SBI issues USD 16.20M for COVID-19 relief purposes

A customer waits outside a branch of State Bank of India. (File Photo)

State Bank of India (SBI) has released USD 16.20 million in loans for COVID-19 relief purposes aimed at businesses operating in the Maldives, in order to support government measures.

The Indian High Commission in Maldives said that in addition to the loans, the Bank had also deferred loan repayments for 200 retail accounts.

SBI is the biggest commercial bank of India. Male’ City and Addu City both have branches of SBI.

Other than SBI, loan repayments are being deferred by BML and MIB as well. Loans are also being issued to support businesses by SDFC as well. 

India has assisted the Maldives in numerous ways in relation to the COVID-19 pandemic.