Mumbai, September 10 (Daily Kiran) : The Reserve Bank of India (RBI) Governor Sanjay Malhotra and Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey inaugurated India’s first tokenized corporate bond pilot on Thursday during the Global FinTech Fest 2026. This initiative is seen as a pivotal move towards integrating blockchain technology and Central Bank Digital Currency (CBDC) into the country’s financial markets.
Under this pilot project, tokenized securities and asset settlements will utilize blockchain and digital rupees (CBDC). Initially, the focus will be on corporate bonds, with plans to expand the framework to include other financial assets like stocks, mutual fund units, and electronic gold receipts in the future.
Speaking at the event, RBI Governor Malhotra emphasized that the Global FinTech Fest has evolved beyond a mere industry conference. It has become a platform for stakeholders in the financial sector to discuss ideas that shape the future of finance.
He highlighted India’s achievements in digital financial transformation, noting that there are now 570 million Prime Minister Jan Dhan accounts, 250 million micro insurance policies, and 90 million beneficiaries under the Atal Pension Scheme. Additionally, approximately 800 million transactions are recorded on the Unified Payments Interface (UPI).
Malhotra pointed out that the most significant aspect of these achievements is not just their scale, but how digital finance has become an integral part of daily life. He stated that extensive financial inclusion has been made possible through collaboration between the public and private sectors.
Looking ahead, he stressed that the next goal should be to make financial services available to everyone, anytime and anywhere. He acknowledged the challenges traditional financial institutions face in providing small loans to women, micro, small, and medium enterprises (MSMEs), and farmers. Fintech companies can address these gaps through technology and further strengthen financial inclusion.
The RBI Governor also noted that while innovation in the fintech sector is crucial, building trust is equally important. He warned that trust takes years to establish but can be lost quickly. Therefore, fintech companies must seriously address issues related to transparency, inclusion, and cybersecurity risks.
He stated, “If a financial system operates at the speed of light but fails to gain people’s trust, it will not achieve widespread acceptance.” Malhotra underscored the necessity of building trust and security alongside technological advancements.
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