SBI Raises Remittance Limit for Indian Education and Health Workers in Maldives
The State Bank of India (SBI) branch in Malé has increased the monthly remittance limit for Indian nationals working in the Maldivian education and health sectors to USD 300.
The bank informed its customers that the revised limit would take effect on Wednesday. Until October, Indian nationals had been able to remit up to USD 700 per month to their families in India. However, citing a low inflow of foreign exchange, the bank reduced the monthly MVR-INR remittance limit to USD 150, prompting concern among the thousands of Indian nationals employed in the Maldives.
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In a pop-up announcement published on its website on Tuesday, the SBI stated that the remittance limit was being raised to USD 300 specifically for professionals in the education and health sectors. The monthly limit remains at USD 150 for Indian nationals working in other sectors. The bank added that the increase was made possible due to continued engagement and strong support from the Indian High Commission in the Maldives, as well as collective advocacy from customers and partners.
The SBI said it would continue to monitor the situation and review the limits depending on improvements in foreign exchange inflows. The bank expressed gratitude to its customers and stakeholders for their patience and cooperation during what it described as a critical period.
The bank also requested Indian nationals to ensure their salaries are credited directly to their SBI accounts, stating that without these inflows it would be difficult to seek further increases in foreign exchange allocations. The SBI clarified that there had been no changes to remittance limits for USD account holders.
The decision to lower the remittance limits in October came amid the Maldives’ struggle with significant external debt obligations, which has led the Maldives Monetary Authority to tighten control over foreign exchange. Banks operating in the country are required to exchange 90 per cent of the USD they receive with the central bank, which in turn sells a portion back to banks. The shortage of USD has pushed the black-market exchange rate above MVR 20.
