RBI proposes linking FX-Retail platform to Bharat Connect

The Reserve Bank of India (RBI) Friday widened the reach of the FX-Retail platform by linking it to Bharat Connect (formerly Bharat Bill Payment System). According to the regulator, the linkage will allow customers to use the FX-Retail platform through banking and non-banking apps integrated with Bharat Connect.

"To expand the reach of FX-Retail platform and enhance user experience, it is proposed to facilitate the linking of the FX-Retail platform with Bharat Connect (earlier known as Bharat Bill Payment System) operated by the NPCI Bharat Connect," the RBI said. "The linkage will enable users to register and transact on the FX-Retail platform through the apps of banks (mobile applications, internet banking etc.) and non-bank payment system providers, which are integrated with Bharat Connect."

The RBI said that in the first phase, it will implement a pilot facilitating purchase of US Dollar against the Rupee by individuals and sole proprietors.


Going forward, the scope will be expanded to cover other FX transactions including sale of US Dollar against the Rupee and other categories of users. Users will continue to have the option to directly access the FX-Retail platform, and transact under the existing mechanism.

To bring greater transparency and fairness in the pricing of foreign exchange for users, especially for individuals and the Micro, Small and Medium Enterprises, the Clearing Corporation of India Limited (CCIL) launched the FX-Retail platform in 2019. Presently, the FX-Retail platform is accessible through an internet-based application.