Bank of Maharashtra (BoM) on Wednesday, January 3, reduced its home loan rate by 15 basis points to 8.35%. The lender has also waived off processing fees on home loans.
Live TV
Loading...
On the back of the news, shares of BoM closed 4.20% higher at ₹47.35 each on BSE.
The development came days after RBI Governor Shaktikanta Das-led monetary policy committee (MPC) kept the repo rate unchanged for the fifth time at 6.5%.
However, the central bank earlier implemented six consecutive rate hikes, totalling 250 basis points, until the pause in April.
In a separate development, the Bank of Maharashtra's total business reached ₹4.35 lakh crore in third quarter of FY24, marking a 19% increase compared to the year-ago period.
Total deposits for the quarter stood at ₹2.46 lakh crore, reflecting an 18% year-on-year (YoY) rise from ₹2.08 lakh crore, the bank said in a regulatory filing.
While the CASA (current account savings account) percentage dipped slightly from 52.50% to 50.19% YoY, the bank maintained a healthy CASA deposit of ₹1.23 lakh crore in Q3, showing a 12.70% growth from ₹1.09 lakh crore in the corresponding period in the last fiscal.
(Edited by : Anshul)
First Published: Jan 3, 2024 3:57 PM IST
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!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM