintaining the security standards of traditional regulated markets. By leveraging existing digital public infrastructure, India seeks to create a scalable ecosystem where financial assets and their underlying rights become digitally native. This transition represents a fundamental move from merely digitizing transactions to digitizing the core processes of asset issuance, ownership, and settlement.

#Tokenization #RBI #India

yourstory.comAdded: Oct 7, 20268.0

Infrastructure

India’s RBI stays cautious on crypto, backs tokenization

The Reserve Bank of India (RBI) continues to maintain a strict regulatory divide between private cryptocurrencies and institutional tokenization efforts. RBI Governor Sanjay Malhotra emphasized that while the central bank remains cautious toward private digital assets due to risks regarding monetary sovereignty and capital flow management, it actively promotes distributed ledger technology and tokenization for regulated financial instruments. The RBI is currently advancing projects involving programmable central bank digital currencies (CBDCs), tokenized certificates of deposit, and corporate bonds settled via the wholesale digital rupee. Notably, the Securities and Exchange Board of India (SEBI) recently launched the Demat 2.0 pilot, which successfully utilized DLT for securities records while settling cash legs through central bank money. Recent tokenized bond issuances by REC, Larsen & Toubro, and IIFL totaled ₹1,025 crore, demonstrating the practical application of these technologies within India's existing legal framework. This dual-track approach allows the government to leverage blockchain for financial efficiency and settlement finality while simultaneously enforcing anti-money laundering regulations on offshore crypto platforms. By prioritizing the 'singleness of money,' the RBI aims to integrate tokenized assets into the sovereign financial system rather than allowing private alternatives to disrupt domestic monetary policy.

#Tokenization #DLT #CBDC

crypto.newsAdded: Oct 4, 20268.0

Infrastructure

RBI Recognises Second Fintech Self-Regulator, Unveils Corporate Bond Tokenisation Initiative

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have launched a joint initiative to explore the tokenization of corporate bonds. This project aims to utilize wholesale Central Bank Digital Currency (wCBDC) for the settlement of these tokenized assets, building upon previous RBI experiments with tokenized certificates of deposit. Governor Sanjay Malhotra emphasized that the initiative's success depends on establishing robust regulatory frameworks for ownership, custody, settlement finality, and cybersecurity. Alongside this, the RBI officially recognized the United FinTech Forum as India's second fintech Self-Regulatory Organisation to foster industry standards and responsible conduct. These developments occur within a broader digital transformation context, as India recorded 280 billion digital transactions in FY2025–26. The central bank is simultaneously developing AI governance and model-risk rules to manage the systemic risks posed by rapidly scaling fintech firms. This dual focus on technological innovation and proportionate regulatory oversight highlights the RBI's strategy to integrate public digital infrastructure with private sector growth. By formalizing self-regulation and testing tokenized debt markets, the RBI is positioning India to modernize its financial infrastructure while maintaining systemic stability.

#Tokenization #CorporateBonds #CBDC

policyedge.inAdded: Sep 17, 20268.0

Infrastructure

India launches bond tokenisation pilot

The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have officially launched a bond tokenisation pilot program titled Demat 2.0. This initiative aims to leverage distributed ledger technology to achieve near-instant settlement and mitigate systemic settlement risks within the Indian financial markets. The pilot involves key infrastructure participants including the Central Depository Services, National Securities Depositories, and major financial institutions such as HDFC and ICICI. By integrating security and settlement processes, the project seeks to automate complex asset servicing tasks that currently rely on legacy systems. This move represents a significant evolution from the original Demat 1.0 framework, which digitized paper-based shareholdings starting in 1996. SEBI chairman Tuhin Kanta Pandey indicated that the scope of this tokenization effort is intended to expand beyond bonds to include equities, gold, and mutual funds. The successful implementation of this pilot could serve as a blueprint for other emerging markets looking to modernize their national financial infrastructure through blockchain integration.

