Canara Bank slashes Interest rates on loans
Canara Bank slashes Interest rates on loans/advances with effect from 07.06.2020
Chennai 8th June 2020: Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Base d Lending Rate (MCLR) on Loans / Advances across all tenors with effect from June 07, 2020. Bank has reduced interest rate by 20 basis points across all tenors i.e, one year, 6 months, 3 months, 1 month and Ove rnight ten ors.
Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.06.2020:
| Tenor | Interest Rate (in %) |
| Overnight MCLR | 7.30% |
| One-Month MCLR | 7.30% |
| Three- Month MCLR | 7.55% |
| Six-Month MCLR | 7.60% |
| One Year MCLR | 7.65% |
Repo Linked Lending Rate (RLLR) has been reduced by 40 basis points from 7.30% to 6.90% effective from 07.06.2020.
About Canara Bank:
Widely known for its customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through various phases of growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in te rms of geographical reach and clientele segments. Eighties period was characterized by business diversifica tion. In June 2006, the Bank completed a century of operations in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones.
After amalgamation of Syndicate Bank into Canara Bank on 01.04.2020, the bank has attained the position of 4th largest Public Sector Bank in the country with a total business of Rs 15, 53,792 crores. With 10403 domestic branches, 13448 ATMs and about 6000 Business Correspondents, the Bank has got unparalleled potential to become the numero uno nationalized bank in the country with a premier position in the comity of Indian banks.
