Nicosia:The Bank of Cyprus is now offering its customers the capability to conduct transactions directly in Indian Rupees (INR), enhancing payment processes to India.

According to Cyprus News Agency, this service is targeted at businesses and individuals with financial interests in India, aligning with the Bank's strategy to develop new international payment corridors.

The option to transact in INR offers increased flexibility for managing international payments. It allows for the settlement of obligations or invoices directly in the currency in which they are denominated, reducing the need for intermediary currencies. This streamlines the process and leads to more efficient and cost-effective cross-border transactions.

The service is particularly beneficial for businesses operating in India, companies with commercial partnerships or a presence there, and individuals making payments in INR. It also caters to Indian nationals working in Cyprus who wish to send remittances home.

The inclusion of the Indian Rupee in the Bank's currency offerings for international transactions is seen as a step towards strengthening economic and trade relationships between Cyprus and India, creating opportunities for trade, investment, and cross-border business activities.

Additionally, the Bank is pursuing approval from the Reserve Bank of India to open a Representative Office in India. This move is part of the Bank's broader strategy to expand its international presence, explore new markets, and enhance its global service network, further establishing Cyprus as a regional and European business hub.