#RBI #India #SEBI

fundsglobalasia.comAdded: Sep 14, 20268.5

Non-U.S. Govt. Debt

India launches a new experiment for tokenized bonds using digital rupee

The Reserve Bank of India (RBI) has initiated a pilot program to explore the use of tokenized government bonds settled via the central bank digital currency (CBDC), known as the digital rupee. This experiment aims to enhance the efficiency of the secondary market for government securities by leveraging blockchain technology to streamline settlement processes. By integrating the digital rupee with bond tokenization, the RBI seeks to reduce transaction costs and minimize settlement risks associated with traditional financial infrastructure. This move represents a significant step in India's broader strategy to modernize its financial markets through distributed ledger technology. The pilot involves major financial institutions and is designed to test the scalability and security of digital asset transactions in a controlled environment. Successful implementation could pave the way for broader adoption of tokenized sovereign debt, positioning India as a key player in the global RWA landscape. The initiative underscores the growing trend of central banks exploring blockchain-based solutions to improve liquidity and transparency in government debt markets.

#TokenizedBonds #CBDC #RBI

arabictrader.comAdded: Sep 12, 20268.5

Non-U.S. Govt. Debt

India enters Asia’s tokenised bond race

India has officially entered the Asian tokenized bond market as the Reserve Bank of India (RBI) explores blockchain-based issuance to modernize its sovereign debt infrastructure. This move follows a broader regional trend where central banks and financial institutions are leveraging distributed ledger technology to enhance settlement efficiency and reduce transaction costs. By experimenting with tokenized government securities, India aims to streamline the lifecycle management of bonds, from issuance to secondary market trading. The initiative aligns with the RBI's ongoing efforts to digitize the financial ecosystem and improve liquidity in the domestic debt market. As other Asian economies like Hong Kong and Singapore advance their own tokenization frameworks, India's participation signals a competitive shift toward blockchain-integrated sovereign debt. This development is significant for the RWA market as it demonstrates sovereign-level adoption of tokenization, potentially setting a precedent for emerging markets globally. The integration of blockchain into India's massive government bond market could serve as a blueprint for other nations seeking to modernize traditional financial infrastructure through decentralized technology.

#Blockchain #TokenizedBonds #SovereignDebt

ifre.comAdded: Sep 11, 20268.5

Infrastructure

RBI, Sebi launch India’s first tokenised corporate bond pilot

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have officially launched India’s first pilot program for tokenized corporate bonds. Unveiled at the Global Fintech Fest 2026 by RBI Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey, the initiative integrates Central Bank Digital Currency (CBDC) with blockchain technology to streamline securities settlement. This pilot represents a strategic shift toward modernizing India's financial infrastructure by replacing traditional settlement processes with programmable digital assets. While the initial focus is restricted to corporate bonds, the framework is designed to be scalable, with plans to eventually incorporate equities, mutual funds, and electronic gold receipts. The project underscores the Indian government's commitment to leveraging public-private partnerships to enhance financial inclusion and efficiency. By utilizing CBDC for settlement, the regulators aim to reduce friction and increase transparency in the domestic capital markets. This development signals a major institutional endorsement of blockchain technology as a foundational layer for the future of Indian financial services.

#TokenizedBonds #CBDC #RBI

telanganatoday.comAdded: Sep 10, 20269.0

Infrastructure

RBI’s Vasudevan flags legal, privacy, interoperability risks in tokenization

Reserve Bank of India (RBI) Executive Director P. Vasudevan highlighted critical challenges for the nation's tokenization roadmap, including legal uncertainty, data privacy, and the necessity for platform interoperability. Speaking at the Global Fintech Fest 2026, Vasudevan emphasized that while tokenization offers faster transactions and increased leverage, it introduces potential risks to financial stability that require careful regulatory oversight. The RBI has already successfully tested tokenization through its Unified Markets Interface, processing approximately ₹17,000 crore in certificate-of-deposit transactions. Recent milestones include pilot corporate bond issuances by REC and Larsen & Toubro, each raising ₹500 crore using a blockchain-based 'DEMAT 2.0' system. These pilots utilize the RBI’s wholesale central bank digital currency for settlement, aiming to reduce risks and automate the bond lifecycle. Vasudevan noted that existing market intermediaries like depositories and custodians must evolve into token service providers to support this transition. Ultimately, the RBI remains optimistic about expanding tokenization to diverse asset classes while maintaining a cautious approach to systemic stability.

