In a groundbreaking move to enhance financial connectivity and cross-border trade, the Bank of Maldives (BML) has opened the first-ever Indian Rupee (INR) accounts in the country, marking a significant milestone in international banking.

This strategic initiative aims to strengthen economic and trade relations between Maldives and India by enabling seamless INR transactions for individuals and businesses. 

Starting August 1, all BML customers domestic, corporate, and foreign can open Indian Rupee accounts online through BML’s Mobile Banking platform.

The accounts will allow deposits in Indian rupee notes of INR 500 and higher denominations at BML branches. 

Customers will also be able to receive remittances from India directly into their INR accounts and transfer funds back to India, offering a simplified channel for currency management and cross-border payments.

The bank has also revealed plans to further integrate INR usage into its financial ecosystem. 

In October of 2024, INR card transactions were enabled across BML ATMs and point-of-sale (POS) terminals. 

In collaboration with the National Payments Corporation of India (NPCI), BML is on track to issue Rupee cards to customers by the end of 2024, allowing payments in Indian rupees worldwide.

As the country’s leading financial institution, BML currently operates 40 branches, 133 self-service banking centres, and 188 ATMs, along with agent banking and advanced digital solutions. 

The bank continues to prioritize digital transformation and cross-border partnerships to meet evolving customer needs and support regional economic integration.