Canara Bank cuts base rate by 30 bps

Canara Bank said on Thursday it will reduce its base rate by 30 bps from 10.25 percent to 9.95 percent.

July 04, 2013 / 19:31 IST

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Canara Bank said on Thursday it will reduce its base rate by 30 bps from 10.25 percent to 9.95 percent with effect from July 08, 2013.

The bank also reduced the rate of interest on deposits on few maturity slabs.

Source text: http://link.reuters.com/ryk49t

Endorsing Finance Minister P Chidambaram's call to banks to pass on the benefit of rate cuts to customers, RBI Governor D Subbarao on Thursday said the central bank is also "very conscious" of the need to be supportive of economic growth.

A day after Chidambaram nudged banks to cut minimum or base lending rate in line with periodic interest rate cuts being made by RBI, Subbarao said lending rates have be to reduced to attract investments.

first published: Jul 4, 2013 07:31 pm

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