FX-Retail Platform Set to Integrate with Bharat Connect for Enhanced Access to Fair Forex Rates

Mumbai, Dec 6 (NationPress) The Reserve Bank of India (RBI) has made a decision to enhance the accessibility of the FX-Retail platform by integrating it with the NPCI's Bharat Connect. This initiative aims to offer improved transparency and fairness in the pricing of foreign exchange to a broader user base, particularly individuals and Micro, Small, and Medium Enterprises (MSMEs).

This integration will allow users to register and conduct transactions on the FX-Retail platform via banking applications (such as mobile apps and internet banking) and non-bank payment service providers that are connected with Bharat Connect, as stated by the RBI.

Bharat Connect, formerly known as the Bharat Bill Payment System, is managed by the NPCI.

In the initial phase, a pilot program is planned to facilitate the purchase of the US dollar against the rupee for individuals and sole proprietors. In the future, the scope will be broadened to include other foreign exchange transactions, such as selling the US dollar against the rupee and catering to additional user categories. Users will still have the choice to directly access the FX-Retail platform and transact via the existing mechanism. Separate instructions regarding the operational aspects of the pilot will be provided to banks.

The Clearing Corporation of India Ltd (CCIL) introduced the FX-Retail platform in 2019, with the goal of enhancing transparency and fairness in foreign exchange pricing for users, especially individuals and MSMEs. Currently, the FX-Retail platform is available through an internet-based application.

The RBI also announced its intention to initiate podcasts aimed at broadening the dissemination of information relevant to the public.

The Reserve Bank of India has been utilizing both traditional and modern communication methods as a fundamental part of its strategy to ensure transparency and maximize the impact of its decisions. This includes explaining the reasoning behind its decisions and spreading various awareness messages to a larger audience. Over recent years, the Reserve Bank has been expanding its public awareness initiatives, including through social media. As part of this ongoing effort, the launch of podcasts for broader information dissemination has been proposed, according to the official statement.