Five additional currencies and multiple forex services introduced across partners participating in the Controlled User Group, ahead of a wider rollout
FinTech BizNews Service
Mumbai, 9 September 2026: The RBI Deputy Governor, Shri Rohit Jain, today announced the introduction of multicurrency capabilities for forex category on Bharat Connect at Global Fintech Fest (GFF) 2026. The initiative is being undertaken as a soft launch within a Controlled User Group (CUG). Following the successful completion and assessment of the CUG phase, the offering is proposed to be extended across more Bharat Connect channels and participating banks.
The platform, which is operated by NPCI Bharat BillPay Limited (NBBL), integrates with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited (Clearcorp), wholly owned subsidiary of The Clearing Corporation of India Limited (CCIL) will now support Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), Swiss Franc (CHF) and UAE Dirham (AED). The initiative aims to extend the existing forex proposition beyond the US Dollar and provide customers access to a wider range forex services through a single platform.
Customers using participating Bharat Connect channels can access multiple forex services, including foreign currency purchase, overseas remittance, and forex card reload while continuing to benefit from live rates, transparent pricing powered by FX Retail, and a seamless booking experience. Fulfilment continues through the customer’s trusted relationship bank, providing reliability and confidence across transactions. Customers can also add multiple relationship banks to their Forex Retail profile and choose the bank through which they wish to fulfil their transactions, offering greater flexibility to those who maintain relationships with more than one bank.
The offering expands customer choice while leveraging the existing FX-Retail infrastructure and Bharat Connect transaction journey. Forex transactions through Bharat Connect surpassed INR 100 million in value between April and July 2026. The multicurrency capability enables customers to access a broader range of currencies for travel, education, business and international payment needs without changing the existing onboarding experience.
As part of the soft launch, customers can access the multicurrency service through participating Bharat Connect channels, including MobiKwik, BHIM, bob World, PNB, Federal Bank, SBI, and Axis Bank. Participating fulfilment banks include Punjab National Bank, State Bank of India, Axis Bank, Bank of Baroda, and Federal Bank. Following the successful completion and assessment of the CUG phase, the service is proposed to be extended across more partner channels and participating banks.
“Today’s launch marks an important milestone in our commitment to making retail foreign exchange more accessible, convenient, and inclusive for all market participants. The expansion of the FX-Retail platform across multiple currencies will provide customers with greater choice, while its integration with Bharat Connect will significantly enhance the ease of accessing retail forex services through the digital channels of participating institutions. By bringing fair and transparent forex markets directly to customers within an interoperable digital ecosystem, the aim for a simplified user journey and wider market access is now a reality for the foreign exchange markets in India", said Mr. Nand Kishore, MD, CCIL.
Speaking on the development, Dr. Noopur Chaturvedi, MD & CEO, NBBL, said "The way customers access international financial services is evolving rapidly, creating a need for experiences that are simple, transparent and interconnected. The introduction of multicurrency forex capabilities on Bharat Connect gives customers greater choice while retaining the convenience and trust that define the platform experience. By combining transparent pricing and greater visibility into transactions, we are helping make forex services more accessible. We believe the future of cross-border retail financial services lies in creating open networks where customers can choose from multiple providers and services through familiar digital channels."
With the RBI’s guidance and the close collaboration between NBBL and CCIL, the multicurrency expansion broadens the addressable forex opportunity for banks and front-end partners while ensuring a robust, transparent, and seamless customer experience.
