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 launched India’s first pilot for tokenised corporate bonds, introducing blockchain technology and central bank digital currency (CBDC) into securities and asset settlement processes.

RBI Governor Sanjay Malhotra and Sebi Chairman Tuhin Kanta Pandey launched the initiative at the Global Fintech Fest 2026. The pilot initially focuses on corporate bonds, with the tokenisation framework potentially being expanded to other financial instruments such as equities, mutual fund units and electronic gold receipts.

The initiative is aimed at exploring how tokenised securities and CBDC-based settlement infrastructure can support more efficient and technology-driven financial market operations.

Speaking at the event, Governor Malhotra highlighted India's rapid digital-finance expansion and the role of technology in broadening access to financial services. He noted that public-private collaboration has contributed significantly to financial inclusion and said the next phase should focus on making financial services more widely accessible.

Malhotra also pointed to challenges faced by conventional lenders in providing small-ticket credit to women, farmers and micro, small and medium enterprises (MSMEs), noting that fintech firms could help address such gaps through technology-enabled solutions.

At the same time, the RBI Governor stressed that trust, transparency and cybersecurity must remain central to fintech development. He cautioned that technological progress in financial services must be accompanied by adequate safeguards against risks related to opacity, exclusion and cyber threats. CASansaar