Latest News | Canara Bank Cuts in Repo-linked Lending Rate by 40 Bps
Get latest articles and stories on Latest News at LatestLY. State-owned Canara Bank on Saturday announced reduction in its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.90 per cent.
New Delhi, Jun 6 (PTI) State-owned Canara Bank on Saturday announced reduction in its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.90 per cent.
Meanwhile, the Bengaluru-based bank also slashed its marginal cost of fund-based lending rate (MCLR) by 20 basis points across various tenors.
The revised lending rates will be effective from June 7, Canara Bank said in a statement.
All new retail loans (housing, education, vehicle), credit to MSMEs are linked to RLLR.
Also Read | Karnataka Bank Reports Rs 285 Crore Fraud in Four Loan Accounts Including DHFL.
Many banks have passed on the benefit of reduction in 40 bps in repo rate announced by the Reserve Bank of India in May through cuts in their RLLR.
Recently, some lenders, including Punjab National Bank, Bank of India and UCO Bank, slashed their lending rates linked to repo rate by 40 bps.
With the reduction, it said the one-year MCLR has been revised down to 7.65 per cent from existing 7.58 per cent. For six months, the rate has been reduced to 7.60 per cent.
Overnight and one-month MCLRs have been reduced by 20 basis points to 7.30 per cent each. Six-month MCLR has been revised to 7.55 per cent from 7.75 per cent.
The reduction in MCLR will bring down burden on borrowers.
(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)