Canara Bank hikes MCLR rate by 5-15 bps

The state-run lender on Tuesday announced an increase in marginal cost of funds based lending rate (MCLR) by 5-15 basis points, effective from Wednesday, 7 September 2022.

The public sector bank raised the MCLR by 5-15 basis points across tenors. The overnight MCLR increased from 6.80% to 6.90%, an increase of 10 basis points, followed by the one month MCLR rate raised from 6.80% to 6.90%, a 10 basis point hike. The interest rate on the three month MCLR was raised from 7.10% to 7.25%, a 15 basis point hike. MCLR for six month rose from 7.60% to 7.65%, a 5 basis point increase. The one year MCLR rate rose from 7.65% to 7.75%, a 10 basis point increase. The revised rates will be effective from Wednesday, 7 September 2022.

Canara Bank is a public sector bank. As of 30 June 2022, the Government of India held 62.93% in the bank. The bank's standalone net profit soared 71.73% to Rs 2,022.03 crore on 11.52% rise in total income to Rs 23,351.96 crore in Q1 FY23 over Q1 FY22.

Shares of Canara Bank were down 0.02% to Rs 245.20 on the BSE.

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