Canara Bank hikes lending rate by 50 basis points

ANI
07 Aug 2022, 04:03 GMT+10

Mumbai (Maharashtra) [India], August 6 (ANI): Canara Bank has decided to hike its repo rate linked lending rate by 50 basis points or 0.50 per cent to 8.30 per cent with effect from August 7.

Canara Bank's decision comes just a day after the Reserve Bank of India (RBI) hiked policy repo rate to tame inflation.

As per data updated on Canara Bank website, the interest rate on home loans will be increased to 8.10 per cent for general customers.

For women customers, it will be hiked to 8.05 per cent. Canara Bank offers 0.05 per cent concession to women borrowers.

Canara Bank's decision on rate hike has come a day after the Reserve Bank of India (RBI) hiked policy repo rate by 0.50 per cent or 50 basis points.

The Monetary Policy Committee of the RBI that met during 3-5 August unanimously decided to increase the policy repo rate by 50 basis points to 5.4 per cent, with immediate effect.

Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.15 per cent; and the marginal standing facility (MSF) rate and the Bank Rate to 5.65 per cent. The MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.

More Information

27 ℃

null in Cheung Chau

China

Section

Nepal looking at the Taiwan issue closely, supporting one-China policy

KATHMANDU, Nepal - Nepal says it is closely monitoring the recent Taiwan issue and remains committed to the one-China policy.Sewa ...

Raid on Chinese-owned casino triggers gang war in town near Chinese border

SHAN STATE, Myanmar - At least one person has been killed in a series of attacks in Muse, northern Shan ...

After consecutive high-level Chinese visits, Nepal reciprocates

KATHMANDU, Nepal - Dr. Narayan Khadka, Minister of Foreign Affairs, will be in China from August 9 to 11.According to ...

Pelosi's Taiwan visit undermines peace and stability across Taiwan Strait: Yanqi

KATHMANDU, Nepal The Chinese ambassador to Nepal has criticized US House Speaker Nancy Pelosi's visit to Taiwan. According to Ambassador ...

US to stop sending equipment for Chinese to manufacture computer chip

WASHINGTON D.C.: The U.S. is considering limiting shipments of U.S.-made chipmaking equipment to China, including to Yangtze Memory Technologies, according ...

Hong Kong Eases COVID Quarantine Rules for Incoming Travelers

hong kong - Hong Kong will shorten the COVID-19 hotel quarantine period for all arrivals to three days from seven, ...

Business

Section