Canara Bank cuts Lending rates by 20 bps, Bank of Maharashtra keeps its MCLRs unchanged

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Biznextindia: A day after RBI kept Repo rate unchanged at 5.15%, Two public sector banks Canara Bank and Bank of Maharastra have announced their Marginal Cost of Funds based Lending Rates (MCLR) for December.

While Canara Bank has reduced its MCLR by 0.20% or 20 basis points, Bank of Maharastra has kept its MCLR unchanged.

After the reduction, Overnight and One-month MCLR has been reduced to 7.90% each. Similarly, Six Month and One-year MCLR have been reduced to 8.35% each. Meanwhile, the bank has revised its Repo linked Lending Rate (RLLR) for Retail Loans (Housing, Auto, Etc) & Micro, Small and Medium Enterprises (MSME) to 8.05%. The new rates will be effective from 7th of December. On the other hand, Bank of Maharastra has kept its prevailing MCLR unchanged.

While the Overnight MCLR has remain at 8.05%, One month, Three month, Six Month and One year MCLRs are at 8.15%,8.20%,8.30% and 8.40%. The bank’s Repo linked Lending Rate (RLLR) is also remains unchanged at 8.20%.

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