RBI Launches Pilot for Instant Settlement of Tokenised Corporate Bonds through eRupee

MUMBAI: RBI governor Sanjay Malhotra launched the Demat 2.0 pilot, a pilot enabling instant settlement of tokenised corporate bonds through the eRupee, at the Global Fintech Fest. The initiative aims to test the infrastructure for future markets and was co-launched with Sebi chairman Tuhin Kanta Pandey.

According to Malhotra, the pilot enables corporate bonds to be tokenised and settled through the central bank digital currency, automating coupon payments and redemption.

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RBI is also looking to expand the Unified Lending Interface (ULI) as common digital rails for consent-based credit delivery. The central bank plans to roll out the proposed Digital Payments Intelligence Platform alongside MuleHunter.ai to strengthen real-time fraud mitigation.

Furthermore, the RBI is continuing programmable CBDC pilots for targeted govt benefit transfers, including PMGKAY, while expanding the wholesale CBDC market architecture.

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Malhotra Emphasized That Ai, Quantum

Malhotra emphasized that AI, quantum computing, and tokenisation should be applied to practical problems such as improving consumer services, addressing credit gaps, increasing operational efficiency, and reducing fraud. At the same time, firms need to address risks from algorithmic opacity, bias, financial exclusion, herding behaviour, cybersecurity vulnerabilities, data privacy, and the erosion of human judgement in AI-based decision-making.

Malhotra also stressed that customer data should be treated as a fiduciary responsibility, with its use bound The RBI governor's comments highlight the importance of responsible innovation in the fintech sector, ensuring that technological advancements benefit consumers and promote financial inclusion.