CEO of BML, Andrew Healy spoke to “Sun” on Thursday and said that the bank was working on lowering interest rate of loans handed out to private citizens and businesses.
The bank now charges 11 to 18 percent interest rate on loans.
Andrew said that the bank had always received complaints from customers regarding high fees. And that they had now lowered their fees to satisfy their customers.
He said that ATM fees, which had generated an income of MVR 15 million for the bank during a previous year had now been cut off.
Andrew said that BML had invested MVR 150 million for different projects in different parts on Maldives last year alone. He said loans issued to citizens and businesses has been increased, with loans as high as MVR 3.4 billion issued last year.
“I always say it’s the bank’s responsibility to serve the citizens. As such, we invested MVR 150 million in different parts of Maldives last year. It was to open bank branches, ATMs and self-service banks as well as and provide dhoani bank service and service allowing people in all inhibited islands to make bank transactions,” said Andrew.