Bank of Maldives (BML) has today introduced Indian Rupee (INR) accounts, marking a first in the Maldives.

“We are delighted to announce the introduction of INR accounts at Bank of Maldives which will open new avenues for our customers in facilitating trade, managing remittances and broadening investment opportunities. We recognize the evolving needs of both our personal and corporate customers and continue to set standards in the banking industry in the country," BML CEO and Managing Director Mohamed Shareef said.

“In October 2024, we announced the acceptance of RuPay International cards in Maldives and today, I am pleased to report we are working with National Payments Corporation of India (NPCI) to begin acceptance of RuPay local cards as well as issuance of RuPay cards for BML customers with INR accounts. We anticipate completing the process by year end which will allow personal and business INR account holders to make cross border transactions in INR.”

Customers, including expatriates and businesses, are eligible to open INR accounts at BML. Customers can open accounts through internet or mobile banking from August 1 onwards.

BML said that deposits into INR accounts will be accepted in denominations of INR 500 and above, while inward remittances from India can be deposited directly into the accounts. Outward remittances can also be conducted via the accounts.

Central bank MMA has meanwhile signed an agreement today with India's NIPL to integrate Favara and UPI.