Public sector Canara Bank has cut MCLR rates by 0.05 percentage point for various maturities with effect from Wednesday.
"In terms of the guidelines of RBI, all rupee loans sanctioned and credit limits renewed from June 7, 2017 will be priced with reference to the tenor-based MCLR rates are as below", it said in a regulatory filing.
For overnight, the new MCLR will be 8.10 per cent, while for one month and three-month maturities new marginal cost based lending rates (MCLR) will be priced at 8.15 per cent and 8.20 per cent respectively.
For six month and one year, the new MCLR are set at 8.35 per cent and 8.40 per cent respectively, the bank said.
Stock of the bank on Tuesday closed 1.32 per cent down at Rs. 358.05 on BSE.