The Bank of Maldives (BML) is set to introduce Indian Rupee (INR) accounts starting 1 August 2025, marking a significant step in advancing trade and financial cooperation between the Maldives and India. The new offering will be accessible to individuals, businesses, and expatriates via BML’s Internet and Mobile Banking platforms.
Mohamed Shareef, BML’s CEO and Managing Director, described the launch as a strategic milestone: “We are pleased to unveil INR account services at Bank of Maldives, which will create new opportunities for our customers—enabling smoother trade transactions, facilitating remittances, and expanding avenues for investment.” He emphasized the bank’s ongoing dedication to meeting the changing financial needs of both personal and corporate clients, while reinforcing its leadership in banking innovation.
This initiative builds on the bank’s growing engagement with India’s financial systems. In October 2024, BML enabled the use of RuPay International cards across its ATM and POS networks. The bank is now collaborating with the National Payments Corporation of India (NPCI) to support domestic RuPay card transactions and introduce RuPay card issuance to customers holding INR accounts. Full rollout is anticipated by the end of 2025.
With the introduction of INR accounts, both retail and institutional customers will be able to carry out cross-border transactions in Indian Rupees. This includes the ability to make INR-denominated payments internationally. BML has outlined an operational framework that sets a minimum deposit requirement of INR 500 for account holders. The accounts will also support seamless fund transfers, including inward remittances from India and outward transfers from the Maldives.
BML’s nationwide reach and infrastructure will support this new service, comprising 40 branches spread across 20 atolls, 133 self-service banking centres, 188 ATMs, an extensive agent banking network, and advanced digital channels. The bank continues to enhance its digital services and forge strategic partnerships to better serve its growing customer base and meet modern banking expectations.