The official opening ceremony of Eurobank’s Representative Office in India took place today at the Taj Mahal Palace Hotel in Mumbai, attended by the President of the Republic of Cyprus, Mr. Nikos Christodoulides.
Eurobank’s initiative is based on the free trade agreement between the European Union and India, which was concluded earlier this year. Its aim is to strengthen trade and investment between the two regions, while also positioning Greece and Cyprus as strategic gateways for Indian companies seeking to expand their products and services into the European Union.
The Representative Office marks Eurobank’s first institutional presence in India and serves as a hub for developing business partnerships, attracting investment, and transferring know-how.
Furthermore, through the Representative Office, the Eurobank Group enhances its visibility and provides informational support and materials regarding the Group’s products and services to Indian businesses and investors, strengthening its participation in the India-Middle East-Europe (IMEC).
The launch event also marked the official activation of Eurobank’s cross-border payment service from Greece to India via the Unified Payments Interface (UPI) infrastructure.
Launch of the UPI service (Go-Live)
Eurobank has launched its cross-border payment service from Greece to India via the Unified Payments Interface (UPI) infrastructure, as part of its strategic partnership with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI).
With this launch, Eurobank becomes the first Greek and Cypriot bank—and the first bank in Southeast Europe—to support cross-border payments to India via UPI.
The service, which is already available in Greece and is scheduled to be expanded to Cyprus in a subsequent phase, covers the entire transaction cycle (initiation, clearing, reconciliation and matching of transactions, and dispute resolution), effectively strengthening the interconnectivity between the two markets.
This initiative follows the signing of a Memorandum of Understanding between Eurobank and NPCI International and reinforces the Bank’s strategic positioning as a trusted partner for businesses operating between India, Greece, and Cyprus, notes the relevant announcement.
Strengthening Economic Interconnectivity Between Europe and India
The operation of Eurobank’s Representative Office in India and the activation of UPI highlight the expanding economic and digital connectivity between India and the European Union.
At the same time, they are part of a broader dynamic to strengthen bilateral and multilateral relations, as reflected in high-level contacts, including visits by Indian Prime Minister Narendra Modi, to Greece and Cyprus, as well as recent developments in EU-India relations, which have contributed to the further deepening of their strategic cooperation.
These two landmark initiatives were presented during the official visit to India by the President of the Republic of Cyprus, Mr. Nikos Christodoulides, in the presence of the Ambassador of Greece to India, Ms. Aliki Koutsomitopoulou, the High Commissioner of the Republic of Cyprus to India, Mr. Evagoras Vryonides, the High Commissioner of India to Cyprus, Mr. Manish Manish, as well as senior government officials of the Republic of Cyprus, senior executives, diplomatic representatives, and members of the international business community.
The Eurobank Group was represented by Eurobank’s Chief Executive Officer, Mr. Fokion Karavias, and Deputy Chief Executive Officer, Mr. Stavros Ioannou, the CEO of Eurobank Ltd, Mr. Michalis Louis, as well as the Country Head & Chief Representative of Eurobank in Mumbai, Mr. Tridib Saha.
Fairfax Digital Services was represented by the company’s President & CEO, Mr. Sanjay Tugnait, while NPCI International Payments Limited (NIPL) was represented by the Group Managing Director & CEO, Mr. Dilip Asbe, as well as the Regional Head – Europe, Central Asia & Middle East, Dr. Kishan Srinivas.
Referring to the prospects for further strengthening economic relations between Cyprus and India, the President of the Republic of Cyprus, Mr. Nicos Christodoulides, stated: “The Republic of Cyprus remains committed to further deepening its strategic relationship with India and to supporting initiatives that create real opportunities for sustainable development and mutual benefit.
Eurobank’s presence in India and the development of modern cross-border financial services effectively strengthen the interconnection of our economies and create tangible channels for trade, investment, and innovation. This development is in line with our strategy to strengthen economic cooperation along the India–Middle East–Europe (IMEC) corridor.”
