NBBL launches forex services on Bharat Connect in tie-up with CCIL’s FX-Retail Platform

In a move set to revolutionise how Indians access and manage foreign exchange, NPCI Bharat BillPay Limited (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), has introduced a Forex category on its Bharat Connect platform in collaboration with Clearcorp Dealing Systems (India) Limited, a subsidiary of The Clearing Corporation of India Ltd. (CCIL).

The new integration links NBBL’s Bharat Connect with Clearcorp’s FX-Retail platform, enabling retail users to buy US dollars, reload forex cards, or make outward remittances directly through participating mobile banking and payment applications. The service was officially launched at the Global Fintech Fest 2025 in the presence of T. Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI).

The initiative marks a significant step in making retail forex transactions more transparent, efficient, and fully digital. Users can view real-time exchange rates sourced directly from the FX-Retail platform, ensuring competitive pricing and eliminating hidden costs. Through Bharat Connect-enabled apps, customers can complete their forex transactions seamlessly, from booking to payment and fulfilment, without visiting a physical branch.

Commenting on the launch, Noopur Chaturvedi, MD & CEO of NBBL, said: “The launch of Forex Services on Bharat Connect marks a new chapter in how Indians access foreign exchange. By enabling seamless, transparent, and fully digital journeys for users, we are reimagining convenience and accessibility in this space. Our collaboration with Clearcorp reflects a collective effort to simplify global payments and make forex accessible to every Indian through secure digital infrastructure.”

Hare Krishna Jena, MD, CCIL, emphasized that the FX-Retail platform—launched in 2019—was built to promote fairness and transparency in foreign exchange pricing. “The linkage of FX-Retail with Bharat Connect, as outlined in the RBI’s December 2024 policy statement, is a significant step forward. It will allow retail customers to access the forex market directly, beginning with U.S. dollar purchases against the Indian rupee,” he said.

Users can register via TPAPs or mobile banking apps using their PAN, mobile number, and bank verification, select their preferred bank and mode of delivery, and pay through UPI or net banking. Depending on the chosen option, users can either collect physical currency from a branch or complete the transaction digitally for forex card reloads or outward remittances.

Fully compliant with the RBI’s Liberalised Remittance Scheme (LRS), the platform currently supports U.S. dollar transactions for individual users, with more currencies expected in future phases.