The new rate would be effective from April 21, it said. All the new loans, including home and car loans, would become costlier by 0.15 percent with increase in base rate.
State-owned Bank of Maharashtra today raised base rate or the minimum lending rate by 0.15 percent, making loans costlier. The base rate is increased by 0.15 percent to 10.40 percent from from 10.25 percent on monthly compounding basis, Bank of Maharashtra (BoM) said in a statement.
The new rate would be effective from April 21, it said. All the new loans, including home and car loans, would become costlier by 0.15 percent with increase in base rate. Recently a few other public sector banks, including Indian Bank , Allahabad Bank had also raised their base rates.
Earlier this month, the RBI had maintained the status quo on the key policy rate (repo) taking into account inflationary expectations. The RBI, in its first bi-monthly monetary policy statement, left the short-term lending rate, or repo rate, unchanged at 8 percent and the cash reserve ratio static at 4 percent.
It halved the overnight call money rate to 0.25 percent and increased the 7-day and 14-day repo limits to 0.75 percent from 0.50 percent.
Also Read: Recovered over Rs 531 crore from NPL a/cs, says Indian Bank
Bank of Mah stock price
On April 16, 2014, Bank of Maharashtra closed at Rs 37.55, down Rs 0.95, or 2.47 percent. The 52-week high of the share was Rs 62.65 and the 52-week low was Rs 29.10.
The company's trailing 12-month (TTM) EPS was at Rs 7.01 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.36. The latest book value of the company is Rs 71.35 per share. At current value, the price-to-book value of the company is 0.53.
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