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Pune-based Bank of Maharashtra decided to lower its base rate by 25 bps to 10%, effective from June 1. R K Gupta, executive director of the state-run bank said since the cost of funds for the bank has come down it has decided to pass on the benefit to the customers.
“By end of March our cost of deposits were came down 10 bps and cost of funds by 15 bps. It has further fallen in the first two months of the current financial year,” he said. Earlier in December, the bank had reduced the rate by 15 basis points to 10.25%.
