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Ahead of the RBI monetary policy, state-owned Bank of Maharashtra has cut the base rate or minimum lending rate by 25 basis points to 10 per cent from 10.25 per cent.
Base rate is the minimum rate at which banks lend to borrowers. The revised rate will be effective June 1, 2015
The move comes ahead of the RBI monetary policy due next week on June 2.
The reduction is a move which would lower the interest cost to customers and EMIs of all loans, the bank said in a statement.
“Last time the bank had reduced its rates in December 2014, anticipating RBI to cut rates. The bank had reduced its rate by 15 bps to 10.25 per cent from 10.40 per cent in December 2014,” the statement added.
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