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Bank of Maharashtra cuts lending rate by 0.25 per cent


New Delhi:

State owned Bank of Maharashtra (BoM) today slashed benchmark lending rate by 0.25 per cent to 10.25 per cent, making loans including home and corporate cheaper for borrowers.

The base rate or the minimum lending rate of the bank is reduced by 0.25 per cent from 10.50 per cent to 10.25 per cent with effect from February 9, BoM said in a filing to the Bombay Stock Exchange.

Meanwhile, foreign lender Citi also reduced its base rate by 0.25 per cent to 9.50 per cent effective January 10, 2013.

Many banks including State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India have already cut their base rates following RBI's decision to reduce short-term lending rate in third quarter monetary policy review in late January. 

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