Bank of Maharashtra introduces new External Benchmark Rate

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Pune : Bank of Maharashtra (BoM) has further reduced its Marginal Cost of Funds based Lending Rates (MCLR) across all tenors by 10 bps below the existing levels w.e.f 7th May 2020. Last month also Bank has reduced its MCLR by up to 25 bps across all tenors. The reduction in Bank’s MCLR is aimed to support economic growth and industrial development and ensure rate transmission.

Bank’s one year MCLR has been revised to 7.90% (down from 8.00%). For overnight, one month, three months & six months, MCLR have been reduced to 7.40% (from 7.50%), 7.50% (from 7.60%), 7.60% (from 7.70%) & 7.70% (from 7.80%) in these tenors.

Bank has also introduced a new External Benchmark Rate linked to 6 Month T-Bill rate i.e. External Benchmark T-Bill Rate (EBTR) which is 6.50% as on date. EBTR shall be applicable to prime Corporate and PSU customers.

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