Bank of Maldives on Wednesday has announced they will be imposing a value ceiling on cheque transactions.
On a statement issued, BML said they will introduce value ceilings for cheques from April 1, 2023, as part of Maldives Monetary Authority’s strategy to promote the usage of electronic payments and enhancing payment efficiency in the Maldives.
That bank noted they will only process cheques up to the value of MVR50,000 and USD3,000 respectively. Customers will required digital channel for transactions above these amounts, BML added. This includes cheques issued by individuals, businesses and corporates.
Furthermore, BML encouraged customers to use their digital channels for everyday banking, and to register for BML’s Internet Banking.