RBI links Bharat Connect, FX-Retail to facilitate dollar transactions

The integration will allow bank customers to digitally buy US dollars for remittances, forex cards, or currency notes at competitive rates

The Reserve Bank of India (RBI) on Tuesday said the Bharat Connect bill payment system has been linked with the foreign exchange (forex) retail platform to allow customers to buy US dollars for outward remittances, forex card loads, or as currency notes at competitive rates.

  With this facility, customers can now access foreign exchange services through their preferred banking or payment applications integrated with Bharat Connect or the Bharat Bill Payment System (BBPS), the RBI said in a statement.

 

Initially, customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India (SBI), and Yes Bank will be able to use the platform to purchase US dollars digitally.

 

Seamless digital forex access via apps

  The central bank said the linkage will enable individual customers holding accounts with participating banks to register and transact on the FX-Retail platform via digital channels and third-party apps.

 

“To begin with, the pilot is being made available to customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India, and Yes Bank,” the RBI said. Customers of these banks can access the platform through CRED and Mobikwik to buy US dollars against the Indian rupee for remittances, forex card loading, and physical currency delivery.

 

Additionally, customers of Federal Bank and SBI can access FX-Retail through their internet banking portals. The RBI said the pilot’s scope will gradually expand to include more banks, users, channels, and transaction types.

 

Pilot launched at Global Fintech Fest 2025 

The pilot project was formally launched by RBI Deputy Governor T Rabi Sankar at the Global Fintech Fest 2025. The initiative follows the central bank’s December 2024 announcement to link FX-Retail with Bharat Connect, operated by NPCI Bharat BillPay Ltd (NBBL), in phases to expand retail access to the forex market.

 

The National Payments Corporation of India (NPCI) said customers can now buy US dollars seamlessly for three delivery modes — currency notes, forex card loads, and outward remittances.

 

NPCI unveils new digital payment features 

At the same event, NPCI announced two new digital payment features — UPI Multi-Signatory and Small Value Transactions using Wearable Glasses via UPI Lite.

 

The UPI Multi-Signatory feature allows joint or multi-signatory account holders to authorise payments digitally through any UPI app. This marks the first time UPI has enabled approval-based payments for corporate entities, micro, small and medium enterprises (MSMEs), startups, trusts, and joint account holders — facilitating vendor payments, reimbursements, and recurring transactions.

 

Meanwhile, the UPI Lite wearable payments feature will allow users to make small, hands-free transactions using smart glasses by scanning a QR code and authenticating payments through voice, without the need for a phone or PIN entry.

 

NPCI said the feature is designed for quick payments in retail, food, and transit use cases, representing UPI’s first step into the wearable payments ecosystem and advancing the concept of “ambient payments” for a seamless digital experience.