Bank of Maharashtra - Rightsofemployees.com

Bank Reduced Loan Interest Rates and also Waived Processing Fees – Know full Details

Jyoti — Wed, 26 Feb 2025 07:28:07 +0000

New Delhi: Government-owned Bank of Maharashtra (BoM) has given great news to its millions of customers. The bank has announced to reduce the interest rates on its retail loans. The bank said that it has reduced the interest rates on retail loans by 25 basis points, which also includes home and car loans. This decision has been taken after the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points on February 7. The repo rate has now become 6.25 percent, which has been reduced for the first time in the last five years.

Big relief to customers

Bank of Maharashtra has given a big relief to its customers by reducing the home loan interest rate to 8.10 percent, which is one of the lowest rates in the banking industry. Apart from this, the interest rate on car loan has also been reduced to 8.45 percent per annum.

Processing fees also waived

At the same time, interest rates on education and other loans linked to repo linked lending rates (RLLR) have also been reduced by 25 basis points. Along with this, the bank has also waived the processing fees on home and car loans. The bank says that this double relief—low interest rates and waiver of processing fees—reflects the bank’s commitment to provide the best financial solutions to customers.

Approval of International Branch of the Bank

Along with this, Pune-based Bank of Maharashtra has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) banking unit in GIFT City. This branch will be the first international branch of the bank, which will conduct foreign banking operations from India. This will expand the international banking business of the bank and will also provide special banking services to the customers. The bank has promised to not only benefit domestic customers with this move, but also aims to increase its international business.

RBI imposed fine on this bank, action also on 2 finance companies

Jyoti — Sat, 17 Aug 2024 04:01:36 +0000

The Reserve Bank has imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance with certain provisions of the KYC Guidelines, 2016. The central bank has imposed a fine of Rs 10 lakh on Poonawalla Fincorp Limited.

The Central Reserve Bank has imposed a fine on a bank and 2 finance companies. The Reserve Bank said on Friday that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating its instructions including Know Your Customer. Apart from this, action has also been taken against Poonawala Fincorp and Hinduja Leyland Finance.

Bank of Maharashtra fined

The Reserve Bank said that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating various guidelines including its KYC. RBI said that it has imposed a fine of Rs 1.27 crore on BOM in an order dated August 8, 2024. This fine was imposed for non-compliance of some RBI guidelines on ‘Credit System for Bank Loan Delivery’, ‘Cyber Security Framework in Banks’ and ‘Know Your Customer’.

Also Read: Bank: There is a limit on withdrawing cash from the bank, know this rule now

Apart from this, the Reserve Bank has imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance of some provisions of KYC Guidelines, 2016. The central bank has imposed a fine of Rs 10 lakh on Poonawala Fincorp Limited. According to the statement, this action has been taken due to lack of regulatory compliance, and it is not related to the validity of any transaction with the customers.

Reserve Bank tightened the rules

The Reserve Bank tightened the norms for ‘Non-Banking Financial Company – Peer to Peer Lending Platform’ (NBFC – P2P Lending Platform) to improve transparency and compliance. P2P lending platforms connect borrowers directly to lenders without intermediary of banks or financial institutions. According to the revised master direction of RBI, P2P platforms should not promote lending as an investment product. They should not have features like assured minimum returns, cash option.

It also said that NBFC-P2P lending platforms should not entice customers to sell any insurance product that includes features such as credit enhancement or credit guarantee. The central bank also said that no loan should be issued unless the lender and borrower are matched as per the board-approved policy.

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Bank Merger Update: This time there will be a merger of these government banks? check alll details

Pravesh Maurya — Mon, 18 Dec 2023 04:41:48 +0000

Banks Merger in India: Once again the discussion on merger of banks has started in the country. News of the merger of four banks has started coming from a document posted on social media platform X.

The next line for merger of banks could be Bank of India, Bank of Maharashtra, Union Bank and UCO Bank. The parliamentary committee may start discussing the possible merger of these four banks early next year. After this merger, two big banks will emerge in the country.

