Finance Minister Nirmala Sitharaman urged the Reserve Bank of India to accelerate the adoption of the digital rupee. Speaking at the Global Fintech Fest in Mumbai on September 11, she emphasized the role of CBDCs in modernizing financial infrastructure, particularly for tokenized assets.
The push follows a pilot by REC Limited, which successfully executed India’s first tokenized corporate bond transaction. This test achieved same-day settlement by using the digital rupee to bypass traditional intermediaries, demonstrating the potential for faster transaction processing.
The RBI is currently exploring various use cases, including programmable welfare payments and cross-border transactions. While the 2025-26 report outlines plans for further scaling, the minister’s statement signals that the government now treats CBDC expansion as a key policy priority.
Sitharaman noted that while faster settlement is beneficial, it also introduces risks such as accelerated fraud and contagion. The government is working to align the RBI and SEBI to ensure a holistic regulatory approach for integrating digital currencies into the financial system.
