Canara Bank hikes certain MCLR from tomorrow: Details here

State-owned Canara Bank on Monday announced revision of their marginal cost of funds-based lending rates. With the exception of the six-month and one-year MCLR terms, which was raised to 7.35 per cent from existing 7.30 per cent and to 7.40 per cent from 7.35 per cent, respectively, the lender maintained all other MCLR rates. The revised rates will come into effect from tomorrow, June 7, 2022.

The lending rates for the other MCLR periods, such as overnight, one-month, and three-month, remained unchanged at 6.65 per cent, 6.65 per cent, and 6.95 per cent, respectively, as announced by the lender in its regulatory filing.

Earlier, Canara Bank Managing Director and CEO L V Prabhakar had said that the lender was eyeing an 8-10 per cent growth in advances as well as a healthy double-digit rise in corporate loan portfolio in the current financial year.

In the fiscal ended on March 31, 2022, the lender's gross advances grew by 9.77 per cent.

Shares of Canara Bank on Monday closed 0.38 per cent lower at Rs 210.30 apiece on BSE.

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