Canara Bank cuts base rate by 10 bps to 9.90%

Public sector lender Canara Bank on Monday cut its base rate by 10 bps from 10 per cent to 9.90 per cent.

The rate cut will be effective on loans and advances from September 3, 2015.

The bank is the second one to cut base rate after HDFC Bank cut its base rate by 35 bps to 9.35 per cent.

Both banks made the announcements after market hours. The Canara Bank stock closed 1.91 per cent higher on the BSE.