Bank of Maharashtra, one of the leading public sector banks in India, today reduced its base rate or minimum lending rate by 25 basis points from 10.25% to 10%, a move which would lower the interest cost to customers and EMIs of all loans. The Base Rate of Interest reduction is effective from June 1, 2015. As it will reduce Base Rate Linked Loans and Advances EMIs.

It is hoped to boost Housing Loan, Car Loan, SME Loans and other Retails Loans credit off-take in the current year.

Bank of Maharashtra’s net profit has witnessed a two-fold jump to Rs 1127.2 million for the quarter ended March 31 as compared to Rs 569.5 million for the corresponding quarter last financial year. The profits were up due to higher income from treasury, corporate and wholesale banking. Total income for the quarter grew 6.39% to Rs 136.71 billion as compared to Rs 128.50 billion a year earlier. 

Shares of the bank gained Rs 0.25, or 0.65%, to settle at Rs 39. The total volume of shares traded was 16,453 at the BSE (Friday).