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 22,887 branches within India and another 191 offices outside India, spread over 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.
State Bank of India,
Republic of Maldives.
Tel: +960 3312111