UPI. ULI. Now UMI.
UPI launched in 2016 and changed how India pays. Today, nearly 555 million people use it, with over 24.5 billion transactions every month.
ULI followed, piloted in 2023, named the Unified Lending Interface in 2024, targeting lending. It brings data from governments, banks and credit bureaus together, designed to cut loan assessment from weeks to minutes.
Now comes the least understood, and potentially biggest, piece.
In October 2025, RBI Governor Sanjay Malhotra unveiled the Unified Markets Interface (UMI) at Global Fintech Fest in Mumbai. UMI is designed to tokenise financial assets and settle them using wholesale CBDC, bringing the asset and central bank money onto the same rails.
Its first pilot focused on tokenised Certificates of Deposit, with the Governor calling the results encouraging.
Put the three together and the direction is clear: India has built the rails for how money moves, how credit reaches people, and now how assets are issued, owned and settled.
The IBW Institutional Forum brings the people building this next layer of financial infrastructure into one room.
1-2 November. Mumbai.