India’s Finance Minister Nirmala Sitharaman has called on the Reserve Bank of India to accelerate the adoption of the digital rupee across both wholesale and retail channels. Speaking at the Global Fintech Fest in Mumbai on September 11, she highlighted the role of the digital currency in tokenized asset settlements, particularly for same-day processing. REC Limited, a government-backed infrastructure finance company, successfully completed India’s first tokenized corporate bond pilot with same-day settlement. Despite several years of pilots and live transactions with select banks, adoption remains modest as consumers prefer existing payment rails like UPI.
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