RBI to pilot tokenisation of certificates of deposit, official says

The Reserve Bank of India (RBI) announced it will launch a pilot program for tokenising certificates of deposit (CDs) using the wholesale segment of its central bank digital currency (CBDC). Under the pilot, select banks will issue digital versions of CDs in blockchain-based form, aiming to enhance settlement efficiency, reduce friction, and strengthen regulatory oversight. Future phases may include other money market instruments like commercial papers.