State owned Bank of Maharashtra (BoM) today slashed benchmark lending rate by 0.25% to 10.25%, making loans including home and corporate cheaper for borrowers.
The base rate or the minimum lending rate of the bank is reduced by 0.25% from 10.50% to 10.25% with effect from February 9, BoM said in a filing on the BSE.
Meanwhile, foreign lender Citi also reduced its base rate by 0.25% to 9.50% effective January 10, 2013.
Many banks including State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India have already cut their base rates following RBI's decision to reduce short-term lending rate in third quarter monetary policy review in late January.
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