India Set to Test Tokenised Corporate Bonds Using Blockchain

Mumbai, August 25, 2026: India is preparing to take another major step toward digitalising its financial markets with a planned pilot for tokenised corporate bonds in September.

State-owned power financier REC is expected to issue tokenised bonds worth less than ₹500 crore in the initial pilot. The initiative will test whether blockchain technology can make the issuance, ownership and settlement of bonds faster and more efficient.

The pilot is also expected to use India's wholesale Central Bank Digital Currency (CBDC). Investors participating in the programme may need both a digital currency wallet and a new securities wallet known as DEMAT 2.0.

Unlike conventional securities, tokenised bonds record ownership and transactions on distributed-ledger technology. The experiment could provide valuable insights into how India's digital rupee and blockchain-based securities infrastructure can work together.

The pilot is expected to initially involve a limited group of investors, while a secondary market could be developed later in the year.

Why it matters: The move could strengthen India's position in digital financial infrastructure and open the door to faster, technology-driven securities settlement.

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