Canara Bank Cuts MCLR By 5 Bps

Canara Bank, one of the major state-owned public-sector banks has slashed the marginal cost of funds based lending rates (MCLR) by 5 bps or 0.05% for various maturities with effect from June 6, 2017.

For overnight, the new MCLR will be 8.10%, while for one month and three-month maturities new MCLR will be priced at 8.15% and 8.20%, respectively.

For six month and one year, the new MCLR are set at 8.35% and 8.40%, respectively, the bank said.

"In terms of the guidelines of the RBI (Reserve Bank of India), all rupee loans sanctioned and credit limits renewed from June 7, 2017, will be priced with reference to the tenor-based MCLR rates are as below", it said in a regulatory filing.

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