Eurobank has become the first European bank to enable cross-border remittances from Greece and Cyprus to India via the Unified Payments Interface (UPI). According to reports from The Economic Times, the service was launched in collaboration with NPCI and began operations in Greece with plans to expand to Cyprus soon. Fokion Karavias, CEO of Eurobank, announced that the UPI transaction charges will be minimal and cover only the real cost of the platform operation. The service, which was launched last Monday, enables Indian customers banking with Eurobank in Greece to transfer money to India through UPI-linked systems.
The bank's representative office opening in Mumbai aligns with the EU-India trade agreement, which covers 99% of India's export value to Europe and reduces tariffs on more than 90% of EU exports. As reported by The Economic Times, Eurobank, with total assets of 28 billion euros and a 42% share of deposits in Cyprus, views this expansion as part of its strategic growth plan. The representative office aims to facilitate two-way trade and investment flows between India and the EU, with the facility currently available only to Indian customers in Greece who hold accounts with Eurobank and support inward remittances to India.
According to Karavias's statements to The Economic Times, the bank aims to help Indian companies seeking to expand their businesses across the EU and establish their European holding company in Cyprus. The representative office is positioned to support both Indian companies looking to enter European markets and EU businesses interested in Indian operations. This strategic move leverages the enhanced trade framework established through the EU-India agreement, with the initiative specifically targeting easier money transfers for the Indian diaspora in Greece.
