Bank of Maharashtra bucks the trend, cuts MCLR by 20-35 basis points

The state-owned lender cut overnight and one-month MCLR by 25 bps to 6.90 per cent and 7 per cent

Bank of Maharashtra cut its marginal cost of funds-based lending rate (MCLR) by 20-35 basis points (bps) across tenors effective July 11, bucking the trend of lenders raising rates after the central bank hiked the benchmark policy rate by 90 basis points in last two months.

The lender cut overnight and one-month MCLR by 25 bps to 6.90 per cent and 7 per cent. The three-month MCLR was cut by 35 bps to 7.20 per cent. Six-month and one-year MCLR were cut by 20 bps to 7.40 per cent and 7.50 per cent, according to the bank’s notification to the stock