Reserve Bank of India (RBI) Governor Sanjay Malhotra unveiled the Unified Markets Interface (UMI) at the Global Fintech Fest 2025 in Mumbai on October 8, 2025. UMI is a next-generation financial market infrastructure that will tokenise financial assets — including bonds, Treasury bills, corporate securities, and derivatives — and settle them using wholesale Central Bank Digital Currency (CBDC). Asset tokenisation converts real-world financial assets into digital tokens on a blockchain, enabling fractional ownership and broadening investor access. The initiative builds on promising pilot results involving the issuance of Certificates of Deposit (CDs) and aims to transform India's financial market infrastructure for greater efficiency, transparency, and inclusivity. UMI integrates wholesale CBDC into the broader market ecosystem, representing a significant step in India's digital currency journey beyond retail e-Rupee pilots.
RBI Launches Unified Markets Interface (UMI) for Asset Tokenisation Using Wholesale CBDC
RBI Governor unveiled UMI at Global Fintech Fest 2025 on October 8 — a platform to tokenise bonds, T-bills and derivatives settled via wholesale CBDC, marking a major shift in India's financial market infrastructure.
Key facts
- RBI Governor unveiled the Unified Markets Interface (UMI) at Global Fintech Fest 2025 on October 8.
- UMI enables tokenisation of bonds, T-bills, and derivatives settled via wholesale CBDC.
- Wholesale CBDC is a digital rupee variant designed for interbank and institutional settlements.
- UMI marks a major shift in India's financial market infrastructure toward digital asset handling.
- Asset tokenisation improves settlement speed, transparency, and reduces counterparty risk.
- India is among the global pioneers in exploring CBDC-based financial market infrastructure.
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The Unified Markets Interface (UMI) unveiled by RBI in October 2025 will settle tokenised financial assets using which instrument?
UMI will tokenise financial assets like bonds, Treasury bills, corporate securities and derivatives, and settle them using wholesale CBDC — integrating wholesale CBDC into the broader market ecosystem.
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Frequently asked questions
What is the Unified Markets Interface (UMI) launched by RBI and when was it unveiled?
UMI (Unified Markets Interface) is a platform launched by RBI to enable the tokenisation of bonds, T-bills, and derivatives settled via wholesale CBDC. The RBI Governor unveiled it on October 8, 2025 at the Global Fintech Fest 2025.
What is wholesale CBDC and how does it differ from retail CBDC?
Wholesale CBDC is a digital rupee variant designed specifically for interbank and institutional settlements between financial institutions. Retail CBDC, by contrast, is intended for transactions by the general public. India's wholesale CBDC underpins the UMI for financial market settlements.
What is asset tokenisation and what are its advantages in financial markets?
Asset tokenisation is the process of representing real-world assets like bonds or T-bills as digital tokens on a blockchain or distributed ledger. Its advantages include faster settlement speed, greater transparency, reduced counterparty risk, and improved liquidity in financial markets.
Which types of financial instruments can be tokenised under the UMI platform?
Under the UMI platform, bonds, Treasury bills (T-bills), and derivatives can be tokenised and settled via wholesale CBDC. This covers key segments of India's debt and derivatives markets.
How does the UMI position India in the global CBDC landscape?
UMI places India among the global pioneers in CBDC-based financial market infrastructure. By combining wholesale CBDC with asset tokenisation for institutional settlements, India is demonstrating an advanced, practical use case for central bank digital currency beyond retail payments.
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