Canara Bank Cuts Lending Rates By 15 Basis Points

Public sector lender Canara Bank has reduced lending rates by 15 basis points despite hike in repo rate by Reserve Bank earlier this week.

The revised Repo Linked Lending Rate of the bank with effect from Feb. 12, Canara Bank said in a regulatory filing on Friday.

Following the rate cut, the new Repo Linked Lending Rate will be 9.25% compared to the existing 9.40%.

On Wednesday, the Reserve Bank of India hiked the benchmark policy rate by 25 basis points to 6.5% , citing sticky core inflation.

It was the sixth time the interest rate has been hiked by the RBI since May last year, taking the total quantum of increase to 250 basis points.

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Following the rate cut, the new Repo Linked Lending Rate will be 9.25% compared to the existing 9.40%.