State Bank of India (SBI) has stated financial assistance worth USD 38 million has been provided by the bank for individuals and businesses affected by the COVID-19 pandemic.
During a virtual press conference, Chief Executive Officer (CEO) of SBI Bharat Mishra stated the bank has provided financial assistance to several individuals and businesses in the Maldives amid the COVID-19 pandemic. As such, the CEO noted a moratorium was placed on corporate and individual loans issued by the bank, worth a total of USD 23 million. He added USD 15 million worth of liquidity loans were issued to businesses struggling amid the COVID-19 pandemic.
Furthermore, CEO Mishra said new arrangements have been made to open SBI accounts, for the convenience of customers. In this regard, he revealed the minimum deposit for a new Maldivian Rufiyaa account has been lowered from USD 650 to USD 325, while the minimum deposit for a new US Dollar account has been lowered from USD 2,000 to USD 500.
SBI established a branch in the Maldives in 1974. The bank has over 50,000 customers across the Maldives, with branches established in Male' and Hulhumale' as well as Maamigili, Alifu Dhaalu Atoll and Hithadhoo, Addu City.