Bengaluru: Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans / Advances by 10 basis points for Overnight and One Month tenor with effect from February 7.
The Overnight and One-Month MCLR is now 6.70 percent, Three- Month MCLR 6.95 percent, Six-Month MCLR 7.30 percent, and One Year MCLR 7. 35 percent, it said in a statement on Monday.
Repo Linked Lending Rate (RLLR) continues to be at 6.90 per cent", it was stated.
The move comes two days after the RBI kept its key interest rates paused in its bi-monthly monetary policy. The central bank announcing the outcome of its bi-monthly Monetary Policy rates on February 5 said that it has decided to keep the repo rate unchanged at 4 percent and the reverse repo rate at 3.35 percent, with Industry leaders saying that RBI's accommodative policy stance will aid economic growth.
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This is the first monetary policy announcement after the presentation of the Union Budget 2021-22. The Reserve Bank's rate-setting Monetary Policy Committee (MPC) began its meeting on Wednesday. The MPC kept the key benchmark rate unchanged in its last three reviews.
