State-owned Bank of Maharashtra on Monday announced that it has hiked the lending rates (marginal cost of funds-based lending rate (MCLR)) by 10 basis points across tenures, with effect from April 15, 2023.

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After the revision, the rates are in a range of 7.90-8.50 percent. The overnight lending rate has increased from 7.80 percent to 7.9 percent, registering an increase of 0.10 bps.

As per the filing, the one-month lending rate has increased from 8 percent to 8.10 percent while the three-month lending rate has increased from 8.20 percent to 8.30 percent.

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The bank has revised the six-month lending rate from 8.30 percent to 8.40 percent while the one-year lending rate has increased from 8.40 percent to 8.50 percent.

Earlier on February 13, 2023, the bank had hiked the lending rate by 20-30 bps across tenures.

The Reserve Bank of India's (RBI) norms require banks to review their lending rates every month based on the marginal cost of funds. Bank of Maharashtra's marginal cost of funds-based lending rates for various tenures are as follows:

Besides, the lender in a separate regulatory filing said, that its Board of Directors is scheduled to meet on April 24, 2023, at Pune to consider and approve the audited financial results of the bank for the quarter and year ended on March 31, 2023.

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It will also consider the proposal for the recommendation of a final dividend on the equity shares of the bank for the year ending on March 31, 2023.

Shares of the lender ended 4.36 percent higher at Rs 28.75 per share on the National Stock Exchange today.