Canara Bank cuts plr rates by 25 bps from February 16

Mumbai, Feb 12 (UNI) Following PSU banks, the Canara Bank today announced reduction in its benchmark prime lending rate by 25 basis points (BPS), effective from February 16.

Earlier, Bank had reduced the rate of interest on housing loan by 25 BPS. The Bank in a release here said that it has pursued the goal of rebalancing the credit portfolio in the current year in a very effective way.

Bank has also achieved a growth of 28 per cent under small and medium Enterprises, 24 per cent under agriculture and 20 per cent under infrastructure lending. Bank has shifted its focus from 'NIM' to a much broader canvas of return on assets. A number of initiatives to bring about ground level changes have been undertaken including major reorganisation of the Bank's structure, leveraging of the new brand identity and major HR initiatives.

The core thrust of the Bank's repositioning strategy was to position the bank as a modern and contemporary Bank, which was a value creator and the tag line "TOGETHER WE CAN" reiterates the core philosophy, the Bank release stated.

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