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RBI DG T. Rabi Sankar Launches Pilot Linking FX-Retail Platform with Bharat Bill Payment System.

Banking & Finance | Dated: 10 Oct 2025

In October 2025, Reserve Bank of India (RBI) Deputy Governor (DG) T. Rabi Sankar launched a pilot linking the Forex (FX)-Retail platform of Clearcorp Dealing Systems (India) Ltd. (Clearcorp) with the Bharat Bill Payment System (Bharat Connect) to enhance accessibility and transparency in foreign exchange transactions.

🎯 Key Highlights:

  • - The FX-Retail platform, operated by Clearcorp and launched in 2019, aims to ensure greater transparency and fairness in foreign exchange pricing for individual users. The RBI proposed the linkage in December 2024 to expand the platform’s reach and improve user experience.
  • - The pilot was officially launched at the Global Fintech Fest (GFF) 2025 held at the Jio World Convention Centre, Mumbai, Maharashtra, highlighting the RBI’s focus on fintech integration.
  • - The linkage enables individual customers holding accounts with participating banks to register and transact on the FX-Retail platform via banks’ digital channels and Third Party Application Providers (TPAPs), providing a seamless forex trading experience.

💡 Other Important Facts:

  • (i) The pilot is accessible to customers of Axis Bank, Federal Bank, ICICI Bank, State Bank of India (SBI), and Yes Bank. Transactions can be conducted through CRED and Mobikwik apps for purchasing US Dollars against the Indian Rupee on a ‘value cash’ basis.
  • (ii) The platform supports outward remittances, loading of forex cards, and physical delivery of foreign currency notes.
  • (iii) Federal Bank and SBI customers can also access FX-Retail via their internet banking applications, further broadening digital accessibility.

📚 Test Your Knowledge:

Recently, which RBI Deputy Governor launched the pilot linking FX-Retail platform of Clearcorp with Bharat Bill Payment System?

Correct Answer: T. Rabi Sankar

🚀 Quick Recap:

About RBI

  • Governor : Sanjay Malhotra
  • Headquarter : Mumbai