Malé — The State Bank of India (SBI) in Malé has increased the monthly remittance limit for Indian professionals working in the Maldives’ education and healthcare sectors to USD 300, effective Wednesday.
The adjustment follows widespread concern among the thousands of Indian nationals employed in the Maldives after SBI reduced the remittance ceiling from USD 700 to USD 150 in October, citing low foreign currency inflows.
According to a notification published on SBI’s website on Tuesday, the bank has now raised the limit specifically for teachers, medical professionals, and other staff in the education and health sectors. For Indian nationals working in all other fields, the monthly remittance cap remains USD 150.
SBI said the revision was made possible due to the “continued engagements and strong support” from the Indian High Commission in the Maldives, along with joint advocacy efforts from customers, partners, and other stakeholders.
The bank noted that it will continue to reassess remittance limits based on improvements in its foreign exchange inflows.
“We sincerely thank all our customers and stakeholders for their patience, cooperation, and continued support during this critical period,” SBI stated, urging Indian nationals to ensure their salaries are deposited directly into their SBI accounts to enable further review of forex allocations.
The remittance restrictions were introduced amid the Maldives’ growing external debt pressures, which have led the Maldives Monetary Authority (MMA) to strengthen controls over foreign exchange. Banks operating in the country are now required to sell 90 percent of incoming USD to the MMA, which redistributes a portion back to the banks.
The ongoing USD shortage has pushed black-market exchange rates above MVR 20, intensifying pressure on both expatriate communities and local businesses.
