BML unveils INR accounts, marking major milestone in cross-border banking
In a groundbreaking financial initiative, BML introduces INR accounts, becoming the first bank in the Maldives to offer this service that promises to revolutionize trade and remittance between the two nations. The move, set to launch in August 2025, will enable seamless cross-border transactions through digital platforms and marks a significant milestone in strengthening the economic ties between Maldives and India.
Bank of Maldives
In a landmark move aimed at strengthening financial connectivity between the Maldives and India, Bank of Maldives (BML) has announced the launch of Indian Rupee (INR) accounts, a first for the country.
The introduction of INR accounts marks a significant step forward in enhancing trade facilitation, easing remittance processes, and expanding investment opportunities for both individuals and businesses.
CEO and Managing Director of the country’s national bank, Mohamed Shareef expressed delight in announcing the introduction of INR accounts at BML, which will open new avenues for customers in facilitating trade, managing remittances and broadening investment opportunities.
Further, Shareef noted that BML recognizes the evolving needs of both BML’s personal and corporate customers and continues to set standards in the banking industry in the island nation.
Highlighting that BML announced the acceptance of RuPay International cards in Maldives back in October 2024, Shareef revealed that BML has also been working with National Payments Corporation of India (NPCI) to begin acceptance of RuPay local cards as well as issuance of RuPay cards for BML customers with INR accounts.
BML’s CEO and MD went on to reveal that the bank anticipates wrapping up the process by the end of 2025, which will allow personal and business INR account holders to make cross border transactions in INR.
Starting 1 August 2025, BML customers, including businesses and expatriates, will be able to open INR accounts conveniently through Internet and Mobile Banking platforms.
BML revealed that INR deposits will be accepted at branches in denominations of INR 500 and above. Customers will also be able to receive inward remittances from India directly into their INR accounts, and use the same accounts for outward remittances, offering greater flexibility and efficiency for cross-border transactions.
With 40 branches across all 20 atolls, 133 Self-Service Banking Centres, 188 ATMs, and a growing network of Agent Banking services, BML remains the country’s leading financial institution. The bank continues to invest in digital innovation and service expansion to meet the evolving needs of its diverse customer base.
