[REVISION HISTORY]

India digital rupee and tokenized bond pilot expansion

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-11 12:11 UTC → 2026-09-11 14:16 UTC · added ~~removed~~

The Reserve Bank of India (RBI) is expanding the scope and utility of its Central Bank Digital Currency (CBDC) pilot program. Initially focused on retail expansion, the program grew to include the territories of Chandigarh and Dadra and Nagar Haveli. This phase of the pilot emphasizes the use of the digital rupee (e₹-R) for direct-benefit transfers, utilizing programmable features to ensure welfare funds are used for specific purposes, such as purchasing foodgrains, to reduce corruption. The initiative has also moved into the corporate sector through a collaboration with the Securities and Exchange Board of India (SEBI). Unveiled at the Global Fintech Fest 2026, the ‘Demat 2.0’ project utilizes distributed ledger technology (DLT) and the RBI’s wholesale CBDC to facilitate atomic settlement, allowing for the simultaneous transfer of securities and funds to reduce counterparty risks. Smart contracts are employed to automate asset servicing, including redemptions and interest payments. In the initial phase of the Demat 2.0 pilot, three companies successfully issued tokenized corporate bonds totaling ₹1,025 crore. This included REC Limited raising ₹500 crore, Larsen & Toubro raising ₹500 crore, and IIFL Finance completing a ₹25 crore issuance. These transactions achieved same-day settlement. SEBI Chairman Tuhin Kanta Pandey noted that Demat 2.0 is a “technological upgrade for existing corporate bonds rather than the creation of a new asset class.” ~~Following this successful phase, regulators intend to expand~~ At the ~~framework to include secondary market trading. While currently focused on corporate bonds,~~ Global Fintech Fest in Mumbai, Union Finance Minister Nirmala Sitharaman urged the ~~framework may eventually extend~~ RBI to ~~other~~ further enhance both wholesale and retail CBDC capabilities. Highlighting the importance of tokenisation in an evolving global financial ~~instruments, such~~ system, she cited the REC Limited pilot as ~~mutual fund units, equities,~~ a successful demonstration of how tokenisation and ~~electronic gold receipts.~~ the digital rupee can enable near-instantaneous settlement.

Versions

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.