Bank of Maldives (BML) has decided to cap the cheque transaction amounts.
BML said the change is part of the efforts to promote the usage electronic payment under the strategic plan by Maldives Monetary Authority (MMA).
As such, starting April 2023, BML will impose a value ceiling of MVR 50,000 and USD 3,000 on cheque transactions. BML said amounts exceeding the value ceiling will have to be processed through the BML digital channels and this applies to personal and business transactions.
BML has urged customers to use the digital channels to make transactions. As such, customers who have not registered for BML Internet Banking can now register online. BML digital channels can be used 24-hours to process payments from anywhere in the world, BML said.
Mauritius Commercial Bank is also set to introduce a value ceiling on cheque transactions starting from April 2023.