CPI(M) Rajya Sabha MP AA Rahim wrote a letter to the SBI Chairman. (X/@AARahimdyfi)
CPI(M) Rajya Sabha MP AA Rahim has urged the State Financial institution of India (SBI) to withdraw the remittance restrict for Indian expatriates in Maldives.
In a letter to the SBI Chairman, Mr. Rahim stated many Indian residents residing in Maldives had been at the moment going through critical difficulties, following the latest restrictions imposed by the financial institution’s branches within the island nation.
“As per the notification issued by the branches, the month-to-month MVR-INR remittance restrict has been quickly diminished to $150 (roughly MVR 2313) per account holder, efficient from October 25, 2025. As well as, ATM withdrawals and ECOM/POS transactions utilizing Maldivian Rupee (MVR) playing cards exterior the Maldives have been suspended,” stated the letter.
“This abrupt transfer has triggered widespread hardship amongst Indian staff and professionals who depend on common remittances to help their households in India. The sudden restrictions have disrupted their monetary stability and created uncertainty amongst a neighborhood that has lengthy contributed considerably to each the Maldivian financial system and overseas change inflows to India,” it stated.
Mr. Rahim requested the financial institution to evaluation the choice on the earliest and discover measures to mitigate its influence. “Consideration could also be given to easing the remittance cap. A well timed and empathetic intervention will convey immense aid to Indian residents within the Maldives and their households in India,” he added.
Revealed – October 18, 2025 10:54 pm IST