Despite RBI's announcement to hike repo rate by 25 basis points, the public-sector lender, Canara Bank is not likely to increase its deposit or lending rates in the near future, said the media reports.
"There is no proposal to hike the base rate", Canara Bank, Chairman and Managing Director, R. K. Dubey told media.
At present, base rate of Canara Bank stands at 9.95 per cent. It was brought down from 10.25 per cent to 9.95 per cent in the month of July.
Meanwhile, Dubey stated that the lender is seeking to expand its network of branches from 4,101 to 4,500 branches by the end of the current financial year, the report added.
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