Bank of Maharashtra hikes MCLR and RLLR rates

Bank of Maharashtra on Friday announced an upward revision of marginal cost of funds based lending rate (MCLR) by 30 basis points and repo linked lending rate (RLLR) by 50 basis points.

The public sector bank revised the overnight MCLR from 6.85 to 7.15%, one month MCLR from 6.95% to 7.25%, three months MCLR from 7.25% to 7.55%, six months MCLR from 7.30% to 7.60% and one year MCLR from 7.40% to 7.70%. The revised rates will be effective from 10 June 2022.

Further, the bank has revised the repo linked lending rate from 7.20% to 7.70 per annum with effect from 10 June 2022.

Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 31 March 2022.

The state-run bank's net profit rose 110.5% to Rs 355.78 crore on 8.9% decline in total income to Rs 3,948.47 crore in Q4 FY22 over Q4 FY21.

Shares of Bank of Maharashtra were up 0.60% to Rs 16.70 on the BSE.

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