RBI to link foreign exchange platform with Bharat Connect to broaden digital access

The Reserve Bank of India’s Annual Report 2024–25 outlines an initiative to link the FX-Retail platform with Bharat Connect to improve accessibility and inclusivity in retail foreign exchange transactions.

According to the report, this integration aims to simplify the use of the FX-Retail platform—an electronic trading system that facilitates the purchase and sale of foreign exchange—by leveraging Bharat Connect, a system operated by NPCI Bharat Connect. The initiative targets individuals and sole proprietors in its initial rollout.

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“To expand the reach of FX-Retail platform and enhance user experience, the linking of this platform with Bharat Connect (formerly Bharat Bill Payment System) operated by the NPCI Bharat Connect shall be facilitated. In the first phase, a pilot facilitating purchase of USD against the Indian Rupee by individuals and sole proprietors shall be implemented,” the Annual Report stated.

Separately, the RBI also noted that the Bharat Bill Payment System (BBPS)—under NPCI Bharat BillPay Limited—has been expanding into new domains, including business-to-business (B2B) payments.

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