Indian expatriates in the Maldives are grappling with financial strain following the State Bank of India (SBI) Maldives’ decision to sharply reduce the outward remittance ceiling from USD 400 to USD 150 per month, effective October 25, 2025.

The bank attributed the move to a temporary shortage of US dollars in the Maldivian market, which has particularly affected expatriates who receive their salaries in Maldivian Rufiyaa (MVR).

In a statement, the High Commission of India in Malé acknowledged the difficulties faced by Indian nationals due to the revised remittance limit and assured that it is actively engaging with the Maldivian authorities and the State Bank of India to address the issue.

The High Commission further stated that, in close coordination with SBI Maldives, discussions are ongoing with local authorities to explore practical measures to ease the situation.

It also highlighted that broader financial initiatives, including establishing an INR-MVR transaction mechanism, onboarding of India’s Unified Payments Interface (UPI) in the Maldives following the agreement signed during Prime Minister Narendra Modi’s visit in July 2025, expanding the use of RuPay cards, and opening INR accounts at local banks are being explored to facilitate smoother remittance options for Indian nationals.

Meanwhile, the High Commission has advised the Indian community to plan their remittances in advance, encourage employers to pay salaries in USD where possible, and stay informed through official announcements.

Reaffirming its commitment to support the Indian diaspora, the High Commission said it “fully understands the inconvenience caused” and will continue to work with both Maldivian and Indian authorities to ensure a timely resolution, appreciating the community’s patience and cooperation during this period.