NBBL Launches Forex Services With Clearcorp's FX-Retail Platform

NPCI Bharat BillPay Ltd (NBBL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), has introduced forex services on its Bharat Connect platform in association with Clearcorp Dealing Systems (India), a wholly-owned subsidiary of Clearing Corporation of India Ltd. (CCIL). The latest addition will link Bharat Connect to CCIL's FX Retail platform to give users direct access to forex transactions.

The service was inaugurated at the Global Fintech Fest 2025 in the presence of T. Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI). This integration will let retail users purchase US dollars, reload forex cards, or make outward remittances using participating mobile banking and payment applications.

Real-time Forex Transactions

According to NBBL, users can directly access competitive, real-time exchange rates, sourced from the FX Retail platform, with no hidden costs. The platform allows for a full digital process, from booking to payment and fulfilment, without necessarily having to visit a branch.

Noopur Chaturvedi, MD and CEO of NBBL, stated that the launch marks the beginning of a new chapter in how Indians access foreign exchange through seamless and transparent services on a secure digital infrastructure.

Supports RBI's Liberalised Remittance Scheme

This initiative aligns with the policy framework of the RBI under the Liberalised Remittance Scheme. Currently, the service supports US dollar transactions for resident individuals; more currencies may be added later.

User registration on the platform is facilitated through third-party app providers or mobile banking applications, requiring the use of a PAN, mobile number, and verification by the bank. Then the user can select the bank and mode of delivery, and the payment is made via UPI or net banking.

According to the chosen option, the user may either collect physical currency from a branch or do it digitally for forex card reloads or outward remittances.

Towards Easier Retail Access to Forex

Hare Krishna Jena, MD of CCIL, stated that FX Retail, launched in 2019, was created with the objective of bringing fairness and transparency to foreign exchange pricing. Linking this platform with Bharat Connect, as per the RBI's December 2024 policy statement, will enable retail customers to directly access the forex market, commencing with the buying of US dollars against the Indian rupee.

The partnership seeks to offer a secure, compliant, and convenient avenue for the retail user in conducting forex-related transactions digitally.