RBI pilots programmable CBDCs to target and restrict subsidy spending
The Reserve Bank of India (RBI) is stepping up its digital currency game, running pilots in Gujarat, Puducherry, and Chandigarh to see how programmable central bank digital currencies (CBDCs) can make government subsidies more targeted and transparent.
With this system, subsidies go straight to the right people and can only be spent on approved goods at specific shops.
RBI UMI rollout and partnerships
RBI isn't stopping there. It's also rolling out a new platform called Unified Markets Interface (UMI) for turning financial assets into digital tokens.
Plus, they're teaming up with Singapore and the UAE to make cross-border payments smoother, while joining global projects like Project Rialto.
Next up: bringing more people into these pilots and finding fresh ways to use tokenized assets across different sectors.