A day after the Reserve Bank of India (RBI) lowered its key lending rate, Bank of Maharashtra on Friday said it will reduce the benchmark marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) across various tenures from April 7.
"Bank of Maharashtra has reviewed and reduced its MCLR w.e.f. (with effect from) 7th April 2019," the bank said in a statement.
For all the tenures -- overnight, one-month, three-month, six-month and one-year -- the bank will reduce the MCLR by 0.05 percent each to 8.20 percent, 8.25 percent, 8.45 percent, 8.50 percent and 8.70 percent, respectively.
On Thursday, muted growth and subdued inflation prompted the RBI to lower its key lending rate for commercial banks by 25 bps to 6 percent.
"On the basis of an assessment of the current and evolving macroeconomic situation, the MPC (Monetary Policy Committee) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6 per cent from 6.25 per cent with immediate effect," the RBI said.
"Consequently, the reverse repo rate under the LAF stands adjusted to 5.75 per cent, and the marginal standing facility (MSF) rate and the bank rate to 6.25 per cent."
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM
Celebrity Kangana vs 'royal' Vikramaditya on Himachal's Mandi seat: Clash of richest titans
May 18, 2024 11:11 AM
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM