Deputy Governor Rohit Jain of the Reserve Bank of India (RBI) officially inaugurated new multicurrency foreign exchange services on Bharat Connect on Wednesday, September 9, 2026. This significant expansion moves the platform beyond its previous US dollar-only offering, now embracing five additional major global currencies.
The newly supported currencies include the Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), Swiss Franc (CHF), and UAE Dirham (AED). This initiative enables customers to perform various retail forex transactions, such as purchasing foreign currency, initiating overseas remittances, and reloading forex cards, directly through participating Bharat Connect channels.
Seamless Integration for Enhanced Accessibility
The multicurrency service was introduced during a soft launch phase to a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai. Bharat Connect, which is managed by NPCI Bharat BillPay Limited (NBBL), has integrated with FX-Retail, a platform operated by Clearcorp Dealing Systems (India) Limited, a subsidiary of The Clearing Corporation of India (CCIL).
This integration ensures that customers receive live exchange rates and transparent pricing directly from FX-Retail. While the platform facilitates the transaction process, the actual fulfillment continues to be handled through the customer’s existing relationship bank. A key benefit is the flexibility for users to link multiple banks to their Forex Retail profile, allowing them to select their preferred institution for each transaction.
Meeting Diverse Foreign Exchange Needs
The expansion of Bharat Connect forex services is designed to cater to a broad spectrum of foreign exchange requirements, including international travel, educational expenses abroad, business transactions, and other cross-border payments. Users can access these new currency options without undergoing any changes to their current onboarding process.
Since its inception, the existing forex service on Bharat Connect has seen substantial usage, with transactions exceeding Rs 100 million in value between April and July 2026. During the soft launch phase, the multicurrency service is accessible through several prominent Bharat Connect channels, including MobiKwik, BHIM, bob World, Punjab National Bank, Federal Bank, State Bank of India, and Axis Bank. Participating fulfillment banks include Punjab National Bank, State Bank of India, Axis Bank, Bank of Baroda, and Federal Bank.
Nand Kishore, Managing Director of CCIL, commented on the launch, stating, “By bringing fair and transparent forex markets directly to customers within an interoperable digital ecosystem, the aim for a simplified user journey and wider market access is now a reality for the foreign exchange markets in India.”
Noopur Chaturvedi, Managing Director and CEO of NBBL, emphasized the evolving landscape of international financial services, noting that customers require experiences that are “simple, transparent and interconnected.” She added, “The introduction of multicurrency forex capabilities on Bharat Connect gives customers greater choice while retaining the convenience and trust that define the platform experience.”
This initiative, guided by the RBI and developed through a collaborative effort between NBBL and CCIL, is slated for broader rollout to additional Bharat Connect channels and participating banks after the successful completion and assessment of the CUG phase.