Bank of Maharashtra to issue 3-month CD - traders

India's Bank of Maharashtra MAHABANK plans to raise funds through certificates of deposit maturing in three months, three merchant bankers said on Thursday.

The state-run lender will offer a yield of 7.30% on this issue and has received commitments worth 10 billion rupees ($122.96 million), the bankers said.

The notes are rated A1+ by CRISIL and the terms of the deal were set on Wednesday.

($1 = 81.3300 Indian rupees)