State-owned Bank of Maharashtra today raised base rate or the minimum lending rate by 0.15 per cent, making loans costlier.
The base rate is increased by 0.15 per cent to 10.40 per cent from from 10.25 per cent 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 per cent 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 per cent and the cash reserve ratio static at 4 per cent.
It halved the overnight call money rate to 0.25 per cent and increased the 7-day and 14-day repo limits to 0.75 per cent from 0.50 per cent.
