BANGALORE, Feb 2: Public sector lender Canara Bank has cut its lending rates and base rate by 0.25 per cent to 10.25 per cent effective from February 4 following the reduction in policy rates by the Reserve Bank of India (RBI).
The bank in a statement here said its benchmark prime lending rate had also been revised downwards by 25 basis points (100 basis points is equal to one per cent) from 14.75 per cent to 14.5 per cent.
The bank said in continuation of its endeavor in performing its social responsibility and in boosting the MSME sector which is the growth driver of economy it, has reduced the rate of interest on MSME advances. Further, the bank has also reduced its lending rate for Canara Mobile Loans (Car Loans). (UNI)
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