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In its latest meeting, the RBI’s Monetary Policy Committee (MPC) had unanimously decided to cut the repo rate by 25 basis points to 6.25%.
RBI cuts its repo rate by 25 bps.
State-owned Bank of Maharashtra (BoM) has reduced interest rates on retail loans, including home and car loans, by 25 basis points. This move comes after the Reserve Bank of India (RBI) lowered the repo rate by the same margin, the first reduction in five years.
Lower Interest Rates for Home and Car Loans
BoM’s benchmark home loan rate is now 8.10%, one of the lowest in the industry. Car loan rates have also been reduced to 8.45% per annum. The bank has also lowered rates for education and other loans linked to the Repo Linked Lending Rate (RLLR) by 25 basis points. In addition to the rate cuts, BoM has waived processing fees for home and car loans.
Bank Of Maharashtra To Open International Branch
BoM has received approval from the RBI to establish an International Financial Services Centre (IFSC) Banking Unit at GIFT City. This will be the bank’s first international branch, allowing it to expand its international banking operations and offer specialized services to customers.
SBI Reduces Lending Rates
Following the RBI’s repo rate cut, State Bank of India (SBI) had earlier reduced its External Benchmark-based Lending Rate (EBLR) and RLLR on various loans, resulting in lower EMIs for borrowers. However, SBI’s marginal cost-based lending rates (MCLR), Base rate, and Benchmark Prime Lending Rate (BPLR) remain unchanged.
RBI Cuts Repo Rate
In its latest meeting, the RBI’s Monetary Policy Committee (MPC) had unanimously decided to cut the repo rate by 25 basis points to 6.25%. This is the first reduction in the repo rate in nearly five years, after a period of consecutive hikes following the COVID-19 pandemic.
(With PTI Inputs)
