Wire · Gulf Edu
RBI Deputy Governor Rohit Jain announced the launch of multicurrency forex services on Bharat Connect, expanding the platform’s offering beyond the US dollar to include the euro, British pound, Canadian dollar, Swiss franc, and UAE dirham. This service is being tested through a Controlled User Group (CUG) at the Global Fintech Fest 2026 in Mumbai. Following the CUG phase, it will be rolled out to more Bharat Connect channels and participating banks.
Bharat Connect, operated by NPCI Bharat BillPay (NBBL), has integrated with FX-Retail, operated by Clearcorp Dealing Systems (India), a subsidiary of The Clearing Corporation of India (CCIL). Customers can now purchase foreign currency, make overseas remittances, and reload forex cards through participating Bharat Connect 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.
The new multicurrency facility aims to meet forex needs for travel, education, business, and international payments without requiring customers to change their existing onboarding process. Transactions have already crossed ₹100 million in value between April and July 2026. Nand Kishore, Managing Director of CCIL, noted that this expansion provides customers with greater choice and enhances ease of access to retail forex services through digital channels.
Noopur Chaturvedi, Managing Director and CEO of NBBL, emphasized that the service aims to simplify and interconnect international financial services, making them more transparent and accessible. The rollout is guided by the RBI and involves collaboration between NBBL and CCIL.
Source: CNBC TV18
