India’s digital rupee could move beyond payments. Here’s where it may be headed

India’s digital rupee may be moving beyond its initial role as an alternative form of payment, with Finance Minister Nirmala Sitharaman urging the Reserve Bank of India to sharpen its CBDC capabilities as tokenised financial assets begin to gain ground.

Speaking at the Global Fintech Fest 2026 in Mumbai on Friday, Sitharaman asked the RBI to build further on its wholesale and retail central bank digital currency pilots, pointing to the digital rupee’s potential role as the settlement layer for tokenised bonds and other assets.