RBI to expand retail forex access with five new currency pairs, plans wider global currency bouquet

The Reserve Bank of India will add five currency pairs to its retail foreign-exchange platform, expanding access for individuals seeking to transact in major global currencies and broadening the range of forex services available outside traditional bank channels.

“The FX Retail is now set to introduce five additional currency pairs, enabling the customers to meet their needs in euro, British pound, Swiss franc, the Canadian dollar, and the Emirati dirham,” RBI Chief General Manager Dimple Bhandia said at the Global Fintech Fest in Mumbai on Wednesday.

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The central bank also plans to add the Japanese yen, Australian dollar, Singapore dollar, Hong Kong dollar and New Zealand dollar to the platform, Bhandia said.

The expansion would take the platform beyond its existing currency offering and give retail customers access to a broader set of currencies for their foreign-exchange requirements.

FX-Retail gains traction

The RBI launched the web-based FX-Retail platform in 2019 after customers complained about the high margins charged by banks on foreign-exchange transactions. The platform has since gained popularity, with average daily transaction volumes now at around $100 million.

The central bank had first announced plans to introduce additional currency pairs on FX-Retail in its October 2025 monetary policy.

Bhandia also said the expanded currency offering would be made available through Bharat Connect, a state-owned centralised platform used for recurring bill payments and business payments.

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“The entire bouquet of currencies will be available through the Bharat Connect linkage as well,” she said.

The move comes as the RBI seeks to widen the channels through which customers can access foreign-exchange services, potentially reducing their reliance on conventional bank-based transactions for such requirements.

(With inputs from Bloomberg)