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Informist, Friday, Dec. 6, 2024

 

--RBI Das:To connect FX retail platform with NPCI's Bharat Connect

 

MUMBAI – In a bid to improve the accessibility of the FX-Retail platform, the Reserve Bank of India on Friday proposed its linking with Bharat Connect, earlier known as Bharat Bill Payment System.

 

"The linkage will enable users to register and transact on the FX-Retail platform through the apps of banks (mobile applications, internet banking, among others) and non-bank payment system providers, which are integrated with Bharat Connect," Das said, detailing the December Monetary Policy Committee's meeting outcome.

 

FX-Retail is an electronic trading platform, launched by the Clearing Corporation of India Ltd. in 2019 for trading in the foreign exchange market. The platform can be accessed via internet to place buy/sell orders in the dollar/rupee pair as per requirement. Available contracts on the platform are CASH (same day currency settlement), TOM (next day currency settlement), SPOT (trade plus two days currency settlement) and FORWARD (beyond SPOT currency settlement) instruments up to a period of 13 months, including broken dates and Option period (not exceeding a period of 30 days), according to the CCIL website.

 

The linkage with Bharat Connect would be undertaken in phases, Das said. In the first phase, a pilot scheme would be undertaken, facilitating the purchase of US dollars against rupees by individuals and sole proprietors. Going forward, the scope of trade will be expanded to other categories of users, and allow other FX transactions, including the sale of US dollars against the rupee.

 

During all this, users will continue to have access to the FX-Retail platform, with the existing trading mechanism in place. Banks will be issued instruments on the operational aspects of the pilot.  End

 

Reported by Sourabh Kumar

Edited by Namrata Rao

 

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