RBI to pilot tokenisation of certificates of deposit in wholesale CBDC

The Reserve Bank of India plans a pilot to tokenise certificates of deposit (CDs) within its wholesale CBDC architecture, converting traditional paper instruments into digital tokens. Select Indian banks will participate to test faster settlement, traceability, and real-time reconciliation. The initiative is expected to enhance secondary-market liquidity and reduce counterparty risk in money markets, signalling another step in India’s digital financial-infrastructure evolution. (Reuters)