Bank of Maldives (BML) has announced its decision to process cheques up to MVR50,000 and USD3,000 from April 1, 2023.
BML decided to introduce the value ceilings as part of the strategy of the Maldives Monetary Authority (MMA) to promote the usage of electronic payments and enhance payment efficiency in the Maldives. The bank stated it will only process cheques up to the value of MVR50,000 and USD3,000 and amounts above that will need to be transacted through a digital channel. This includes cheques issued by individuals, businesses, and corporates.
The national bank encouraged customers to bank using its digital channels for everyday banking. Individuals who are not already registered for BML Internet Banking can register online. The bank stated that Internet and Mobile Banking are secure, convenient, and easy-to-use services giving customers access to banking 24 hours a day, anywhere in the world.