Mumbai, Apr 6 (PTI) State-owned Canara Bank on Monday said it will reduce its repo linked lending rate (RLLR) by 75 basis points to 7.30 per cent from April 7.

The lender has announced to reduce its marginal cost of funds based lending rates (MCLR) by up to 35 basis points across tenors, effective April 7.

The one-year MCLR has been cut by 35 basis points to 7.85 per cent, and for six-month by 30 basis points to 7.80 per cent.

Three month MCLR has been revised lower by 20 basis points to 7.75 per cent.

Canara Bank, which amalgamated Syndicate Bank with itself on April 1, said the new rates will be applicable for the amalgamated entity.

Banks such as SBI, Bank of Baroda, Punjab National Bank, Union Bank, among others have already reduced their RLLR following a 75 basis points cut in repo rate by the Reserve Bank of India late last month.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)