Canara Bank hikes lending rate by 50 basis points

ANI
07 Aug 2022, 04:03 GMT+10

Mumbai (Maharashtra) [India], August 6 (ANI): Canara Bank has decided to hike its repo rate linked lending rate by 50 basis points or 0.50 per cent to 8.30 per cent with effect from August 7.

Canara Bank's decision comes just a day after the Reserve Bank of India (RBI) hiked policy repo rate to tame inflation.

As per data updated on Canara Bank website, the interest rate on home loans will be increased to 8.10 per cent for general customers.

For women customers, it will be hiked to 8.05 per cent. Canara Bank offers 0.05 per cent concession to women borrowers.

Canara Bank's decision on rate hike has come a day after the Reserve Bank of India (RBI) hiked policy repo rate by 0.50 per cent or 50 basis points.

The Monetary Policy Committee of the RBI that met during 3-5 August unanimously decided to increase the policy repo rate by 50 basis points to 5.4 per cent, with immediate effect.

Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.15 per cent; and the marginal standing facility (MSF) rate and the Bank Rate to 5.65 per cent. The MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.

More Information

10 ℃

Cloudy in Dublin

Business

Section

Poor crane, inexperienced operator among causes of tragic deaths by girder fall

DHAKA, Bangladesh A preliminary investigation into the tragic crane accident that killed five people in Uttara on Monday has found ...

Proposed Vietnam bullet train would run north-south 960 miles

HANOI, Vietnam: The Vietnamese government is considering building a high-speed railway, with a possible cost of up to $58.7 billion, ...

U.S. stocks have mixed day, Nasdaq Composite slides 26 points

NEW YORK, New York - Stocks were decidedly mixed in the U.S. on Tuesday as investors struggled to make a ...

Billionaire Indian trader Rakesh Jhunjhunwala dead at 62

DELHI, India: Dubbed the country's Warren Buffett, India's best-known stock investor and self-made billionaire, Rakesh Jhunjhunwala, died on August 14 ...