Bharat Connect Forex Transactions Hit Rs 100 Million Mark in Four Months

NPCI Bharat BillPay Limited said on Monday that forex transactions on its Bharat Connect platform surpassed Rs 100 million in value between April and July 2026.

The forex category, launched at the Global Fintech Fest 2025, processed Rs 27.06 million in FY26 and then handled Rs 111.91 million in the first four months of FY27, taking cumulative transactions to Rs 138.97 million, the statement from NBBL said.

The offering integrated NBBL’s Bharat Connect platform with FX-Retail, developed by the Clearing Corporation of India Ltd. (CCIL) and provided customers with transparent, competitive forex pricing through an interoperable digital ecosystem.

Traditionally, forex purchases involve limited price visibility, dependence on specific banking or authorised dealer channels and offline or fragmented processes, while lack of transparency made it difficult for customers to compare rates and understand the total cost of a transaction.

Bharat Connect addressed these challenges through an interoperable digital marketplace for forex services, supported by regulated banking partners.

The platform is also seeing a growing number of large-ticket transactions as live and transparent pricing enables customers to compare available rates and make meaningful savings on forex transactions, the statement added.

Bharat Connect is helping modernise forex purchases through an open, interoperable, and market-linked ecosystem with RBI’s guidance and CCIL’s FX-Retail underpinning transparent price discovery. Regulated forex providers and digital platforms were integrated into a common infrastructure, giving customers greater access, choice, and convenience.

The ecosystem brought together leading banks and customer-facing platforms.

“On the fulfilment side, participating billers include Axis Bank, Bank of Baroda, Federal Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India and YES Bank,” the statement said.

Customer-facing platforms include BHIM, Bank of Baroda, CRED, Federal Bank, MobiKwik, Punjab National Bank and State Bank of India, expanding the avenues through which customers can access forex services digitally.