Bank of Maldives (BML) will implement value ceilings of MVR 50,000 and USD 3,000 for cheque transactions starting April 1st.
This move is part of the Maldives Monetary Authority’s strategy to promote electronic payments and improve payment efficiency in the country. BML will only process cheques up to these values and amounts above them must be conducted through digital channels. This applies to cheques issued by individuals, businesses, and corporations.
BML encourages customers to use its digital channels for their everyday banking needs. Those who are not yet registered for BML Internet Banking can do so online. The bank says that its internet and mobile banking services are secure, convenient, and easy to use, providing customers with access to banking 24/7, anywhere in the world.
