The Bank of Maldives (BML) announced on Friday the introduction of Indian Rupee (INR) accounts for the first time in the Maldives, coinciding with the visit of Indian Prime Minister Narendra Modi. 

"We are excited to inform you about the launch of INR accounts at Bank of Maldives, which will create new opportunities for our customers in supporting trade, handling remittances, and expanding investment options." "Our understanding of the changing requirements of our individual and corporate clients allows us to maintain leadership in the country's banking sector," stated Mohamed Shareef, the bank’s CEO and Managing Director. 

In October 2024, we declared that RuPay International cards are accepted in the Maldives, and today, I am happy to share that we are collaborating with the National Payments Corporation of India (NPCI) to start accepting RuPay local cards and issuing RuPay cards for BML customers who have INR accounts. We expect to finalize the process by the end of the year, enabling personal and business INR account holders to conduct cross-border transactions in INR. 

Starting from 1 August, BML clients, such as companies and expatriates, can open INR accounts online via Internet or Mobile Banking. 

Contributions to INR accounts will be permitted in amounts of INR 500 and higher at BML branches, and funds sent from India can be directly credited to INR accounts. Similarly, the INR accounts can be utilized for sending remittances abroad. 

BML stands as the premier financial institution in the Maldives with a vast network of 40 branches across 20 atolls, 133 Self Service Banking Centres, 188 ATMs, extensive Agent Banking Services, and cutting-edge Digital Banking solutions. In addition to expanding its network of physical access points, the bank is also investing in digital channels and partner services to address the changing needs of its customers.