Bank of Maldives (BML) has announced the launch of Indian Rupee (INR) accounts for the first time in the Maldives.

BML customers, including businesses and expatriates, can open INR accounts online through internet or mobile banking from August 1.

The bank said deposits into INR accounts will be accepted in denominations of INR 500 and above at BML branches and inward remittances from India can be deposited directly into INR accounts. INR accounts can also be used for outward remittances.

The national bank said this marks a significant step forward in enhancing trade and financial cooperation between the Maldives and India.

BML CEO and Managing Director Mohamed Shareef said the bank recognizes the evolving needs of personal and corporate customers.

“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," he said.