Bank of Maharashtra reduces base rate by 30 bps to 9.70%
Source: IRIS | 01 Oct, 2015, 04.19PM
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 Bank of Maharashtra, a nationalised bank reduced base rate by 30 basis points to 9.70% from existing 10.00%. 'This move will lower the interest cost to customers and EMIs of all loans.'
 The base rate of interest reduction will be effective from Oct. 5, 2015. The bank expects housing loan, car loan, SME loans and other retails loans credit off-take in the current year.
The bank announced reduction in base rate after the RBI reduced key interest rates by 50 basis points.
Now revised repo and reverse repo rate stood at 6.75% and 5.75% respectively compared with 7.25% and 6.25% earlier. Shares of the bank gained Rs 0.1, or 0.29%, to settle at Rs 34.10. The total volume of shares traded was 7,334 at the BSE (Thursday).
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