About SBI Maldives
State Bank of India, in its bid to increase its presence in the global banking scene, opened its first branch in Male' in February 1974. This heralded the commencement of its Maldives operations as one of the foreign branches of India's largest commercial bank. The State Bank Group has over 24,000 branches within India and has an overseas presence through 195 foreign offices outside India, spread across 36 countries.
The opening of the Male' Branch of State Bank of India in February 1974 heralded the introduction of modern banking in this remote island nation of the Indian Ocean. The Branch made a humble beginning with a staff strength of 6 employees and a capital of 100,000 Rufiyaa. The major task of the Branch was to look after Government imports and exports, through a standby credit line established at our London Office and act as Bankers' to the Government. The Branch handled all banking activities of the Government of Maldives until the setting up of the Central Bank viz. the Maldives Monetary Authority in 1982.
Over the past 44 years, the Branch has earned the trust and goodwill of the people and at the highest levels in the Government and business circles of the country. The Branch is popularly known “Bank of India” or “India Bank”. Today, the Bank employs more than 74 Maldivian nationals and has trained and equipped them with adequate banking skills.
With the opening of a Branch at S.Hithadhoo, in August 2008 which is in the southernmost Addu Atoll (situated below the Equator) and another branch at Maamigili in March 2009 which is in the western Ari Atoll, the banking services have been made available in distant islands. In addition, with the introduction of an Intouch Branch at Hulhumale’ in November 2017, we are the first bank in Maldives to provide customized debit card printing facility and Account Opening Kiosk for our customers. The Bank has also set up five Cash Deposit Machines (CDM) and five Automated Teller Machines (ATMs) in the country. Being the only Indian Bank in the country, it provides excellent and reliable banking facilities to the Indian Diaspora.
State Bank of India, Male&'39 Branch has been an active partner in the development of the economy of the Republic of Maldives for more than three decades. Despite the presence of seven other Banks, our Bank enjoys a market share of 17% in deposits and 18% in advances. The Bank's contribution in development of the tourism sector is widely acknowledged. The Bank has also been instrumental in giving a boost to the aviation sector, fishery projects, and housing sector.
SBI Maldives offers a wide range of services such as deposits, remittances, trade finance solutions, syndicated loans, etc. Synergy of the SBI Group and its specialized subsidiaries make SBI Maldives the ideal partner for all your business.