Canara Bank has kept its one-year marginal cost of funds based lending rate (MCLR) unchanged at 9.35 per cent for June 2016, the same as in the previous month.
The Bengaluru-headquartered public sector bank, however, pared its three and six months MCLR by 5 basis points to 9.15 per cent and 9.20 per cent respectively for June as compared with the previous month.
One basis point is equal to one-hundredth of a percentage point.
The overnight MCLR has been raised by 20 basis points to 9 per cent. The one-month MCLR has been left unchanged at 9.10 per cent.
With effect from April 1, 2016, all rupee loans sanctioned and credit limits renewed by banks will be priced with reference to the tenor-based MCLR.