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RBI Expands Forex Options Beyond USD on Bharat Connect
9 Sep
Summary
- Multicurrency forex services now available on Bharat Connect.
- Five new currencies added: EUR, GBP, CAD, CHF, and AED.
- Service launched on soft-launch basis at Global Fintech Fest 2026.
RBI Deputy Governor Rohit Jain announced the launch of multicurrency forex services on Bharat Connect on September 9, 2026. This expansion allows customers to access five new currencies – the euro, British pound, Canadian dollar, Swiss franc, and UAE dirham – in addition to the US dollar. The service is currently in a soft-launch phase through a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai.
Bharat Connect, operated by NPCI Bharat BillPay (NBBL), has integrated with FX-Retail from Clearcorp Dealing Systems (India). This integration enables customers to purchase foreign currency, make overseas remittances, and reload forex cards through participating Bharat Connect channels. Transactions will be fulfilled by the customer's relationship bank, with options to add multiple banks.
Forex transactions via Bharat Connect saw significant activity, exceeding ₹100 million between April and July 2026. The new multicurrency facility is designed to meet diverse international payment needs without altering existing onboarding processes. Participating channels include MobiKwik, BHIM, and several major banks, with fulfillment handled by entities like Punjab National Bank and State Bank of India.
Officials from CCIL and NBBL highlighted the move as a significant enhancement to retail forex services, emphasizing increased customer choice, ease of access through digital channels, and a simplified user journey. The expansion aims to make forex markets more accessible and transparent within an interoperable digital ecosystem.
