RBI launches multicurrency forex services on Bharat Connect; adds euro, pound, dirham, Swiss franc, CAD
The Reserve Bank of India has expanded Bharat Connect’s retail forex offering beyond the US dollar, allowing users to access five additional currencies. The new facility will support the euro, British pound, UAE dirham, Swiss franc and Canadian dollar for foreign currency purchases, remittances and forex card reloads.
- Sep 9, 2026,
- Updated Sep 9, 2026 6:49 PM IST
The Reserve Bank of India (RBI) Deputy Governor Rohit Jain on Wednesday launched multicurrency foreign exchange services on Bharat Connect, expanding the platform’s retail forex offering beyond the US dollar to five additional currencies.
The new facility will support the euro (EUR), British pound (GBP), Canadian dollar (CAD), Swiss franc (CHF) and UAE dirham (AED). The service was launched on a soft-launch basis through a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai.
Bharat Connect, operated by NPCI Bharat BillPay Limited (NBBL), has integrated with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited, a wholly owned subsidiary of The Clearing Corporation of India (CCIL).
Through participating Bharat Connect channels, customers will be able to purchase foreign currency, make overseas remittances and reload forex cards. The platform will provide live rates and pricing through FX-Retail, while the fulfilment of transactions will continue through the customer’s relationship bank.
Customers can also add multiple relationship banks to their Forex Retail profile and select the bank through which they want to fulfil a transaction. This is expected to provide additional flexibility to customers who maintain banking relationships with more than one institution.
Bharat Connect forex transactions
The multicurrency facility expands an existing forex service on Bharat Connect, with transactions through the platform surpassing Rs 100 million in value between April and July 2026, according to the release.
The new offering is aimed at meeting foreign exchange requirements linked to travel, education, business and international payments. Customers will be able to access the additional currencies without having to change their existing onboarding process.
As part of the soft launch, the service is available through participating Bharat Connect channels, including MobiKwik, BHIM, bob World, Punjab National Bank, Federal Bank, State Bank of India and Axis Bank.
The participating fulfilment banks include Punjab National Bank, State Bank of India, Axis Bank, Bank of Baroda and Federal Bank.
Commenting on the launch, Nand Kishore, Managing Director of CCIL, said the expansion of FX-Retail across multiple currencies would provide customers with greater choice, while its integration with Bharat Connect would make retail forex services more accessible through participating institutions’ digital channels.
“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,” Kishore said.
Noopur Chaturvedi, Managing Director and CEO of NBBL, said customer access to international financial services was evolving and required experiences that were “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,” she said.
The initiative was undertaken with guidance from the RBI through collaboration between NBBL and CCIL. Following completion and assessment of the CUG phase, the multicurrency service is proposed to be extended to additional Bharat Connect channels and participating banks.
The Reserve Bank of India (RBI) Deputy Governor Rohit Jain on Wednesday launched multicurrency foreign exchange services on Bharat Connect, expanding the platform’s retail forex offering beyond the US dollar to five additional currencies.
The new facility will support the euro (EUR), British pound (GBP), Canadian dollar (CAD), Swiss franc (CHF) and UAE dirham (AED). The service was launched on a soft-launch basis through a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai.
Bharat Connect, operated by NPCI Bharat BillPay Limited (NBBL), has integrated with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited, a wholly owned subsidiary of The Clearing Corporation of India (CCIL).
Through participating Bharat Connect channels, customers will be able to purchase foreign currency, make overseas remittances and reload forex cards. The platform will provide live rates and pricing through FX-Retail, while the fulfilment of transactions will continue through the customer’s relationship bank.
Customers can also add multiple relationship banks to their Forex Retail profile and select the bank through which they want to fulfil a transaction. This is expected to provide additional flexibility to customers who maintain banking relationships with more than one institution.
Bharat Connect forex transactions
The multicurrency facility expands an existing forex service on Bharat Connect, with transactions through the platform surpassing Rs 100 million in value between April and July 2026, according to the release.
The new offering is aimed at meeting foreign exchange requirements linked to travel, education, business and international payments. Customers will be able to access the additional currencies without having to change their existing onboarding process.
As part of the soft launch, the service is available through participating Bharat Connect channels, including MobiKwik, BHIM, bob World, Punjab National Bank, Federal Bank, State Bank of India and Axis Bank.
The participating fulfilment banks include Punjab National Bank, State Bank of India, Axis Bank, Bank of Baroda and Federal Bank.
Commenting on the launch, Nand Kishore, Managing Director of CCIL, said the expansion of FX-Retail across multiple currencies would provide customers with greater choice, while its integration with Bharat Connect would make retail forex services more accessible through participating institutions’ digital channels.
“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,” Kishore said.
Noopur Chaturvedi, Managing Director and CEO of NBBL, said customer access to international financial services was evolving and required experiences that were “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,” she said.
The initiative was undertaken with guidance from the RBI through collaboration between NBBL and CCIL. Following completion and assessment of the CUG phase, the multicurrency service is proposed to be extended to additional Bharat Connect channels and participating banks.