The new rates, effective from 12 June 2025, will reduce EMIs or loan tenures for borrowers, offering major relief to home and personal loan customers.
The Reserve Bank of India (RBI) recently cut the repo rate by 50 basis points (0.50%), reducing it from 6% to 5.50%. Its effect is now slowly showing on the banks. Following other major banks, Canara Bank has now reduced its Repo Linked Lending Rate (RLLR) from 8.75% to 8.25%.
Canara Bank is an India public sector bank. As on 31st March 2025, the Bank has 9,849 Number of Branches, out of which 3,139 are Rural, 2,900 Semi Urban, 1,944 Urban & 1,866 Metro along with 9,579 ATMs. Bank is also having 4 overseas branches in London, New York, Dubai & IBU Gift City.
The bank's standalone net profit climbed 33.15% to Rs 5,002.66 crore on 9.78% increase in total income to Rs 37,352.80 crore in Q4 FY25 over Q4 FY24.
Shares of Canara Bank shed 0.64% to Rs 116.35 on the BSE.