Bank of Maharashtra lowers lending rate by 5 bps for loans with six month tenor

Within hours of the RBI cutting its key rates by 25 bps, state-run Bank of Maharashtra, which is under the PCA framework, Thursday announced a 0.05 per cent cut in its marginal cost of funds based lending rate. The rate cut is only for the loans with six-months tenor, while it has been left unchanged in four other time categories including the one-year MCLR.

Under the revised rate structure effective immediately, the Pune-headquartered lender will charge 8.55 per cent for a six-month loan, an official statement said. Earlier in the day, the Reserve Bank cut its repo rate at which it lends to the system by 0.25 per cent to 6.25 per cent in a policy which has been termed as pro-growth. Governor Shaktikanta Das had said he will speak to bankers to ensure a quicker and better transmission of the policy rates in a meeting scheduled to take place in two-three weeks.

(With inputs from agencies.)