RBI Expands Retail Forex with Five New Currency Pairs

The Reserve Bank of India is adding five new currency pairs to its retail foreign exchange platform. The expansion includes the euro, British pound, Swiss franc, Canadian dollar, and Emirati dirham. This move allows individual customers to trade these currencies directly through the central bank.

RBI Chief General Manager Dimple Bhandia announced the update at the Global Fintech Fest in Mumbai. The central bank previously launched the FX-Retail platform in 2019 to address high banking margins. Average daily transaction volumes on the platform now reach approximately $100 million.

Platform Gains Significant Traction

The FX-Retail system was introduced after complaints about excessive fees charged by commercial banks. Since its launch, the platform has become a key channel for individual forex needs. The RBI originally signaled these additions in its October 2025 monetary policy statement.

Current data shows steady growth in user adoption. The central bank cites the platform as a successful alternative to traditional banking channels. This reduction in reliance on banks aligns with broader goals to lower transaction costs for retail users.

Future Currency Additions Planned

Bhandia stated that the RBI plans to add five more currencies in the future. These include the Japanese yen, Australian dollar, Singapore dollar, Hong Kong dollar, and New Zealand dollar. This broader bouquet will cover more global markets for Indian residents.

According to GN markets/fx (en-US), this expansion reflects a strategic shift in retail forex access. The central bank aims to provide a comprehensive one-stop shop for currency exchange needs. This approach competes directly with private sector offerings.

Integration With Bharat Connect

The expanded currency menu will also be available through Bharat Connect. This state-owned platform handles recurring bill payments and business transactions. The linkage ensures that the full range of new currencies is accessible via this centralized infrastructure.

This integration widens the channels through which customers can access foreign exchange services. It reduces the dependency on conventional bank-based transactions. The move supports the RBI's objective of creating a more efficient and accessible forex ecosystem.