4 min readSep 10, 2026 08:27 PM IST
Similar to the unified payments interface (UPI), the ULI was a digital infrastructure developed by the central bank aimed at democratising credit.The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) launched “Demat 2.0” on Thursday — a pilot program to test the tokenisation of corporate bonds and quicker settlement using the central bank digital currency and blockchain technology.
“It explores whether distributed ledger technology can bring the security and settlement legs closer together, enable faster settlement and automate parts of asset servicing,” SEBI Chairman Tuhin Kanta Pandey said while launching the initiative at the Global Fintech Fest in .
The initiative is being led by depositories such as the Central Depository Services Ltd (CDSL) and the National Securities Depositories Ltd (NSDL), exchanges like the BSE and the National Stock Exchange (NSE), banks such as the HDFC Bank and ICICI Bank, and the National Payments Corporation of India (NPCI).
