Bank of Maharashtra cuts base rate to 10.6%

State-owned Bank of Maharashtra (BoM) today slashed the base rate or minimum lending rate by 0.1 percentage point to 10.6 per cent.

The bank has reduced the base rate from 10.7 per cent to 10.6 per cent on a monthly compounding basis, with effect from February 21, BoM said in a filing to the BSE.

With the reduction, all kinds of loans linked to base rate would become cheaper by at least 0.1 percentage points.

The benchmark prime lending rate (BPLR) would continue to remain unchanged at 15 per cent on a monthly compounding basis, it said.