Canara Bank lowers repo-rate linked lending rate by 40 bps

On Saturday, PSU Canara Bank announced that it has lowered Repo linked lending Rate (RLLR) by 40 bps to 6.90 per cent and Fund based lending rate (FBLR) by 20 bps across various tenors with effect from June 7.

All new retail loans and loans to MSMEs will now get lowered as they are linked to RLLR. This move came after RBI announced a reduction of repo linked lending rate to 40 basis points (bps). Banks including Punjab National Bank, Bank of India, UCO and IOB have previously announced to pass on the benefit of repo rate cut by RBI on loans to customers.

The bank said that it has revised down one-year MCLR to 7.65 per cent from 7.58 per cent and six months MCLR to 7.55 per cent from 7.75 per cent. Overnight and one-month MCLRs have been reduced to 7.30 per cent each by reduction of 20 bps.      

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