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

RBI Governor Sanjay Malhotra and Sebi Chairman Tuhin Kanta Pandey launched India’s first tokenised corporate bond pilot at Global Fintech Fest 2026. The initiative combines CBDC and blockchain technology and could eventually cover equities, mutual funds and other assets.

Mumbai: Reserve Bank of India Governor Sanjay Malhotra and Securities and Exchange Board of India Chairman Tuhin Kanta Pandey on Thursday launched India’s first tokenised corporate bond pilot at the Global Fintech Fest 2026, marking a significant step towards the use of blockchain and central bank digital currency (CBDC) in securities and asset settlements.

Under the pilot, tokenised securities and asset settlements will use CBDC and blockchain technology. The tokenisation framework, initially focused on corporate bonds, could subsequently be extended to other financial assets, including equities, mutual fund units and electronic gold receipts.

---

Speaking at the event, Malhotra said the Global Fintech Fest had evolved beyond being an industry conference into a platform where stakeholders from across the financial ecosystem exchange ideas that can shape the future of finance.

Highlighting the scale of India’s digital financial transformation, Malhotra said the country now has 57 crore PM-Jan Dhan Yojana accounts, 25 crore micro-insurance policies and nine crore people covered under the Atal Pension Scheme, while UPI is recording around 80 crore transactions.

He said the most remarkable aspect of this transformation was not merely the scale of these numbers, but the extent to which digital finance had become part of everyday life.

Malhotra said India had witnessed massive financial inclusion over the past few years, driven by public-private partnerships. He said the next objective should be to make financial services “ubiquitous and omnipresent”.

Traditional lenders have faced difficulties in extending small-ticket loans to women, micro, small and medium enterprises and farmers, he said, adding that fintech companies can help bridge these gaps through technology and contribute further to financial inclusion.

At the same time, Malhotra stressed that trust must remain at the centre of fintech innovation. He said trust takes years to build but can be broken quickly, making it essential for fintech companies to address risks arising from opacity, exclusion and cybersecurity.

“A financial system which moves at the speed of light but does not command trust will not see many takers,” Malhotra said, underlining the importance of building confidence alongside technological innovation.