RBI Introduces Unified Markets Interface (UMI)

• Initiative: Unified Markets Interface (UMI) to tokenise financial assets through wholesale Central Bank Digital Currency (CBDC)
• Announcement: RBI Governor Sanjay Malhotra at Global Fintech Fest 2025

• Objective: Improve market efficiency, safety, and financial inclusion; facilitate digital tokenisation of bonds and securities to achieve quicker settlements, transparency, and fractional ownership
• Pilot Program: Showcased remarkable gains in market efficiency; makes India a world leader in CBDC-based market operations

Other RBI Digital Initiatives:

• Account Aggregator (AA) Framework:
• 17 Account Aggregators, 650 Financial Information Users (FIUs), 150 Financial Information Providers (FIPs)
• Represents 160 million accounts, handles 3.66 billion data requests

New Digital Solutions:

• UPI HELP: AI-powered support with Small Language Models
• IoT Payments with UPI: Payments from connected devices
• Banking Connect: Interoperable net banking interface
• UPI Reserve Pay: Preauthorization and control of funds
• Significance: Deepens India's safe, contactless, and inclusive digital finance environment