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'Canara Bank to review lending rates'

Written by: Staff

Mumbai, Feb 18: Canara Bank Chairman M B N Rao indicated today that the Bank might review its lending rate again. Talking to reporters on the sidelines of the launch of the Bank's Online Trading facility here, Mr Rao said that the Bank had already cut its prime lending rate by 25 basis points and was constantly reviewing the situation.

He said that a further cut was possible, but did not give the time frame of the decision to be taken. ''We will review the situation again'' he added. He said that there was enough liquidity in the market with adequate cushion in the credit deposit ratio. The economy was buoyant and had the capability of witnessing a nine per cent growth this fiscal, he said, adding that there was enough scope for softening of lending rates.

Referring to the Life Insurance joint venture with Oriental Bank and HSBC, he said that the joint venture had already made its application to the IRDA and the first policy was likely to be issued by the middle of this year.


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