The Reserve Bank of India (RBI) has made it easier to use the FX-Retail platform by connecting it to a system called Bharat Connect. This means that customers can now use banking and non-banking apps joined to Bharat Connect to access the FX-Retail platform. This is a big step to help more people use the FX-Retail platform and make it more user-friendly.
In the beginning, users will be able to buy US Dollars with their Indian Rupees through a test program. Later on, they will also be able to sell US Dollars and do more types of currency exchanges. People can still directly access the FX-Retail platform if they prefer the old way of doing things.
The FX-Retail platform was created in 2019 to offer a fairer and clearer way for people and small businesses to trade foreign currency. Right now, users can access this platform via the internet.
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