Important financial institutions of the country were called

According to the report, apart from these four banks, Chairman of Reserve Bank of India (RBI), LIC, IRDAI and NABARD have also been called through this letter. Besides, in this letter, the MD and CEO of New India Insurance Company, United India Insurance Company, Oriental Insurance Company, National Insurance Company and SBI Life Insurance have also been invited.

Merger of 10 government banks took place in 2019

The central government had merged 10 government banks of the country in 2019. After this mega merger, 4 government banks came into existence. Earlier in 2017, the Cabinet had approved the merger of five subsidiary banks of SBI into State Bank of India. In March 2020, the government merged Oriental Bank of Commerce and Union Bank of India into Punjab National Bank. Apart from this, Syndicate Bank was merged with Canara Bank, Corporation Bank was merged with Union Bank of India and Allahabad Bank was merged with Indian Bank.

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Bank of Maharashtra increased the interest rate on FD to 1.25 percent

Pravesh Maurya — Thu, 12 Oct 2023 05:56:03 +0000

Public sector Bank of Maharashtra (BOM) has increased the interest rates on its fixed deposits (FD) by up to 1.25 percent. BOM said in a statement on Wednesday that the new rates will be effective from October 12.

The bank said that the increase in interest rates will be applicable on FD and special schemes of the bank. The bank said that the interest rate on deposits of 46 to 90 days has been increased by 1.25 percent. This will encourage individuals and business sectors to save more. The bank will give 6.50 percent interest on one year deposits. The interest rate for deposits of more than one year has been increased by 0.25 percent to 6.25 percent.

The bank said in the statement that senior citizens will get additional interest of 0.5 percent on FD. They will be given an attractive interest rate of 7.5 percent on special deposit scheme of 200 to 400 days.

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FD Rates Increased: Public sector banks released new list of FD rates, Know how much increased

Pravesh Maurya — Tue, 23 Aug 2022 08:00:10 +0000

FD Rates Increased: Two public sector banks of the country i.e. Punjab and Sindh Bank and Bank of Maharashtra have increased their fixed deposit rates. has increased in . Both the banks have decided to hike their FD rates on their FDs less than Rs 2 crore. The new interest rates of both the banks have come into effect from 22 August 2022.

Explain that since the decision of the Reserve Bank of India to increase the repo rate, banks are continuously increasing their FD rates, Saving Bank Account and RD Rates. Now the name of Bank of Maharashtra and Punjab and Sind Bank has also been included in this list.

RBI increased FD rates thrice for three months Let us tell you that Reserve Bank of India is continuously increasing its repo rate to control inflation in the country. In the months of May and June, the central bank increased the repo rate. At present the repo rate is 5.40%.

Due to the increase in the Repo Rate, customers are getting a higher interest rate on deposits, but at the same time the interest rate on loans is increasing. This is also increasing the EMI burden on the customers. Let us give you information about the latest FD rates of Bank of Maharashtra and Punjab and Sind Bank.

Bank of Maharashtra’s interest rate on FD less than Rs 2 crore-

7-30 days- 2.75%
31-45 days- 3.00%
46-90 days- 3.50%
91-119 days- 3.75%
120-180 days- 3.90%
181-270 days- 4.25%
271-364 days – 5.00%
1 year – 5.40%
1-2 years – 5.40%
2-3 years – 5.40%
3-5 years – 5.40% Above
5 years – 5.40%

Interest rate on FD of less than Rs 2 crore in Punjab and Sindh-

Up to 7-14 days- 2.80%
15-30 days- 2.80%
31-45 days- 3.00%
46-90 days- 3.80%
91-120 days- 3.95%
121-150 days- 4.00%
151-179 days- 4.00%
180-269 days – 4.50%
270-364 days – 4.65% up to
1-2 years – 5.65%
2-3 years – 5.80%
3 years to 5 years – 5.75%
5 to 10 years – 5.75%

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