Bangalore-based public sector lender Canara Bank on Friday announced reduction in its base rate by 25 basis points to 10.25% with effect from February 4, 2013.
This follows the reduction in policy rates announced by the Reserve Bank of India (RBI) during the third quarter review of monetary policy.
The Bank has also revised its benchmark PLR downwards by 25 bps to 14.50%.
The Bank has also reduced the rate of interest on MSME advances. Further, it has reduced its lending rate for Canara Mobile Loans (car loans) by 25 basis points to 11% with effect from February 4, 2013, the bank said in a statement.
