Canara Bank cuts base rate 0.25%

State-owned lender Canara Bank has cut base rate and BPLR by 0.25 percentage points each to 10.50% and 14.75% respectively, which will take effect from tomorrow.

The deposit rates also stand reduced by 0.1 to 0.50 percentage points under select maturities, the city-based bank said in a statement.

The bank has decided to effect an additional reduction of 0.25 percentage points in all agricultural term loans.

"This move is aimed at encouraging investments in rural godowns, cold storages, farm mechanisation, minor irrigation and allied activities," it said.

"The special concession is extended to existing as well as new farmer borrowers," it added