The service has been launched on a soft-launch basis through a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai. Following an assessment of the CUG phase, it is proposed to be extended to more Bharat Connect channels and participating banks.
Five currencies added to forex offering
Bharat Connect, operated by NPCI Bharat BillPay (NBBL), has integrated with FX-Retail, operated by Clearcorp Dealing Systems (India), a wholly owned subsidiary of The Clearing Corporation of India (CCIL).
Through participating Bharat Connect channels, customers can purchase foreign currency, make overseas remittances and reload forex cards. The platform will provide live rates and pricing through FX-Retail, while transactions will continue to be fulfilled through the customer’s relationship bank.
Customers can also add more than one relationship bank to their Forex Retail profile and select the bank through which they want to fulfil a transaction.
Forex transactions through Bharat Connect crossed ₹100 million in value between April and July 2026, according to the release. The new multicurrency facility is aimed at meeting forex requirements linked to travel, education, business and international payments, without requiring customers to change their existing onboarding process.
The service is currently available through participating channels including MobiKwik, BHIM, bob World, Punjab National Bank, Federal Bank, State Bank of India and Axis Bank. Fulfilment banks include Punjab National Bank, State Bank of India, Axis Bank, Bank of Baroda and Federal Bank.
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NBBL, CCIL set out wider rollout
Commenting on the launch, Nand Kishore, Managing Director of CCIL, said, “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 through the digital channels of participating institutions.”Kishore added, “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.”
Speaking on the development, Noopur Chaturvedi, Managing Director and Chief Executive Officer of NBBL, said, “The way customers access international financial services is evolving rapidly, creating a need for experiences that are simple, transparent and interconnected.”
Chaturvedi said the multicurrency facility would give customers more choice while retaining the existing platform experience. “By combining transparent pricing and greater visibility into transactions, we are helping make forex services more accessible,” she said.
She added, “We believe the future of cross-border retail financial services lies in creating open networks where customers can choose from multiple providers and services through familiar digital channels.”
The expansion was undertaken with guidance from the RBI and through collaboration between NBBL and CCIL. The wider rollout will depend on the completion and assessment of the CUG phase.
