In a major boost to India’s digital finance framework, the Reserve Bank of India (RBI) has integrated the Bharat Connect bill payment platform with its FX-Retail system, enabling customers to purchase US dollars online for remittances, travel, and forex card top-ups. The initiative, unveiled at the Global Fintech Fest 2025, seeks to simplify how individuals access and transact in the retail foreign exchange market.
Under the pilot phase, customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India, and Yes Bank will be able to use their banking and fintech applications to buy US dollars directly. These services are available through popular digital payment platforms such as CRED and Mobikwik, while clients of Federal Bank and SBI can also log in via their internet banking portals.
The new system allows users to view competitive exchange rates, complete transactions digitally, and choose between cash delivery, forex card crediting, or overseas remittances. Initially restricted to a few institutions, the RBI plans to extend the facility to additional banks, payment channels, and transaction categories in the coming months.
The pilot was officially launched by RBI Deputy Governor T. Rabi Sankar, following the central bank’s December 2024 roadmap to connect the Bharat Connect network, managed by NPCI Bharat BillPay Ltd (NBBL), with its forex platform in a phased manner.
According to the RBI, the linkage will let individual customers register once and transact securely through their bank or third-party app, ensuring real-time settlements and transparent exchange pricing.
Alongside the launch, NPCI introduced 2 innovations aimed at enhancing user convenience. The UPI Multi-Signatory feature enables corporates, MSMEs, startups, and trusts to authorise payments jointly via UPI, allowing multi-level approvals for vendor bills and business transactions.
NPCI also unveiled UPI Lite for wearable devices, which lets users make small, contactless payments through smart glasses by scanning QR codes and authenticating via voice commands. The feature is targeted at retail, food, and transit sectors, signalling the rise of wearable and ambient payments in India’s growing digital ecosystem.
Read More: RBI Elevates FIDC to Self-Regulator for Non-Bank Lending Sector!
The RBI’s Bharat Connect–FX Retail integration represents another step toward digitising forex services and empowering individuals with easier access to global currencies.
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Published on: Oct 8, 2025, 4:20 PM IST
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