New Delhi: Canara Bank has reduced marginal cost of funds-based lending rate (MCLR) on loans and advances across all tenors with effect from July 7. The interest rate has come down by 10 basis points (bps). Also Read - Canara Bank to Seek Shareholders' Nod For Raising Rs 5000 Crore

Accordingly, MCLRs of the bank shall vary between 7.20 per cent for overnight loans/advances and 7.55 per cent for one-year loans/advances. Also Read - 10 PSU Banks to be Merged From Today: All You Need to Know

The repo-linked lending rate continues to be 6.90 per cent. Also Read - Karnataka Canara Bank ATM Served 500s Instead of 100s

After the amalgamation of Syndicate Bank into Canara Bank on April 1, 2020, it has attained the position of 4th largest public sector bank with a business of Rs 15,53,792 crore. It now has 10,403 domestic branches, 13,448 ATMs and around 6,000 Business Correspondents.