Bank of Maldives (BML) has responded to allegations that it issued an overdraft of MVR 700 million to the Maldives Industrial Fisheries Company (MIFCO) in breach of standard banking norms. 

In a statement released by the bank, it denied the claims published by adhadhu news, labeling the report as "fake news." The bank expressed disapproval of the publication, emphasising that such reports damage the bank’s reputation. 

BML highlighted its commitment to adhering to the Banking Act, its associated regulations, and international best practices. The bank assured its customers that it provides services, including bulk transfers to Government entities, companies, and private businesses, in accordance with established norms.

The bank further reiterated its primary focus on safeguarding the interests of its depositors, ensuring stringent procedures are followed at all times.