Synopsis: The Reserve Bank of India (RBI) has launched a pilot linking the FX-Retail platform of Clearcorp Dealing Systems with the Bharat Bill Payment System (Bharat Connect).
This integration enables customers of select banks to buy US dollars directly via popular digital apps and internet banking. The move, unveiled at the Global Fintech Fest 2025, is expected
to bring more transparency, fairness, and accessibility to India’s forex transactions.
Introduction
The FX-Retail platform, operated by Clearcorp Dealing Systems (India) Ltd, has now been linked with the Bharat Bill Payment System (Bharat Connect).
This milestone allows individual bank customers to seamlessly register and transact on FX-Retail through their banks’ digital platforms and Third Party Application Providers (TPAPs).
The pilot project was formally launched on October 7, 2025, by RBI Deputy Governor T. Rabi Sankar at the Global Fintech Fest.
Participating Banks and Access Channels
- The pilot will initially cover customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India, and Yes Bank.
- Users can access FX-Retail via CRED and Mobikwik apps to purchase USD against INR.
- Customers of Federal Bank and State Bank of India can also use their banks’ internet banking portals.
Scope of Transactions
Through this linkage, customers will be able to purchase US dollars for multiple purposes:
- Outward remittances
- Loading foreign exchange cards
- Physical delivery of foreign currency notes
The pilot will gradually be expanded to include more banks, user categories, TPAPs, and additional forex transactions, ensuring a wider reach and adoption.
Background and Significance
The FX-Retail platform was launched in 2019 with the aim of ensuring transparency and fairness in forex pricing for retail users.
In the RBI’s Statement on Developmental and Regulatory Policies (December 6, 2024), it was announced that FX-Retail would be linked with Bharat Connect to
bring forex services to a larger customer base in phases, starting with individual buyers of US dollars.
This integration marks a significant step in India’s fintech journey, aligning with RBI’s vision to provide efficient, inclusive, and technology-driven access to the forex market.
📌 Final Note
The FX-Retail–Bharat Connect linkage empowers individuals with faster, fairer, and more transparent access to forex transactions.
By expanding beyond institutional players, the initiative makes forex facilities available to everyday customers via trusted digital channels.
As the pilot grows to include more banks and TPAPs, India’s forex market will become more inclusive and digitally enabled.
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