SBI raises dollar remittance limit for Indians in education, health sectors

State Bank of India (SBI) has increased the dollar remittance limit for Indians working in the health and education sectors in the Maldives.

SBI had previously allowed remittances of up to USD 700, before gradually reducing the limit to USD 500, USD 400 and eventually USD 150, citing shortages in dollar availability. The reductions prompted concern among Indian workers, who raised the issue with employers and relevant authorities.

In a message to customers on Sunday, SBI announced that the remittance ceiling for workers in the health and education sectors has now been increased to USD 300, effective tomorrow. The limit for workers in all other sectors remains unchanged.

An Indian teacher working in the Maldives said the increase still falls short of what is needed, as most expatriates need to send their salaries home.

“We want to send money in the permitted manner. If we have to buy dollars ourselves and send them through a licensed private person, we lose a lot because our accounts would be blocked citing that we have depended on the black market,” he said, calling for a permanent solution.

SBI has also advised employers to deposit staff salaries directly into SBI accounts to facilitate the remittance process under the revised limit.

Currently, most workers outside the health and education sectors receive their salaries through BML.