The public sector lender announced in a regulatory filing that the bank’s revised Repo-Linked Lending Rate (RLLR) will take effect on February 12.

After the rate reduction, the new RLLR for canara Bank will be 9.25%, as opposed to the current 9.40%.

The Reserve Bank of India (RBI) raised the benchmark policy rate by 25 basis points to 6.5% on Wednesday, citing persistent core inflation. Banks have since revised their lending rates.

Following the announcement by the Reserve Bank of India, Punjab National Bank increased its Repo-Linked Lending Rate by 25 basis points, from 8.75% to 9%. (RLLR). The PNB rate increase went into effect on Thursday.

Bank of Baroda also announced an increase of 5 basis points in its Marginal Cost of Funds-Based Lending Rate (MCLR) across all maturities.

The overnight MCLR at BoB has increased from 7.85% to 7.90% as a result of the revision. The bank announced in a regulatory filing that the new rates will go into effect on February 12.

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Since May of last year, the interest rate has been increased six times by the central bank, for a total increase of 250 basis points, as a result of the RBI’s repo rate increase.

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