RBI State Finance Secretaries Conference: ULI, P-CBDC Push

The RBI state finance secretaries conference held in Mumbai on 27 October 2026 saw the Governor urge States to onboard the Unified Lending Interface (ULI) and use Programmable Central Bank Digital Currency (P-CBDC) for Direct Benefit Transfers (DBT).

RBI state finance secretaries conference: what happened

The 36th Conference of State Finance Secretaries was held at RBI, Mumbai, on 27 October 2026 and was inaugurated by the Governor.
Finance Secretaries of 27 States and three Union Territories attended, along with senior officials from the Ministry of Finance, the Controller General of Accounts and the Comptroller and Auditor General.
The theme was the role of quality of expenditure, effective cash management and prudent debt management in States’ fiscal sustainability.
The Governor released a booklet titled Compendium on Cash and Debt Management for State Governments, which sets out concepts, processes and good practices.

What the Governor asked States to do

Maintain the quality of expenditure for long-term fiscal health.
Adopt prudent borrowing strategies and efficient cash management.
Onboard onto the Unified Lending Interface (ULI).
Use P-CBDC for Direct Benefit Transfers.
Make effective use of the State Level Bankers’ Committee (SLBC) forum.

The meeting also reviewed States’ market borrowings, short-term financial accommodation from the Reserve Bank and States’ adoption of the Benchmark Issuance Strategy.

What is not stated

No deadline, target or list of States for ULI or P-CBDC adoption was announced.
No change to how benefits are paid to citizens today was announced.

What this means for you

Nothing changes for beneficiaries immediately: the press release is guidance to State governments, not a rule or a launch. If a State later pays a scheme through P-CBDC, it will say so through its own department. Until then, keep receiving DBT in your bank account as usual.