RBI Launches Multicurrency Forex Services on Bharat Connect
Reserve Bank of India Deputy Governor Rohit Jain announced the launch of multicurrency capabilities for foreign exchange services on Bharat Connect at the Global Fintech Fest in September. The service, currently available on a soft-launch basis, initially supports five currencies: the Euro, British Pound, Canadian Dollar, Swiss Franc, and UAE Dirham.
Bharat Connect has integrated with FX-Retail, operated by Clearcorp Dealing Systems (India) Limited, to provide live rates and transparent pricing. Customers can purchase foreign currency, make overseas remittances, and reload forex cards through participating channels such as MobiKwik, BHIM, bob World, PNB, Federal Bank, SBI, and Axis Bank.
The multicurrency facility is initially available on seven participating channels with five banks fulfilling transactions. The expansion aims to make retail foreign exchange more accessible and provide customers with greater choice.