Canara Bank to cut repo-linked lending rate by 75 bps

PTI, Apr 6, 2020, 5:53 PM IST

Mumbai: 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 75 basis points cut in repo rate by the Reserve Bank of India late last month.