India completes its first wholesale digital rupee settlement for tokenised corporate bond transactions, settling about Rs. 1,025 crore, according to reporting from NDTV. The trades use a pilot set up under SEBI’s Demat 2.0 framework, which links statutory depositories’ distributed ledger systems with the RBI’s Unified Market Interface for simultaneous securities-and-cash settlement.
NDTV says the initial deals involve major market participants including REC, Larsen & Toubro, and IIFL. CoinDesk frames the development as the start of a broader effort to tokenise India’s corporate bond market—describing the market size as about $620 billion—and notes that additional capabilities such as secondary trading and wider retail access are expected in later phases. Different outlets emphasize the immediate settlement milestone versus the longer-term market rollout, but both describe the same underlying mechanism: tokenised bonds settled with cash via the RBI’s wholesale digital rupee under the Demat 2.0 pilot.
