The Bank of Maldives BML has denied a media report that stated that it had issued an MVR 700 million overdraft to facilitate the government's initiative to issue fishermen their due in 48 hours.
Local online news 'Adhadhu' alleged that BML had issued the overdraft to Maldives Industrial Fisheries Company (MIFCO) and cited its sources to report the conditions of the agreement including paying the amount back in USD.
However, the bank denied the reports saying it was serving its customers following the Banking Act, its regulations, and international best practices.
It also said that the bulk transfer service is being provided to government agencies, companies, private companies, and businesses by the general rules.
The Bank also said that while the bank’s highest interest is the safety of its depositors, the bank will always act following the strict policies it is following.
Following the President’s pledge, starting yesterday, payments for weighed fish will be deposited within 48 hours for fishing boats that have accounts at the Bank of Maldives (BML).