#TokenizedBonds #CBDC #RBI

livemint.comAdded: Sep 9, 20268.5

U.S. Treasuries

India set for first tokenised bond

The Reserve Bank of India is preparing to launch the nation's first tokenized government bond issuance, marking a significant shift toward blockchain-based sovereign debt management. This pilot program aims to modernize the settlement process by leveraging distributed ledger technology to reduce transaction times and operational costs. By moving away from traditional book-entry systems, the central bank seeks to enhance liquidity and transparency within the domestic bond market. The initiative aligns with broader global trends where central banks explore digital assets to improve financial market infrastructure efficiency. Successful implementation could serve as a blueprint for other emerging markets looking to integrate blockchain into their national debt frameworks. This move underscores the growing institutional acceptance of tokenization as a viable mechanism for sovereign debt issuance. The transition reflects a strategic effort to future-proof India's financial architecture against evolving digital asset standards.

#Blockchain #TokenizedBonds #SovereignDebt

ifre.comAdded: Sep 4, 20268.5

Non-U.S. Govt. Debt

India Is Testing Tokenized Corporate Bonds With Instant Settlement

The Reserve Bank of India (RBI) has initiated a pilot program to test the issuance and settlement of tokenized corporate bonds using blockchain technology. This initiative aims to leverage distributed ledger technology to achieve instant settlement, significantly reducing the traditional T+2 settlement cycle that currently characterizes the Indian bond market. By streamlining the post-trade process, the RBI seeks to enhance liquidity and transparency while lowering operational costs for market participants. Several major financial institutions are participating in this trial to evaluate the feasibility of digital assets in the domestic debt market. The move represents a strategic shift toward modernizing India's financial infrastructure through programmable money and automated clearing. Successful implementation could serve as a blueprint for other emerging markets looking to integrate blockchain into their sovereign and corporate debt frameworks. This development underscores the growing global trend of central banks exploring tokenization to improve efficiency and mitigate counterparty risks in capital markets.

#Blockchain #TokenizedBonds #RBI

finimize.comAdded: Sep 4, 20268.5

Non-U.S. Govt. Debt

India’s First Tokenized Bond Issue: How RBI’s Wholesale CBDC Powers DEMAT 2.0

India is set to launch its inaugural tokenized corporate bond pilot in September 2026, featuring state-owned REC as the issuer. The initiative aims to raise less than ₹500 crore while utilizing the Reserve Bank of India's wholesale central bank digital currency, e₹-W, for settlement. Participants will be required to utilize the newly developed DEMAT 2.0 securities wallets to manage their holdings. By anchoring the issuance within regulated infrastructure, the pilot explicitly excludes public blockchain assets such as Bitcoin, Ethereum, and USDT. This strategic move demonstrates a government-led approach to modernizing securities recordkeeping through distributed ledger technology. The integration of CBDC-powered settlement with tokenized bonds represents a significant shift toward institutionalizing blockchain-based financial instruments in India. This development highlights the potential for sovereign-backed digital assets to streamline bond market operations while maintaining strict regulatory oversight.

#TokenizedBonds #CBDC #RBI

cryptorank.ioAdded: Aug 27, 20268.5

U.S. Treasuries

India plans 1st tokenised bond issue in Sept | Business Standard - newspaper

The Reserve Bank of India (RBI) is preparing to launch its inaugural tokenized government bond issuance scheduled for September. This initiative marks a significant shift in the nation's debt management strategy, aiming to leverage blockchain technology to enhance efficiency and transparency in the sovereign bond market. By utilizing distributed ledger technology, the RBI intends to streamline the settlement process and reduce the reliance on traditional intermediaries. This move aligns with global trends where central banks are increasingly exploring tokenization to modernize financial infrastructure and improve liquidity for government securities. The pilot project is expected to provide critical insights into the scalability and security of digital bond issuance within the Indian financial ecosystem. Successful implementation could pave the way for broader adoption of tokenized assets across the country's capital markets. This development underscores India's commitment to integrating advanced digital solutions into its sovereign debt framework, potentially setting a precedent for other emerging economies.

