Reserve Bank of India Deputy Governor Rohit Jain on Monday announced the introduction of multicurrency capabilities for foreign exchange services on Bharat Connect at the Global Fintech Fest (GFF) 2026.
The initiative, launched on a soft-launch basis, will initially support the Euro, British Pound, Canadian Dollar, Swiss Franc and UAE Dirham, expanding the platform’s existing forex offering beyond the US Dollar.
Bharat Connect, operated by NPCI Bharat BillPay Limited (NBBL), has integrated the service with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited, a wholly owned subsidiary of the Clearing Corporation of India Limited (CCIL).
Customers using participating Bharat Connect channels will be able to purchase foreign currency, make overseas remittances and reload forex cards. The platform will provide live rates and transparent pricing through FX-Retail, while transactions will continue to be fulfilled through participating relationship banks.
Customers can also add multiple relationship banks to their Forex Retail profile and select the bank through which they want to complete a transaction.
Forex transactions through Bharat Connect crossed Rs 100 million in value between April and July 2026, according to the statement.
The multicurrency facility is initially available through participating 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 expansion would make retail foreign exchange more accessible while providing customers greater choice.
“The expansion of the FX-Retail platform across multiple currencies will provide customers with greater choice, while its integration with Bharat Connect will significantly enhance the ease of accessing retail forex services,” he said.
Dr Noopur Chaturvedi, MD and CEO, NBBL, said the initiative would provide customers with simpler and more interconnected access to international financial services.
“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.
Following the testing and assessment phase, the multicurrency offering is proposed to be expanded to additional Bharat Connect channels and participating banks.