Remarks were also delivered during the event by the Ambassador of Greece to India, Ms. Aliki Koutsomitopoulou, and the High Commissioner of India to Cyprus, Mr. Manish Manish, who highlighted the continuously strengthening strategic and economic ties between India, Greece, and Cyprus, as well as the importance of further strengthening bilateral and multilateral cooperation among the respective markets.
A coherent framework for cross-border cooperation
The operation of Eurobank’s Representative Office in India and the activation of UPI are part of a broader strategic framework through which Eurobank is strengthening its role as a key link between India and Europe, in collaboration with NPCI International and with the support of Fairfax Digital Services (A Fairfax Company), which acts as a strategic advisor on the interconnection of business and technology ecosystems.
The Bank has already implemented significant initiatives, such as the co-founding of the India–Greece–Cyprus Business Council (IGC), in collaboration with the Indian Chamber of Commerce (ICC) and other institutional and business bodies, as well as the organization of business forums in Athens, Limassol, and Mumbai.
Eurobank also actively participates in international innovation ecosystems, such as the India Deep Tech Alliance, fostering knowledge transfer and access to one of the world’s most dynamic innovation ecosystems.
Furthermore, Eurobank was recently represented at the highest level, through its Deputy CEO, Mr. Stavros Ioannou, at the India AI Impact Summit 2026 in New Delhi, one of the most important international forums for Artificial Intelligence, further strengthening its ties with India’s technology ecosystem.
At the same time, the Bank is further strengthening its long-term technological and operational footprint in India through the creation of a Global Delivery Center in Pune, which is being developed in collaboration with LTM (formerly LTIMindtree) and Fairfax Digital Services (A Fairfax Company).
The Center supports the Eurobank Group’s overall digital transformation strategy and serves as a key hub for technological modernization and the development of next-generation banking solutions across the Group’s international operations.
As part of efforts to strengthen cooperation between India, Cyprus, and Greece in the field of film production, an event was held on May 20, 2026, at the Taj Mahal Palace Hotel in Mumbai to present a Bollywood film scheduled to be shot, produced, and completed in Cyprus. The event brought together distinguished representatives from the business, diplomatic, and artistic communities of India and Cyprus.
At the same time, discussions are underway with leading Indian companies in sectors such as the dairy industry, hospitality, education, and others.
Eurobank CEO Mr. Fokion Karavias noted: “In the new geopolitical and commercial environment, India holds a prominent position as a pillar of stability and a strategic partner of Europe for the seamless development of global trade.
Greece and Cyprus are uniquely positioned to serve as key catalysts for this particularly important cooperation. We are proud to be the first Greek and Cypriot bank with a physical presence in the Indian market.
The presence of the President of the Republic of Cyprus, Mr. Nikos Christodoulides, at the official opening of our Office in India, as well as the activation of the UPI payment system through our collaboration with NPCI International, underscore the further deepening of relations between Greece, Cyprus, and India.
By enhancing connectivity, facilitating trade, and providing a local point of contact for Indian businesses seeking access to the European market, we are making a substantial contribution to promoting innovation and further strengthening economic ties with one of the world’s most dynamic economies.”
The President & CEO of Fairfax Digital Services, Mr. Sanjay Tugnait, stated: “The official launch of Eurobank’s Representative Office in Mumbai is expected to be a defining milestone, highlighting Greece and Cyprus as a strategic gateway for Indian companies seeking to expand into Europe and strengthening the India–Middle East–Europe Economic Corridor (IMEC).
With global cross-border money transfer flows approaching one trillion dollars annually, Eurobank is building secure, reliable, and efficient financial infrastructure designed for large-scale growth.
As the first bank in Greece and Cyprus to utilize UPI for cross-border payments, we are simultaneously creating a broader ecosystem of partnerships with leading Indian companies, with the aim of establishing and strengthening their presence in Cyprus, facilitating investments from companies such as Dodla Dairy, CanAm, Soukya, and the Indian film industry.”
These developments confirm Eurobank’s strategic focus on strengthening its presence along the India–Europe axis, contributing to the expansion of economic and business ties between the two markets.