172@29@17@245!~!172@29@0@53!~!|news|business|canara-bank-slashes-mclr-by-up-to-30-bps-across-various-tenors-5654101.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
you are here: HomeNewsBusiness
Last Updated : Aug 06, 2020 02:02 PM IST | Source: PTI

Canara Bank slashes MCLR by up to 30 bps across various tenors

The overnight and one-month lending rates have been cut by 20 basis points (bps) to 7 percent each. The three-month MCLR has been revised to 7.15 percent from 7.45 percent, Canara Bank said in a regulatory filing.

PTI
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

State-owned Canara Bank on Thursday slashed its marginal cost of fund-based lending rate (MCLR) by up to 30 basis points across various tenors.

The overnight and one-month lending rates have been cut by 20 basis points (bps) to 7 percent each. The three-month MCLR has been revised to 7.15 percent from 7.45 percent, Canara Bank said in a regulatory filing.

The six-month MCLR has been cut to 7.40 percent from 7.50 percent, the bank said. The one-year MCLR has been revised to 7.45 percent from 7.55 percent earlier.

Close

The revised lending rates will be effective from August 7, Canara Bank said.

The reduction in MCLR will bring down burden on borrowers.

The Reserve Bank of India (RBI) on Thursday kept the interest rates unchanged, but maintained an accommodative stance, implying more rate cuts in future if the need arises to support the economy hit by the COVID-19 crisis.

The benchmark repurchase (repo) rate has been left unchanged at 4 percent, Governor Shaktikanta Das said while announcing the decisions taken by the central bank's Monetary Policy Committee.
First Published on Aug 6, 2020 01:45 pm
Sections