Canara Bank cuts base rate, BPLR by 0.25 per cent each

Canara Bank, the state-owned lender, has cut base rate and benchmark prime lending rate (BPLR) by 0.25 percentage points each to 10.50 per cent and 14.75 per cent, respectively.

The new rates will be effective Tuesday.

The deposit rates also stand reduced by 0.1 to 0.50 percentage points under select maturities, the city-based bank said in a statement.

The bank has decided to effect an additional reduction of 0.25 percentage points in all agricultural term loans.

"This move is aimed at encouraging investments in rural godowns, cold storages, farm mechanisation, minor irrigation and allied activities," it said.

"The special concession is extended to existing as well as new farmer borrowers," it added.