After the bank announced the higher marginal cost of fund-based lending rates (MCLR) by 20-30 basis points, the Bank of Maharashtra soared at 8.12% to Rs 35.30 across different tenors w.e.f today (December 14, 2022).

The overnight MCLR increased to 7.5% from 7.3%, and MCLR for December rose to 7.7% from 7.5%, a 20 basis point.

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For three months, the interest rate on MCLR was raised to 7.9% from 7.6%, followed by the six-month MCLR rate increased to 8% from 7.7%, and the one-year MCLR rate was raised to 8.2% from 7.9%, a 30 basis point. Today, the revised rates will be effective.

On a standalone basis, the net profit rose at 102.93% to Rs 535 crore in the second quarter of FY23 compared to Rs 264 crore posted in FY22. Total income hit a high at 7% yearly to Rs 4,317 crore in the second quarter of FY23 over in the second quarter of FY22.

The Government of India held a 90.97% stake in public sector banks at the end of the September quarter.