Canara Bank cuts lending rates by 0.25%

Zeebiz Bureau

New Delhi: Canara Bank slashed its interest rates on loans, reducing its base rate by 25 basis points to 10.5% on Monday.

The bank has also cut its benchmark prime lending rate by 25 bps to 14.75% and cuts deposit rates by 10-50 bps.

The new rates are likely to come into effect from Tuesday.

Other banks which had earlier slashed rates include ICICI Bank, State Bank of India, Punjab National Bank, IDBI Bank, Union Bank and Corporation Bank. The rate cuts is followed after RBI's decision to cut key interest rate by 0.5% to 8% in its latest annual credit policy.