State Bank of India (SBI) operating in Maldives reduces card limitations on foreign ATM withdrawals and POS transactions.
Earlier, the bank’s limitation stood at USD250 much like the island nation’s national bank – Bank of Maldives (BML).
However, as per Adil Naseem, one of the bank’s manager via email communication to the bank’s customers SBI’s newest card limit will be USD100 effective since 29 December.
Furthermore, Naseem’s mail to the bank’s customer base notes withdrawals in Indian Rupees equivalent to USD100 will be applicable.
Following the Covid-19 global pandemic, dollar scarcity has become evident with Maldives government’s prime financial regulation body – MMA – indicating as such.
Meanwhile, BML continues to provide services through its currently effective limitations.
Furthermore, several foreign trading websites are now under temporary suspension as well.
According to BML, the decision for such came in order to curb outgoing dollar transactions.