India is preparing to run a September pilot for its first tokenised corporate bond issuance, involving state-backed power financier REC and the use of the digital rupee for settlement. Multiple outlets report that the initial offering is expected to be small, with estimates placing it at under Rs 500 crore (under Rs 5 billion).
The pilot is described as being developed with India’s financial regulators, including the RBI and SEBI, and is intended to test whether distributed ledger technology can make issuance and settlement faster and more efficient. One outlet adds that the structure may involve wholesale CBDC payments for selected investors participating in the transaction.
While the reports are aligned on the overall plan, they differ slightly in emphasis: one focuses on the blockchain and tokenisation angle for securities, while another highlights the use of wholesale CBDC in the settlement process. All accounts describe a limited test rather than a full-scale rollout.
