• Transactions for businesses and individuals
• Process underway to obtain approval for the establishment of a Representative Office in India

Bank of Cyprus is expanding its international footprint by enabling its customers to conduct transactions directly in Indian Rupees (INR), thereby facilitating payments to India. The new service is aimed at businesses and individuals with commercial, investment or other financial ties to the Indian market and forms part of the Bank’s strategy to develop new international payment corridors.

The ability to conduct transactions in INR provides greater flexibility in managing international payments, allowing, among other things, obligations or invoices to be settled directly in the currency in which they are denominated. At the same time, it reduces the need to use intermediary currencies, simplifying the process and contributing to more direct, efficient and cost-effective cross-border transactions.

The service is particularly relevant to businesses operating in India, companies with commercial partnerships or a presence in the country, as well as individuals making payments in INR. It also serves Indian nationals working in Cyprus who wish to make remittances to their home country.

The addition of the Indian Rupee to the Bank’s range of currencies for international transactions marks another step towards strengthening economic and trade ties between the two countries, creating new opportunities for trade, investment and cross-border business activity.

As part of its broader efforts to expand its presence in the Indian market, the Bank is in the process of obtaining the required approval from the Reserve Bank of India for the establishment of a Representative Office in India.

This initiative forms part of the Bank’s strategy to expand its international presence, develop new markets and further strengthen its global service network, while also contributing to the positioning of Cyprus as a regional and European business hub for international operations.