The Bank of Maldives (BML) will introduce Indian Rupee (INR) accounts for the first time in a move that reflects expanding trade and financial cooperation between the Maldives and India. Beginning 1 August 2025, individuals, businesses and expatriates will be able to open INR accounts through BML’s Internet and Mobile Banking platforms.
Mohamed Shareef, Chief Executive Officer and Managing Director of BML, hailed the initiative as a strategic advancement: "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." He affirmed the bank’s commitment to serving the evolving needs of both personal and corporate clients, highlighting its role in elevating national banking standards.
That commitment is reflected in the bank’s broader efforts to integrate with India’s RuPay card network. In October 2024, BML enabled acceptance of RuPay International cards across its ATM and POS infrastructure. It is now working with the National Payments Corporation of India (NPCI) to support domestic RuPay cards and begin issuing RuPay cards to customers with INR accounts. Full implementation is expected by year-end.
With these developments, INR account holders, both individual and institutional, will gain the ability to conduct cross-border transactions in Indian Rupees, allowing INR-denominated payments to be made globally. The operational framework for the new accounts includes deposit thresholds beginning at INR 500 at BML branches. Customers will also benefit from streamlined fund flows, including direct inward remittances from India and outbound transfers from the Maldives.
Supporting this service is BML’s extensive national infrastructure: 40 branches across 20 atolls, 133 self-service banking centres, 188 ATMs, a countrywide agent banking network and robust digital platforms. The bank continues to expand its digital capabilities and strategic collaborations to meet evolving customer expectations.