Reserve Bank of India

India launches Demat 2.0 pilot, tokenizing corporate bonds with instant digital rupee settlement

Provides wholesale CBDC (e₹) and Unified Market Interface

Three Indian companies raised ₹1,025 crore in corporate bonds that exist as digital tokens on a shared ledger, with the cash leg settled instantly in the Reserve Bank of India's digital rupee. India is the first country to issue bonds natively on a distributed ledger while keeping formal ownership records with its statutory depositories.

Updated Yesterday

SEBI lifts disclosure burden for foreign investors in Indian government bonds

Rule Changes

Removed concentration limits for General Route gilts on June 5, 2026

Foreign investors that hold only Indian government bonds no longer have to tell regulators which investor groups stand behind them. The Securities and Exchange Board of India (SEBI) dropped that disclosure on September 7, 2026, and applied it to every gilts-only foreign portfolio investor.

Updated 5 days ago

India's economic trajectory: From fifth to fourth largest economy

Rule Changes

MPC unanimously holds repo rate at 5.25% on February 6, 2026, after 125 bps cuts in 2025

India surpassed Japan in mid-2025 to become the world's fourth-largest economy. On February 1, 2026, Finance Minister Nirmala Sitharaman presented Union Budget 2026 (India's first major tax code rewrite since 1961), with ₹12.2 lakh crore for capital expenditure and ₹20,000 crore for carbon capture technologies.

Updated May 23

MUFG’s $4.4B bet on Shriram Finance: buying into India’s retail credit machine

Money Moves

Regulatory gatekeeper for ownership and control changes in NBFCs

MUFG just agreed to wire roughly $4.4 billion into Shriram Finance for a 20% stake—one of those deals that looks like 'just capital' until you read the fine print. The fine print is the story: board representation, minority-protection rights, and a separate $200 million non-compete/non-solicit payment tied to the promoter structure.

Updated May 15

RBI’s 2025 rate-cut cycle meets a US tariff shock

Money Moves

MPC holds repo at 5.25% Feb 6, 2026; easing cycle paused; focus shifts to liquidity via OMOs amid bond yield pressures and currency volatility

In 2025, under Governor Sanjay Malhotra, the RBI cut its repo rate by a cumulative 125 basis points—from 6.50% in February to 5.25% on December 5. It was the sharpest easing since 2019. The cuts came with $16 billion in liquidity injections via bond purchases and a dollar-rupee swap, which Malhotra called a rare Goldilocks period of sub-target inflation and strong growth.

Updated May 9