Bank of Maharashtra Slashes Interest Rates, Amid RBI Policy Shift
Bank of Maharashtra, a state-owned entity, has cut interest rates on various retail loans, aligning with recent RBI policy adjustments. This reduction aims to offer competitive rates and stimulate customer interest. The central bank also reduced the cash reserve ratio, fueling further economic growth.
- Country:
- India
State-owned Bank of Maharashtra announced a significant reduction in interest rates on retail loans, including home and car loans, by up to 50 basis points. This decision follows the Reserve Bank of India's recent action to moderate interest rates, marking a pivotal move in the banking sector.
Effective from June 10, the reduced rates reflect a strategic alignment with RBI's policies, making Bank of Maharashtra one of the most competitive lenders in the industry. The bank stated that the lower rates highlight its commitment to providing accessible financing solutions to its customers, encouraging personal and economic growth.
Simultaneously, Bank of Baroda also reduced its MCLR by 5 basis points, adapting to the evolving financial landscape post-RBI's unexpected benchmark rate cut. The monetary policy changes, including the cash reserve ratio reduction, aim to inject liquidity and invigorate the economy.
(With inputs from agencies.)
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