For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Bank Of Maharashtra Lowers Lending Rate By 0.10%

|

Public sector Bank of Maharashtra on Friday announced a cut on the benchmark one-year MCLR by 0.10 percent to 8.60 percent, a day after the Reserve Bank of India cut its repo rate by 0.25 basis points.

"Bank of Maharashtra has reviewed and reduced its marginal cost of funds based lending rates (MCLR) with effect from June 7, 2019," it said in a release.

Bank Of Maharashtra Lowers Lending Rate By 0.10%
 

The one-year MCLR is the benchmark against which most retail loans such as auto, personal and home loans are priced.

Among other loan tenors, the overnight MCLR was cut by 0.05 percent to 8.15 percent, while the three-month tenor rate has been slashed by an equal margin to 8.40 percent.

Earlier on Thursday, RBI announced its a cut in its repo rate by 0.25 percent to 5.75 percent. It is one of the key rates that is regulated by the central bank. While it is the rate at which banks can borrow from the RBI, it cut in the interest rate will boost growth as will increase the flow of funds in the economy.

India's economic growth has been estimated to slow down to a five-year low of 6.8 percent in 2018-19.

Of late, commercial banks have been quick in reflecting the change in policy rates, however, a large number of banks are still to pick up pace.

Story first published: Saturday, June 8, 2019, 10:55 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more