RBI Enables Retail Access to FX-Retail Platform via Bharat Connect: Pilot Launched with Axis, SBI, ICICI, Federal & Yes Bank [Read Press Release]
The linkage is expected to allow a larger number of customers to access the FX market with transparency and fairness as it involves major nationalized banks.
bharat - connect - Taxscan
bharat - connect - Taxscan
The Reserve Bank of India on October 7, 2025, launched a pilot linking the Clearcorp Dealing Systems (India) Ltd.’s FX-Retail platform with the Bharat Bill Payment System (Bharat Connect).
The linking of both platforms will enable individual bank customers of participating banks to register and transact on the FX-Retail marketplace through their banks’ digital channels and approved third-party application providers (TPAPs).
The pilot project was flagged off by T. Rabi Sankar, Deputy Governor of the RBI at the Global Fintech Fest 2025 which is being held at the Jio World Centre in Mumbai from 7 to 9 October, 2025.
The pilot project initially covers customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India and Yes Bank who shall be able to access the platform via the CRED and Mobikwik applications. In addition, customers of Federal Bank and the State Bank of India customers can use their banks’ dedicated internet banking portals to access the FX-Retail platform.
What is the FX-Retail Platform?
The FX-Retail platform, operated by Clearcorp Dealing Systems (India) Ltd., is an online marketplace launched in 2019 to provide retail customers and small businesses transparent, fair and competitive pricing for buying or selling foreign exchange - primarily transactions involving the US Dollars against the Indian Rupee on a “value cash” basis for permitted purposes offered by the banks. These transactions include outward remittances, loading of foreign exchange cards and physical delivery of foreign currency notes, in accordance with the services made available by each participating bank.
Linking FX-Retail with Bharat Connect is slated to expand the reach of the FX-Retail platform, enhance user experience and enable a larger number of customers to access the FX market with transparency and fairness.
Operational details and user instructions have been set out in the operational guidelines and Frequently Asked Questions issued by Clearcorp and NPCI Bharat BillPay Ltd. (NBBL).
The RBI said the pilot’s scope will be gradually expanded to include additional user categories, more channels, banks, TPAPs, and offer a wider range of foreign-exchange transactions as the rollout proceeds.
The linkage with Bharat Connect was announced earlier in the RBI’s Statement on Developmental and Regulatory Policies dated December 06, 2024 with the current pilot being the first phased implementation of that commitment.
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