The Reserve Bank of India (RBI) has launched the Unified Markets Interface (UMI) — a landmark financial market infrastructure designed to enable asset tokenisation. Announced by RBI Governor Sanjay Malhotra, the initiative leverages blockchain technology and wholesale Central Bank Digital Currency (CBDC) to digitise real-world assets, enhancing efficiency, transparency, and market accessibility.
Unified Markets Interface (UMI) and Asset Tokenisation
UMI facilitates the conversion of physical assets into digital tokens on a blockchain network. This tokenisation process allows fractional ownership, enabling investors to trade smaller portions of assets globally.
The use of smart contracts ensures faster settlements and automated compliance, while the pilot phase has already demonstrated improvements in market efficiency and liquidity.
Integration of Wholesale CBDC
The UMI integrates wholesale CBDC for asset settlement — a digital form of central bank money accessible to financial institutions. Its integration ensures secure, rapid, and transparent transactions, reducing the need for traditional intermediaries and significantly lowering transaction costs.
Account Aggregator (AA) Framework and Financial Inclusion
To complement this digital infrastructure, the RBI is strengthening its Account Aggregator (AA) ecosystem, aimed at deepening financial inclusion and data-driven lending.
The AA framework allows individuals to securely share financial data with regulated entities through Financial Information Providers (FIPs) and Financial Information Users (FIUs).
Currently, 17 licensed AAs serve over 160 million accounts, handling billions of consent-based data requests annually. RBI plans to enhance the system with improved onboarding processes, user interfaces, data security measures, and greater transparency in consent management.
A Vision for India’s Digital Financial Future
Through initiatives like UMI and the AA Framework, the RBI is accelerating India’s transition toward a digitally integrated, transparent, and efficient financial ecosystem, aligning with the government’s broader vision of “Digital India” and innovative capital markets.