The Reserve Bank of India (RBI) is expanding the accessibility of its FX-Retail platform by integrating it with Bharat Connect, formerly known as the Bharat Bill Payment System (BBPS).
Launched in 2019 by the Clearing Corporation of India Limited (CCIL), the FX-Retail platform provides users with internet-based access to competitive foreign exchange (FX) rates.
As a result of this integration, users will be able to register and transact on the FX-Retail platform directly through mobile apps, internet banking, and other payment interfaces offered by banks and non-bank operators integrated with Bharat Connect.
In its initial phase, the pilot programme will allow individuals and sole proprietors to purchase US dollars against the Indian rupee through the platform. The RBI plans to gradually expand the scope of the plaform to include the sale of US dollars and other foreign exchange transactions, as well as broader user categories. However, users will have the option to access the platform directly under the existing framework.
“This integration will not only improve user experience but also bring greater convenience to retail and small business users in accessing foreign exchange,” noted RBI Governor Shaktikanta Das.
To facilitate this transition, the RBI will issue operational instructions to banks in the coming weeks.
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