Rank 2

State Bank of India (SBI)

SBI Male' is the very first bank established in the Maldives which started its operations in 1974 and is the main pioneer in the banking sector since even the Maldives Monetary Authority (MMA) was formed much later in 1981. SBI has two branches in the greater Male’ region, and two branches in the outer atolls, including in S.Hithadhoo (2008) and in Maamigili (2009). The bank employs more than 74 locals in their operations.

At the end of 2021, the total deposits of the bank stood at MVR5.7 billion. With the introduction of an Intouch Branch at Hulhumale’ in 2017, the bank is the first to provide customized debit card printing facility. In addition, the bank has five Cash Deposit Machines (CDM) and five Automated Teller Machines (ATMs) in the Maldives.