Canara Bank slashes lending rates by 25 bps

Cuts BPLR by similar margin, rates come into effect on May 1

Canara Bank has become the latest to slash interest rates on loans, reducing its base rate by 25 basis points to 10.5%. The new rate comes into effect from Tuesday.

Canara has also slashed its benchmark prime lending rate by 25 bps to 14.75% and cuts deposit rates by 10-50 bps, effective Tuesday.

Union Bank and Corporation Bank had reduced their lending and deposit rates on April 24, while several others such as ICICI Bank, State Bank of India, Punjab National Bank and IDBI Bank, slashed their rates earlier, following RBI's decision to cut key interest rate by 0.5% to 8% in its latest annual credit policy.