RBI Links Bharat Connect with FX Platform: A New Era in Forex Transactions

The Reserve Bank of India (RBI) announced the linkage of Bharat Connect with the FX-Retail platform, allowing individual customers to seamlessly purchase US dollars via digital channels. This integration enables the use of preferred payment apps, providing a competitive and transparent currency exchange process.

Initially, the service will be available to customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India, and Yes Bank. Customers of these banks can access USD through bank apps or third-party applications like CRED and Mobikwik for various transactions, including forex card loading and outward remittances.

Furthermore, NPCI introduced pioneering features such as 'UPI Multi-Signatory' and 'Small Value Transactions using Wearable Glasses via UPI Lite,' enhancing UPI's capability. These innovations support joint account payments and hands-free transactions, aiming to meet the growing demand for frictionless digital payments.