Canara Bank cuts MCLR by 0.05% for various maturities from today

For overnight, MCLR to be 8.10%, while for 1- and 3-month maturities it will be 8.15% and 8.20%

Public sector Canara Bank has cut marginal cost of funds based lending rates (MCLR) by 0.05 percentage point for various maturities with effect from Tuesday.

"In terms of the guidelines of the RBI (Reserve Bank of India), all rupee loans sanctioned and credit limits renewed from June 7, 2017, will be priced with reference to the tenor-based MCLR rates are as below", it said in a regulatory filing.

For overnight, the new MCLR will be 8.10 per cent, while for one month and three-month maturities new MCLR will be priced at 8.15 per cent and 8.20 per cent, respectively.

For six month and one year, the new MCLR are set at 8.35 per cent and 8.40 per cent, respectively, the bank said.

The bank's stock on Tuesday closed 1.32 per cent down at Rs 358.05 on BSE.