Canara Bank has reduced its marginal cost of funds-based lending rate for customers with effect from Wednesday for overnight, two-year and three-year tenors.
The MCLR is the minimum interest rate that a bank can lend at, and is an internal benchmark based on the bank's cost of funds.
The overnight MCLR has been revised to 8.30% from the existing rate of 8.35%. The bank has decreased the rate for a two-year loan from 9.35% to 9.25%, according to an exchange filing on Tuesday.
As for the loan period of three years, the public sector bank decreased the rate from 9.45% to 9.30%. The rates for one-month, three-month, six-month and one-year tenors remain unchanged at 8.35%, 8.55%, 8.90% and 9.10% respectively
In the third quarter of the current financial year, Canara Bank had reported a 12% growth in standalone net profit to Rs 4,104 crore. Net interest income dipped 3% year-on-year to Rs 9,149 crore.
Shares of Canara Bank closed 1.06% higher at Rs 83.31 apiece on the BSE, compared to a 0.02% decline in the benchmark Sensex.
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