Bank of Maharashtra raises interest rates by 50 bps

State-run lender Bank of Maharashtra said on Wednesday it has raised its base rate and benchmark prime lending rate by 50 basis points each to 10% and 14.25% respectively, effective May 5.

On Tuesday, the Reserve Bank of India raised interest rates by a sharper-than-expected 50 basis points, and said fighting inflation was top priority, even at the expense of short-term growth.

Source: Business Standard