Canara Bank cuts repo-linked lending rate by 40 bps

State-owned Canara Bank on Saturday announced reduction in its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.90 per cent. Meanwhile, the bank also slashed its marginal cost of fund-based lending rate (MCLR) by 20 bps across various tenures. The revised lending rates will be effective from June 7, Canara Bank said in a statement. All new retail loans (housing, education, vehicle), credit to MSMES are linked to RLLR.