MUMBAI: RBI governor Sanjay Malhotra said early experiments with financial asset tokenisation were helping the regulator test the infrastructure for future markets as he launched a pilot enabling instant settlement of tokenised corporate bonds through the eRupee.Malhotra on Thursday launched the Demat 2.0 pilot with Sebi chairman Tuhin Kanta Pandey at the Global Fintech Fest. The initiative enables corporate bonds to be tokenised and settled through the central bank digital currency, while automating coupon payments and redemption.RBI is also looking to expand the Unified Lending Interface (ULI) as common digital rails for consent-based credit delivery. It plans to roll out the proposed Digital Payments Intelligence Platform alongside MuleHunter.ai to strengthen real-time fraud mitigation. The central bank is continuing programmable CBDC pilots for targeted govt benefit transfers, including PMGKAY, while expanding the wholesale CBDC market architecture.He said AI, quantum computing and tokenisation should be applied to practical problems such as improving consumer services, addressing credit gaps, increasing operational efficiency and reducing fraud. At the same time, firms need to address risks from algorithmic opacity, bias, financial exclusion, herding behaviour, cybersecurity vulnerabilities, data privacy and the erosion of human judgement in AI-based decision-making.The governor also stressed that customer data should be treated as a fiduciary responsibility, with its use bound by purpose and consent rather than treated as an asset to be monetised.