BML to cap cheque transactions at MVR 50,000, USD 3,000

Head office of Bank of Maldives (BML) in Male' City. (Photo/BML)

Bank of Maldives (BML), on Wednesday, announced their decision to introduce value ceilings for cheques starting next year’s April.

In a statement on Wednesday, BML said that they will only process cheques up to MVR 50,000 and USD 3,000 respectively starting next April. They detailed cheques of higher values would need to be transacted through a digital channel. The value ceiling will be applicable to cheques issued by individuals, businesses and corporates.

BML said that the value ceiling is being introduced as part of Maldives Monetary Authority's (MMA) strategy to promote the usage of electronic payments and enhancing payment efficiency in the Maldives.

In their statement, the bank stated that they encourage customers to use their digital channels for everyday banking.

“Individuals who are not already registered for BML’s Internet Banking can now register online,” they added.

BML assured that their internet and mobile banking services are secure – while convenient and easy-to-use with 24 hour access from anywhere in the world.