Nicosia:The Bank of Cyprus has introduced a new service allowing customers to perform transactions directly in Indian Rupees (INR). This service aims to facilitate payments to India, targeting businesses and individuals with commercial, investment, or other financial ties to the Indian market. It is part of the Bank's strategy to create new international payment corridors.

According to Cyprus News Agency, The option to conduct transactions in INR offers greater flexibility for managing international payments. Customers can settle obligations or invoices directly in INR, reducing the need for intermediary currencies and simplifying the transaction process, making it more direct, efficient, and cost-effective.

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

The inclusion of the Indian Rupee in the Bank's currency exchange services is seen as a step towards enhancing economic and trade ties between Cyprus and India, fostering opportunities for trade, investment, and cross-border business activities.

Additionally, the Bank is seeking approval from the Reserve Bank of India to establish a Representative Office in India, as part of its broader efforts to expand its presence in the Indian market. This initiative supports the Bank's strategy to broaden its international reach, develop new markets, and strengthen its global service network, further positioning Cyprus as a regional and European business hub for international operations.