Canara Bank hikes MCLR rates by 15-25 bps

The PSU lender increased marginal cost of funds based lending rate (MCLR) and repo linked lending rate (RLLR) with effect from 7 January 2023.

The overnight MCLR increased by 20 basis points from 7.30% to 7.50%. MCLR for one month rose by 20 basis points from 7.30% to 7.50%. The interest rates on the three month MCLR was raised by 25 basis points from 7.60% to 7.85%, followed by six month MCLR rate increased by 15 basis points from 8.05% to 8.20%. The one year MCLR rate was raised by 20 basis points from 8.15% to 8.35%.

Repo linked lending rate increased by 35 basis points from 8.80% to 9.15%. The revised rates will be effective from 7 January 2023.

Canara Bank is a public sector bank. As of 30 September 2022, the Government of India held 62.93% in the bank. Its standalone net profit surged 89.51% to Rs 2,525.47 crore on 16.88% rise in total income to Rs 24,932.19 crore in Q2 FY23 over Q2 FY22.

Shares of Canara Bank declined 2.18% to Rs 320.35 on the BSE.

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