CBDC
India in striking distance of 8% growth as reforms boost economy: Shaktikanta Das
Das said the BFSI sector has a crucial role to play in India's journey from a lower-middle-income economy to a high-income economy, through its intermediation in allocation of financial resources. He said the sector would be required to support India's next-gen Digital Public Infrastructure (DPI), be the frontline of green and transition finance and become the catalyst for democratising financial inclusion to support this journey.
RBI Governor Sanjay Malhotra urges states to ensure quality spending, prudent borrowing
Addressing the 36th conference of state finance secretaries at the Mint Road, Malhotra appealed the states to onboard onto the Unified Lending Interface (ULI) and utilise Programmable Central Bank Digital Currency (P-CBDC) for Direct Benefit Transfers (DBT).
Shaktikanta Das urges BFSI sector to lead infrastructure, high-tech manufacturing funding
Shaktikanta Das highlighted the essential role of the BFSI sector in financing infrastructure and new manufacturing. He emphasized the need for funding micro, small and medium enterprises as well as agriculture. Das proposed utilizing digital financial channels for efficient credit underwriting and financial inclusion. The segment must adapt to support next-gen Digital Public Infrastructure and sustainable finance.
Credit where credit's due: India's tokenised bonds must now open the door to global capital
India's pilot tokenised bond issuance successfully settled transactions on a distributed ledger. This innovation improved issuance efficiency and removed settlement risks for domestic investors. Tokenisation offers potential for broader foreign capital access to Indian credit markets. Global investors could hold Indian assets alongside other international debt instruments. This upgrade aims to integrate Indian credit into global capital workflows.
Oh, Let’s Look Beyond AAA: A new market-making framework could make lower-rated corporate bonds more investible
India's financial landscape is undergoing significant transformation with innovative tokenisation efforts. A new regulatory framework is being proposed to enhance the liquidity of corporate bonds. Issues of ₹200 crore and above, rated AA or lower, will benefit from market makers' participation. This initiative aims to establish a robust two-way market, thereby improving liquidity, lowering borrowing costs, and broadening investor options.
Making a dollar detour: Why BRICS isn’t breaking up with the dollar
The latest BRICS declaration emphasizes interoperable payment systems and local currency settlement. It explicitly avoids proposing a common BRICS currency or linking central bank digital currencies. This approach acknowledges the impracticality of a unified currency due to diverse economic conditions. BRICS countries aim to reduce dollar dependence through enhanced payment choices and national currency use. The focus remains on practical cooperation rather than a monetary union.
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Demat 2.0 explained: Why it matters for bond market investors
In an innovative move, Sebi has rolled out Demat 2.0, a pilot scheme aimed at tokenising corporate bonds. This initiative facilitates rapid settlement and instant fund retrieval for investors. It automates interest and redemption payments through smart contracts, while atomic settlement mitigates risks by coordinating the release of bonds and payments seamlessly. Future developments will broaden this system's reach to secondary markets and individual investors.
5 world market themes for the week ahead
With the Federal Reserve and the Bank of Japan set to make pivotal interest rate decisions against a backdrop of escalating energy prices, global financial markets brace for change. Meanwhile, BRICS leaders convene in India to explore the integration of central bank digital currencies for seamless payments. In Sweden, the election landscape intensifies, hinting at a surge in far-right political influence.
Demat 2.0 will bring instant bond settlement closer, trading after regulation and market readiness: NSDL MD
Demat 2.0 can allow investors to receive tokenised bonds instantly against payments made through the central bank digital currency (CBDC), significantly reducing the time gap in securities settlement, NSDL Managing Director Vijay Chandok said, while noting that wider trading will depend on regulatory approval and market readiness.
FM Sitharaman pushes RBI to sharpen digital rupee as tokenisation takes off
Finance Minister Nirmala Sitharaman urged the Reserve Bank of India to advance digital rupee pilots. She highlighted tokenisation's role in enabling near-instantaneous settlement of financial transactions. Sitharaman advocated for a soft-touch regulatory approach to emerging technologies like artificial intelligence. She warned of AI's risks while emphasizing responsible adoption for competitiveness. Greater coordination among regulators and industry self-regulation were also called for.
Sitharaman calls AI a ‘double-edged sword’, urges soft-touch regulation and faster digital rupee push
Finance Minister Nirmala Sitharaman highlighted artificial intelligence as a double-edged sword for financial systems. She advocated for a soft-touch regulatory framework for emerging technologies and innovation. The minister urged the Reserve Bank of India to accelerate its digital rupee pilots and capabilities. Sitharaman also dismissed pessimism regarding India's demographic dividend, emphasizing youth-led growth.
GFF 2026: FM Sitharaman on India’s tech leap, demographic dividend, AI risks and road to global scale
Global Fintech Fest: Sitharaman said that India was experiencing its demographic dividend in real time, with the country’s young population increasingly translating its potential into economic momentum.
