THEBUSINESSBYTES
BUREAU
MUMBAI,
SEPTEMBER 1, 2026
Forex transactions
processed through NPCI Bharat BillPay Ltd's (NBBL) Bharat Connect platform
crossed Rs 100 million during April-July 2026, marking a sharp acceleration in
adoption of its digital forex offering.
The platform
processed forex transactions worth Rs 111.91 million in the first four months
of 2026-27, taking the cumulative value since the launch of the category to Rs
138.97 million, NBBL said on Monday.
In the financial year
2025-26, Bharat Connect had processed forex transactions worth Rs 27.06
million.
The forex category
was launched at the Global Fintech Fest 2025 by the Deputy Governor of the
Reserve Bank of India (RBI). It integrates NBBL's Bharat Connect platform with
FX-Retail, developed by the Clearing Corporation of India Ltd (CCIL), enabling
customers to access transparent and competitive forex pricing through an
interoperable digital ecosystem.
The category has
witnessed robust growth since its launch, with the platform also seeing an
increase in large-ticket transactions, NBBL said.
Traditionally, forex
purchases have involved limited visibility on pricing, dependence on specific
banks or authorised dealers, and offline or fragmented processes. Bharat
Connect seeks to address these challenges by providing an interoperable digital
marketplace for forex services through regulated banking partners.
The platform allows
customers to compare live and transparent rates, helping them make informed
decisions and potentially achieve savings on forex transactions.
The ecosystem
currently includes leading banks on the fulfilment side, with Axis Bank, Bank
of Baroda, Federal Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State
Bank of India and YES Bank participating as billers.
On the
customer-facing side, platforms including BHIM, Bank of Baroda, CRED, Federal
Bank, MobiKwik, Punjab National Bank and State Bank of India provide digital
access to forex services.
With RBI guidance and CCIL's FX-Retail platform supporting transparent price discovery, Bharat Connect is helping modernise forex purchases by bringing regulated forex providers and digital platforms onto a common, open and interoperable infrastructure.
The initiative is aimed at providing customers with greater access, choice and convenience while making forex transactions more transparent and market-linked.
