Canara Bank has launched repo rate linked lending rate for faster transmission of interest rate cut to borrowers. Repo Rate Linked Lending Rate (RLLR) of the bank for retail loans and Micro, Small and Medium Enterprises (MSME) is 8.30 per cent with effect from October 1. Earlier this month, the Reserve Bank of India (RBI) made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks effective October 01, 2019 for faster transmission of rate cut to borrowers.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
