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 - Alert! IFSC Codes of THESE Banks Changed, Update Your Details NOW to Make Online Payments

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 - ATTENTION Canara Bank Customers: IFSC Code and Cheque Book of THESE Customers To Change

The repo-linked lending rate continues to be 6.90 per cent. Also Read - CBI Conducts Searches at 100 Locations Across 11 States in Separate Bank Fraud Cases

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.