RBI Launches Unified Markets Interface (UMI) for Asset Tokenisation Using Blockchain and CBDC
The Reserve Bank of India (RBI) has launched the Unified Markets Interface (UMI) — a revolutionary step toward digitizing India’s financial markets. Announced in 2025 by RBI Governor Sanjay Malhotra, the initiative uses blockchain technology and wholesale Central Bank Digital Currency (CBDC) to bring transparency, security, and efficiency to financial transactions.
What Is Unified Markets Interface (UMI)?
The Unified Markets Interface enables the tokenisation of physical assets such as property, bonds, or securities into digital tokens stored on a blockchain.
Through tokenisation, assets can be divided into smaller digital units, enabling fractional ownership and global trade.
This innovation improves settlement speed with smart contracts, boosts transparency, and provides investors with faster and more accessible financial markets. Early pilot projects have shown remarkable potential in increasing efficiency and reducing transaction complexity.
Account Aggregator (AA) Framework and Financial Inclusion
The Account Aggregator framework plays a vital role in supporting data-driven financial inclusion.
This system allows individuals to securely share financial information with authorized institutions.
Currently, 17 Account Aggregators are operational in India, managing over 160 million accounts and processing billions of data requests annually.
RBI plans to enhance user onboarding, improve interface designs, and strengthen data privacy and consent management under this framework.
Integration with Wholesale CBDC
UMI integrates wholesale Central Bank Digital Currency (CBDC) for seamless asset settlements.
Wholesale CBDC represents digital central bank money, primarily used by financial institutions for high-value transactions.
Its inclusion ensures instant, secure, and low-cost settlements — minimizing dependency on traditional intermediaries and enhancing India’s financial ecosystem.
New Digital Payment Innovations by RBI
To strengthen the digital financial infrastructure, RBI also introduced four new digital products:
UPI HELP: An AI-powered assistant that resolves user transaction queries, starting with English and expanding to regional languages.
IoT Payments with UPI: Enables smart devices to make payments automatically, expanding the reach of digital payments.
Banking Connect: A new interoperable net banking system for faster and more convenient online payments.
UPI Reserve Pay: Allows users to block a specific credit limit for future purchases, simplifying recurring transactions in e-commerce and mobile apps.
Future Outlook
The success of UMI and AA frameworks will depend on data integration, platform interoperability, and user trust.
Expanding the scope of financial data and improving real-time analytics will be crucial to assessing the financial health of individuals and institutions.
These innovations mark a major leap in building a robust digital financial ecosystem, driving India closer to a fully inclusive and transparent market infrastructure powered by blockchain and CBDC technology.
