BoM Trims Interest Rate By 25 Bps

New Delhi: State-owned Bank of Maharashtra (BoM) has cut interest rate by 25 basis points on retail loans, including home and car loans in line with reduction in repo rate by RBI.

After a gap of five years, RBI reduced the repo rate, the rate at which banks borrow from the central bank, by 25 basis points to 6.25 per cent on February 7. Following this, the benchmark rate for home loan has been reduced to 8.10 per cent, one of the lowest in the banking industry, BoM said in a statement on Sunday.