#Tokenization #DLT #RBI

magzter.comAdded: Aug 25, 20268.5

U.S. Treasuries

India’s Bond Market Tries Tokenization With A CBDC Pilot

The Reserve Bank of India (RBI) has launched a pilot program for the wholesale segment of the government securities market using its Central Bank Digital Currency (CBDC), the digital rupee. This initiative aims to streamline the settlement process for secondary market transactions in government bonds, moving away from traditional T+1 settlement cycles toward near-instantaneous settlement. By utilizing blockchain technology, the RBI seeks to reduce operational costs and mitigate counterparty risks inherent in the current clearinghouse-dependent infrastructure. Major financial institutions, including State Bank of India, Bank of Baroda, and HDFC Bank, are participating in this trial to test the efficiency of digital ledger technology in high-value debt markets. This move represents a significant step for India's financial infrastructure, signaling a shift toward programmable money for institutional asset management. The successful integration of CBDCs into bond trading could serve as a blueprint for other emerging markets looking to modernize their debt capital markets. Ultimately, this pilot underscores the growing global trend of central banks exploring tokenization to enhance liquidity and transparency in sovereign debt markets.

#Tokenization #CBDC #RBI

finimize.comAdded: Aug 24, 20268.0

Non-U.S. Govt. Debt

SEBI, RBI Launch Corporate Bond Tokenization Pilot to Boost Market Efficiency

The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have launched a pilot program to test corporate bond tokenization using shared-ledger technology. This initiative seeks to modernize India's ₹60 trillion corporate bond market by automating coupon payments via smart contracts and accelerating settlement times. By shifting from traditional, manual settlement processes to a digital ledger, regulators aim to resolve systemic inefficiencies and low liquidity. Currently, trading activity is concentrated in only a few hundred instruments despite thousands of outstanding bonds. The pilot also targets the corporate bond repo market, which currently sees daily volumes of approximately ₹6,000 crore. While the project does not create a new trading platform, it focuses on upgrading the underlying infrastructure to improve market accessibility. This development is significant as it represents a major regulatory effort to integrate blockchain-based efficiencies into a massive, traditional financial ecosystem. Success in this pilot could provide a blueprint for large-scale institutional adoption of tokenized debt instruments.

#Tokenization #CorporateBonds #RBI

whalesbook.comAdded: Aug 21, 20268.5

Infrastructure

Why India Should Treat tokenization as Financial Infrastructure Reform

India is evaluating tokenization not merely as a fintech trend but as a fundamental structural redesign of its financial market infrastructure. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are actively testing blockchain-based applications, including pilots for tokenized Certificates of Deposit using wholesale CBDC and explorations into corporate bond tokenization. By leveraging its existing Digital Public Infrastructure (DPI) framework—such as UPI and Aadhaar—India aims to modernize core systems like sovereign debt and trade finance. The IMF emphasizes that this transition requires a robust legal framework to ensure settlement finality, governance, and interoperability. A central challenge for Indian policymakers is balancing private sector innovation with the need for public trust anchors and systemic oversight. To avoid fragmented liquidity, India must align its domestic ledger systems with emerging global standards for cross-border tokenized finance. Ultimately, the country's success depends on integrating these new technologies into the national financial architecture while maintaining monetary sovereignty.

#Tokenization #FinancialInfrastructure #CBDC

policyedge.inAdded: Jul 25, 20267.5

Infrastructure

India's central bank revives push to isolate banks from crypto: Report

The Reserve Bank of India (RBI) has formally advised lawmakers to implement a containment strategy that shields the domestic banking sector from exposure to private cryptocurrencies and stablecoins. During a presentation to the Parliamentary Standing Committee on Finance, RBI officials Rohit Jain and P. Vasudevan emphasized that prohibiting crypto in payments and settlements remains a viable policy option. The central bank expressed concerns that traditional regulation might inadvertently legitimize speculative assets, potentially misleading retail investors regarding their safety. Crucially, the RBI distinguished these speculative assets from regulated tokenized instruments, such as government securities and corporate bonds. By advocating for this distinction, the central bank aims to ensure that restrictive crypto policies do not stifle the growth of legitimate RWA tokenization efforts. This stance reflects a long-standing tension between the regulator and the digital asset industry, reminiscent of the 2018 banking ban that was eventually overturned by the Supreme Court in 2020. As India leads the 2025 Chainalysis Global Crypto Adoption Index, the RBI's push for a bifurcated regulatory framework highlights the government's intent to control systemic financial risks while fostering institutional blockchain innovation.

#RWA #Tokenization #Regulation

Cointelegraph — TokenizationAdded: Jul 3, 20266.5

#RBI

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