India's BRICS play may have a payment plan with no hard cash
India is unlikely to back a common BRICS currency at the September 12-13 summit, instead favouring links between national payment systems and CBDCs to make cross-border transactions faster and cheaper. The story traces India’s opposition to a new BRICS currency, Trump’s tariff threats, the RBI’s push for CBDC interoperability, and the technical and trade hurdles that could stand in the way.
Sebi launches Demat 2.0 pilot for tokenised corporate bonds
Sebi has launched Demat 2.0, a pilot for tokenised corporate bonds using distributed ledger technology and wholesale e-rupee settlement. REC, L&T and IIFL have raised Rs 1,025 crore, while future phases will enable trading and retail investor access in India.
Sebi completes first phase of Demat 2.0 bond pilot; secondary trading next: Tuhin Kanta Pandey
The Securities and Exchange Board of India (SEBI) has completed the first phase of its Demat 2.0 pilot for corporate bonds and will next bring secondary-market trading into the new technology framework, SEBI Chairman said on Thursday.
Over 500 institutional investors, pension funds to participate in iBRICS Summit on September 12-13
Over 500 investors managing USD 1 trillion will attend the iBRICS Summit 2026. This event will connect sovereign capital with infrastructure and energy projects. The summit occurs alongside the 18th BRICS Summit in New Delhi next month. It addresses shifting trade dynamics and high dollar-clearing costs for BRICS economies. Participants will also link national fast-payment networks and CBDC interoperability.
REC set to debut tokenised corporate bond sale next week: Bankers
India will launch tokenized corporate bonds next week using blockchain technology. State-run REC aims to raise five billion rupees through these innovative debt instruments. This marks India's first debt issue with instant settlement capabilities on a blockchain. The Reserve Bank of India's digital currency will facilitate these bond transactions. Only investors with active digital wallets can participate in this upcoming sale.
Cash no king, but don't stash it: India wants a digital economy, but cash still holds the power of choice
Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especially in rural areas and for large-value transactions. While digital payments offer convenience, they have also led to increased cyber fraud and financial exclusion, particularly for women. The article suggests the government's push for digitalization may stem from a desire for control and programmatic payment disbursement rather than genuine welfare improvement.
RBI to explore CBDC pilot in cross-border transactions
The Reserve Bank of India (RBI) plans to expand its digital rupee pilot to more direct benefit transfer schemes and the domestic retail space in the current fiscal year. Additionally, the RBI is exploring the use of CBDC in cross-border transactions, signing MoUs and engaging in bilateral discussions for pilot projects.
RBI to test CBDC by crediting a portion of allowances to its officers’ digital wallets
The Reserve Bank of India will initiate a test by crediting reimbursement allowances to the digital currency wallets of its officers. This move aims to popularize the central bank digital currency, which could potentially ease and make cross-border fund transfers more cost-effective. The CBDC does not yield interest, posing a challenge for wider adoption.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
CBDC transaction volumes down, P2M transactions growing: RBI
The Central Bank Digital Currency (CBDC) transaction volumes have gone down after crossing 10 lakh in late-December 2023, Reserve Bank of India Governor T Rabi Sankar said on Friday. The overall number of transactions has touched 2.2 crore since the launch of the CBDC pilot on December 1, 2022, Sankar said, adding that the number of participants in the pilot stands at 50 lakh.
RBI proposes distribution of CBDC through non banks; seeks to broaden retail access to digital currency
The Reserve Bank of India (RBI) is expanding the usage of Central Bank Digital Currency (CBDC) by allowing distribution through Non-bank Payment System Operators. CBDC pilots in Retail and Wholesale segments are ongoing with 4.3 million retail users and 4 million merchants. The RBI aims to enhance access by enabling non-bank operators to offer CBDC wallets, testing the platform's resiliency.
Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers.
CBDC big update: Soon use RBI’s Digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital Currency (CBDC) can be used offline in its RBI monetary policy meeting.
SBI, HDFC Bank, Bank of Baroda, other banks allow you to scan UPI QR code and pay via RBI CBDC; how it works
Several banks have recently enabled a new functionality for their customers who are transacting using e-Rupee or Digital Rupee, which is India's Central Bank Digital Currency (CBDC) product. This new functionality enables Digital Rupee users to scan UPI QR codes to make payments in CBDC. Read here for details.
Targeting 1 million CBDC users by June end: RBI
While it has no specific date in mind for a full-fledged launch of the CBDC, the central bank will take a measured approach, it said. The RBI also has plans to make the united payments interface (UPI) platform fully interoperable with the CBDC.
Digital Rupee: RBI plans to expand CBDC pilot to include more banks and locations
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks," said RBI.
Plan to introduce CBDC in India within FY23, but gradually: RBI
As announced in the Union Budget for the ongoing fiscal, the Central Bank Digital Currency (CBDC) will be introduced in India within the ongoing fiscal, albeit in a gradual manner, the Reserve Bank of India's Deputy Governor T Rabi Sankar said in a press conference on Wednesday.
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