Bank of Maharashtra increases MCLR rate by 20 bps

Bank of Maharashtra increased in marginal cost of funds based lending rate (MCLR) by 20 basis points across different tenors, effective from today 10 October 2022.

The overnight MCLR increased from 7.10% to 7.30 and MCLR for one month rose from 7.25% to 7.45%. The interest rate on the three month MCLR was raised from 7.40% to 7.60%, followed by the six month MCLR rate increased from 7.50% to 7.70%. The one year MCLR rate was raised from 7.60% to 7.80%. The revised rates will be effective from today itself, 10 October 2022.

The state-run bank's net profit rose 117.2% to Rs 541.90 crore on 0.4% decline in total income to Rs 3,774.32 crore in Q1 FY23 over Q1 FY22.

Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 30 June 2022.

The scrip rose 0.27% to currently trade at Rs 18.30 on the BSE.

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