In a significant step to strengthen financial ties between the Maldives and India, the Bank of Maldives (BML) has introduced Indian Rupee (INR) accounts—the first of their kind in the country. This strategic move streamlines trade, enhances remittance services, and expands investment opportunities for individuals and businesses alike.
BML’s CEO and Managing Director, Mohamed Shareef, welcomed the development, stating that it will greatly benefit customers by simplifying cross-border financial transactions. He affirmed the bank’s commitment to meeting the evolving needs of both personal and corporate clients while continuing to drive innovation in the Maldivian banking industry.
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This move builds on BML’s October 2024 announcement of accepting RuPay International cards. The bank is now actively working with the National Payments Corporation of India (NPCI) to expand acceptance to RuPay domestic cards and to begin issuing RuPay cards to INR account holders. BML expects to complete this rollout by the end of 2025.
Starting 1 August 2025, BML will allow customers—including businesses and expatriates—to open INR accounts through its Internet and Mobile Banking platforms. The bank will accept deposits in denominations of INR 500 and above at its branches, and customers will be able to carry out both inward and outward remittances in Indian Rupees.
With a strong presence of 40 branches across all 20 atolls, 133 Self-Service Banking Centres, 188 ATMs, and a growing Agent Banking network, BML continues to lead the Maldivian financial sector. The bank remains committed to digital transformation and delivering services that prioritize customer needs.
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