Pune, Jan 9, 2017: Bank of Maharashtra, one of the oldest public sector banks in India, announced a 30 basis points cut in its Marginal Cost of Fund Based Lending Rate (MCLR). The new rates will be effective from January 7, 2017. With this reduction, the Bank has cumulatively reduced 65 basis point in the benchmark rate in past one month. Following this rate cut, the one year MCLR of Bank of Maharashtra has come down to 8.95% from 9.60% .
Shri. Ravindra Marathe, MD and CEO, Bank of Maharashtra said, “It is our constant endeavor to offer competitive rates to our customers. The move will significantly help to bring down finance cost of retail and commercial loans to our customers.”
The new tenor linked MCLR are as follows:
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