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Sign in to searchRBI Introduces Unified Markets Interface for Asset Tokenization
In October 2025, the Reserve Bank of India (RBI) introduced the Unified Markets Interface (UMI) as a major reform to modernise India’s financial infrastructure through asset tokenisation and real-time settlement using wholesale Central Bank Digital Currency (CBDC)
UMI enables traditional financial instruments such as commercial papers, bonds, and certificates of deposit to be converted into digital tokens, allowing trading in smaller, fractional units. This enhances liquidity, transparency, and market participation.
UMI is built on blockchain technology, creating a decentralised, immutable, and secure transaction ledger. Settlement is conducted through wholesale CBDC, ensuring instant, risk-free delivery versus payment (DvP). By using smart contracts, UMI enables self-executing transactions based on pre-defined rules, reducing dependence on intermediaries, lowering costs, and accelerating settlements. The platform also integrates with India’s digital public infrastructure, including the Account Aggregator (AA) system, enabling secure data sharing for regulated financial services.
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RBI's Unified Markets Interface enables asset tokenization and real-time settlement using wholesale CBDC, modernizing India's financial infrastructure with blockchain technology and smart contracts.
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