RBI CBDC Pilots Expansion and Tokenisation Use Cases

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The Reserve Bank of India (RBI) plans to expand its central bank digital currency (CBDC) pilots to cover new use cases under direct benefit transfer (DBT) schemes and the domestic retail space. The project also includes exploring additional pilots on tokenisation of financial assets and widening participant coverage. Initiatives include programmable CBDC for food subsidies in certain states, development of the Unified Markets Interface (UMI) platform for tokenisation of financial assets, and pilots for tokenisation of certificates of deposit. The RBI is also collaborating on cross-border CBDC pilots and digital asset initiatives with other central banks.