RBI-SEBI Real World Asset (RWA) Tokenisation Pilot: India's First Tokenised Corporate Bond and the Blockchain Finance Frontier
RBI Governor Sanjay Malhotra and SEBI Chairperson Tuhin Kanta Pandey jointly launched India's first tokenised corporate bond pilot at the Global Fintech Fest (GFF) 2026. REC Limited raised ₹500 crore from 18 investors through a blockchain-based digital token, with settlement in RBI's wholesale Central Bank Digital Currency (e₹-W). By September 10, 2026, three issuers had raised ₹1,025 crore under SEBI's Demat 2.0 framework — a landmark for India's digital capital markets.
At a glance
RBI Gov Malhotra + SEBI Chair Pandey launched India’s first tokenised corporate bond at Global Fintech Fest 2026. REC Ltd raised ₹500 crore from 18 investors; settled in e₹-W (wholesale CBDC).
Creating a digital token on a blockchain representing ownership of a real financial asset (bond, equity, real estate). Enables fractional ownership, instant settlement, and programmable compliance.
Demat 2.0 pilot (SEBI): 3 issuers raised ₹1,025 crore by Sept 10, 2026. India RWA market: ~USD 133.5 Mn (2026) → USD 245.7 Mn (2033 projected).
e₹-W (Wholesale CBDC) launched Nov 2022; eliminates intraday credit risk. Tokenised bonds as smart-contract collateral in repo markets improves bank liquidity management.
Timeline
Why in News
At the Global Fintech Fest (GFF) 2026, the Reserve Bank of India (RBI) Governor Sanjay Malhotra and Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey jointly launched India's first tokenised corporate bond pilot. REC Limited (formerly Rural Electrification Corporation), a Navratna Central Public Sector Enterprise under the Ministry of Power, issued a corporate bond as a digital token on a distributed ledger and raised ₹500 crore from 18 investors. Settlement of the transaction was executed in RBI's wholesale Central Bank Digital Currency (e₹-W), marking the first convergence of blockchain-based securities issuance and CBDC settlement in India. By September 10, 2026, three issuers had together raised ₹1,025 crore under SEBI's Demat 2.0 pilot framework.
Background: What is Real World Asset (RWA) Tokenisation?
Real World Asset (RWA) tokenisation refers to the process of creating a digital representation (a "token") of a physical or financial asset — such as a bond, equity share, real estate, commodity, or invoice — on a blockchain or distributed ledger. The token represents an ownership claim on the underlying asset and can be transferred, traded, or settled peer-to-peer with minimal intermediation.
Key advantages include: fractional ownership (enabling small investors to participate in large assets), near-instant settlement (replacing T+1/T+2 cycles), programmable compliance (automated KYC/AML checks built into the smart contract), and reduced counterparty risk. Globally, the RWA tokenisation market is nascent but growing rapidly — estimated at USD 133.5 million in India in 2026, projected to reach USD 245.7 million by 2033.
India's journey toward tokenised securities includes prior milestones: SEBI's exploratory paper on blockchain for the securities market (2022), RBI's wholesale CBDC (e₹-W) pilot launched November 2022, and the retail CBDC (e₹-R) pilot from December 2022. The GFF 2026 pilot is the first integrated deployment linking tokenised securities with CBDC settlement.