In a progressive move to democratize access to the foreign exchange (forex) market for retail users, the Reserve Bank of India (RBI) has launched a pilot initiative that integrates the FX-Retail platform with Bharat Connect, a digital channel under the Bharat Bill Payment System (BBPS) operated by NPCI Bharat BillPay Ltd (NBBL). This was officially announced through a press release dated October 7, 2025, and launched at the Global Fintech Fest 2025 by Shri T. Rabi Sankar, Deputy Governor of RBI.
What is the FX-Retail Platform?
Launched in 2019 by Clearcorp Dealing Systems (India) Ltd., a subsidiary of the Clearing Corporation of India Ltd. (CCIL), the FX-Retail platform was designed to bring greater transparency, fairness, and accessibility in forex pricing. It allows users to purchase foreign currency (e.g., USD) against the Indian Rupee (INR) at real-time interbank rates.
While traditionally accessed via bank branches or corporate channels, the new linkage with Bharat Connect marks a significant step toward empowering retail customers to seamlessly access forex services via digital means.
What Does the New Integration Offer?
The integration enables individual customers with bank accounts in participating banks to register and transact on the FX-Retail platform through digital banking channels and Third Party Application Providers (TPAPs) such as CRED and Mobikwik.
Key Features of the Pilot Launch:
- Participating Banks (initial phase):
- Axis Bank
- Federal Bank
- ICICI Bank
- State Bank of India (SBI)
- Yes Bank
- Available Access Channels:
- CRED and Mobikwik apps for all five banks
- Internet banking for Federal Bank and SBI customers
- Types of Forex Transactions Supported:
- Cash value purchase of USD against INR
- For purposes like outward remittances, loading forex cards, and physical currency delivery (depending on bank offerings)
- More to Come:
- Gradual expansion to include more user categories, banks, TPAPs, channels, and a broader range of forex services
Why This Matters for Retail Customers
This pilot is a landmark development for Indian retail forex users, offering them:
- Greater access and convenience to purchase foreign exchange
- More competitive and transparent pricing through a standardized platform
- Freedom to choose digital platforms beyond traditional bank interfaces
- Potential cost savings due to real-time market-linked pricing versus markup-heavy bank counters
With rising demand for international travel, education, e-commerce, and cross-border payments, this initiative comes at an opportune time to digitize and democratize India’s forex landscape.
Next Steps and Public Participation
Further operational details, including onboarding processes and eligibility criteria, are available in the guidelines and FAQs issued jointly by Clearcorp and NBBL. RBI has emphasized a phased and feedback-driven rollout.
As the pilot progresses, user feedback will be crucial in shaping future enhancements and expanding the service nationwide.
Conclusion
By integrating the FX-Retail platform with Bharat Connect, the RBI is signaling its commitment to inclusive, technology-driven financial services. This initiative not only aligns with India’s Digital Public Infrastructure (DPI) vision but also takes a significant step toward creating a more transparent, accessible, and efficient forex market for the average Indian.
For retail customers and fintechs alike, this marks the beginning of a more empowered and connected future in foreign exchange access.