Indians Can Now Get Foreign Currency Digitally! NPCI Bharat BillPay Launches Revolutionary Forex Access for Indians

NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), has unveiled a significant new feature on its Bharat Connect platform by integrating a forex category. This initiative is a collaboration with Clearcorp Dealing Systems (India) Limited, a subsidiary of The Clearing Corporation of India Ltd. (CCIL). The integration uses Clearcorp’s FX-Retail Platform to provide retail users with digital access to foreign currency, forex card reloads, and outward remittances via popular banking and payment applications. Launched at the Global Fintech Fest 2025, the service was presented in the presence of RBI Deputy Governor T Rabi Sankar. It allows users to view live exchange rates, compare prices, and complete transactions directly from their mobile devices. Customers can opt for physical currency delivery, reload their forex cards, or send money abroad through participating Third Party Application Providers (TPAPs) and mobile banking apps. Initially, the service is available on apps like BHIM, CRED, MobiKwik, and the retail banking apps of Federal Bank and SBI. Transactions will be fulfilled by six relationship banks: Axis Bank, Bank of Baroda, Federal Bank, ICICI Bank, SBI, and Yes Bank. The initial phase supports US dollar purchases, with plans to extend to other currencies. Noopur Chaturvedi, MD & CEO of NBBL, stated that this launch signifies a new era for foreign exchange access in India. Hare Krishna Jena, MD of CCIL, highlighted the enhanced transparency and efficiency in forex transactions. The service adheres to the RBI’s Liberalised Remittance Scheme, simplifying forex access for individuals by removing traditional hurdles like branch visits and extensive paperwork.

Impact: This development is set to transform how Indian individuals access foreign exchange services, making it more convenient and accessible. It will likely boost digital transaction volumes for participating banks and fintech platforms. Rating: 8/10

Difficult Terms: * Forex: Foreign exchange, meaning currencies of different countries. * Bharat Connect: A platform by NPCI Bharat BillPay for bill payments and financial services. * NPCI Bharat BillPay Limited (NBBL): A subsidiary of the National Payments Corporation of India that manages the Bharat BillPay system. * National Payments Corporation of India (NPCI): An organization that operates retail payment and settlement systems in India, like UPI. * Clearcorp Dealing Systems (India) Limited: A company that provides financial market solutions, integrated here for forex transactions. * The Clearing Corporation of India Ltd. (CCIL): A major financial market infrastructure institution in India. * FX-Retail Platform: Clearcorp's platform designed for retail foreign exchange transactions. * Forex Card Reloads: Adding funds to a prepaid card used for international spending. * Outward Remittances: Sending money from one country to another, from India to abroad in this case. * Third Party Application Providers (TPAPs): Apps that provide third-party services, often integrated with payment systems like UPI. * RBI Deputy Governor: A high-ranking official of the Reserve Bank of India, the central bank of India. * Liberalised Remittance Scheme (LRS): A scheme by the Reserve Bank of India that allows resident individuals to freely remit money outside India for permissible current and capital account transactions.