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2010-08-12

Canara Bank raises its Prime Lending Rates by 0.50%, from 12% to 12.5%

Canara bank has raised the benchmark prime lending rate (BPLR) by 50 basis points to 12.50%, from the earlier 12%. The rates will come into effect from August 12, 2010.

Canara bank has raised the benchmark prime lending rate (BPLR) by 50 basis points to 12.50%, from the earlier 12%. The rates will come into effect from August 12, 2010. The new revised rates will be valid for the borrowers under Micro, Small & Medium Enterprises (MSME) existing housing loans linked to BPLR and Personal Loan schemes.

The revised interest rates are, however, not applicable to the loans and advances approved after July 1, 2010, and to those borrowers, who have opted to switch over to Base Rate System.

Earlier, the central bank of our country the Reserve Bank of India (RBI) raised the short-term borrowing (reverse repo) rate by 50 basis points and lending (repo) rate by 25 basis points

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