JAMMU, Sep 14:: RBI Deputy Governor Rohit Jain today announced the introduction of multicurrency capabilities for the forex category on Bharat Connect at the Global Fintech Fest (GFF) 2026.
The initiative is being introduced as a soft launch. Following completion and assessment of the testing phase, the service is proposed to be extended across additional Bharat Connect channels and participating banks.
The platform, 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 Limited (CCIL).
With the expansion, the platform will support Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), Swiss Franc (CHF) and UAE Dirham (AED), in addition to the US Dollar.
The initiative aims to broaden access to retail foreign exchange services by providing customers with multiple currency options through a single digital platform.
Customers using participating Bharat Connect channels can access services including foreign currency purchases, overseas remittances and forex card reloads. The service offers live rates and transparent pricing powered by FX-Retail, along with a simplified booking experience.
Fulfilment will continue through customers’ trusted relationship banks.
Customers can also add multiple relationship banks to their Forex Retail profile and select the bank through which they wish to fulfil transactions. This is expected to provide greater flexibility to customers maintaining relationships with more than one bank.
Forex transactions through Bharat Connect crossed Rs 100 million in value between April and July 2026, according to the information shared.
During the soft launch, the multicurrency service will be accessible 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.
Nand Kishore, MD, CCIL, said the launch marked an important milestone in making retail foreign exchange more accessible and convenient. He said the integration of FX-Retail with Bharat Connect would expand customer choice and simplify access to forex services through digital channels.
Dr. Noopur Chaturvedi, MD & CEO, NBBL, said customers’ access to international financial services was evolving rapidly and highlighted the need for simple, transparent and interconnected digital experiences.
She said the multicurrency forex facility would provide greater choice while retaining the convenience and trust associated with Bharat Connect.
The initiative, backed by RBI guidance and collaboration between NBBL and CCIL, is aimed at broadening the retail forex opportunity for banks and digital partners while providing customers with a transparent and seamless experience.