Maharashtra Moving Towards Becoming First 'Tokenised State': Fadnavis On Asset Tokenisation

Chief Minister Devendra Fadnavis on Wednesday said Maharashtra is making significant progress towards becoming the country's first "tokenised state", to enable easier access and review of land records.

Notably, the Maharashtra Digitisation and Exchange of Land Token Asset Act, known as the DELTA Act, is a proposed law by the state government to create India's first legal framework for blockchain-based tokenisation of land and immovable property.

Talking to reporters at the Global Fintech Fest here, Fadnavis said Mumbai is the country's financial as well as fintech capital, while India has emerged as the world's largest digital transaction market.

"Financial institutions and lending institutions have become accessible to the common man. People now have access to all kinds of financial services," he said.

Recalling his announcement at the previous JFF (Jio Finance Forum), Fadnavis said Maharashtra had set a goal of becoming the first "tokenised state" and had made considerable progress towards it over the past year.

"We have prepared the DELTA Act. A committee has now been formed to undertake a complete review of the Act," he said.

Once the law is enacted, even ordinary citizens would be able to realise the value of their land and other assets and create liquidity from them, Fadnavis said.

He said new technologies and different modes of virtual payments, including ATMs, debit cards and credit cards, were increasingly driving the shift towards digital payments.

"We are trying to take Maharashtra to the next level through this initiative," the chief minister said.