Bank of Cyprus introduces direct transactions in Indian rupees

Nicosia, Cyprus. Bank of Cyprus (BoC) has introduced direct transactions in Indian rupees (INR) for businesses and individuals, the bank said. The service is part of its effort to expand payment links with India and strengthen its presence in the market.

Payments in rupees

The service is intended for customers with commercial, investment or other financial ties to India. It allows obligations and invoices to be settled directly in INR, reducing the need for intermediary currencies. The bank said this could make cross-border payments simpler, more efficient and more cost-effective.

It is relevant to businesses operating in India, companies with commercial partnerships or a presence there, and individuals making payments in INR. Indian nationals working in Cyprus can also use it to send remittances home.

The addition of INR to the bank’s international transaction currencies forms part of its strategy to develop new payment corridors and support trade, investment and cross-border business activity between Cyprus and India.

Planned representative office

BoC is seeking approval from the Reserve Bank of India to establish a representative office in India. The bank said the plan is part of its wider strategy to expand internationally, develop new markets and strengthen its service network. It is also intended to support Cyprus’s position as a regional and European hub for international business.