Bank of Cyprus (BoC) introduced transactions directly in Indian Rupees (INR) for businesses and individuals, according to the bank, as it seeks to expand payment links with India and strengthen its presence in the market.
The new service is aimed at customers 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.
By allowing transactions to be carried out directly in INR, the service provides greater flexibility in managing international payments, including the settlement of obligations or invoices 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 Cyprus and India, while creating new opportunities for trade, investment and cross-border business activity.
Meanwhile, as part of its broader efforts to expand its presence in the Indian market, BoC is in the process of obtaining the required approval from the Reserve Bank of India for the establishment of a Representative Office in India.
The initiative forms part of the bank’s strategy to expand its international presence, develop new markets and further strengthen its global service network.
Finally, it is intended to contribute to the positioning of Cyprus as a regional and European business hub for international operations.
