RBI Expands Bharat Connect with Multicurrency Forex Services
The Reserve Bank of India (RBI) has launched multicurrency forex services on Bharat Connect, expanding its existing foreign exchange offering beyond the US Dollar. The initiative, which is currently in a soft-launch phase, supports five new currencies: Euro, British Pound, Canadian Dollar, Swiss Franc, and UAE Dirham.
The service is integrated with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited, allowing customers to purchase foreign currency, make overseas remittances, and reload forex cards. The platform provides live rates and transparent pricing through FX-Retail, while transactions are fulfilled through participating relationship banks.
The RBI has stated that the multicurrency facility is initially available through participating channels including MobiKwik, BHIM, bob World, PNB, Federal Bank, SBI, and Axis Bank. The expansion of the platform's capabilities is expected to make retail foreign exchange more accessible and provide customers with greater choice.
Nand Kishore, MD, CCIL, said the expansion would 'make retail foreign exchange more accessible while providing customers greater choice.' Dr Noopur Chaturvedi, MD and CEO, NBBL, noted that the initiative would give customers 'simpler and more interconnected access to international financial services.'