Canara Bank hikes lending rate by 0.25%

Dec 30, 2013, 08.33 PM IST

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

Tags  Canara Bank, HDFC, ICICI Bank, BSE, Base rate, SBI

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Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

Like this story, share it with millions of investors on M3

Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

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State-owned  Canara Bank today raised base rate or the minimum lending rate by 0.25 percent to 10.20 percent even as RBI kept its policy rates unchanged in its mid-quarter review earlier this month. Canara Bank becomes the first major state-owned bank to increase base rate after RBI's policy announcement, a move that will make loans, including home and auto, costlier. The base rate stands modified from 9.95 percent to 10.20 percent, Canara Bank said in a filing to the BSE.

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent, it said. In tune with the market conditions, the bank has aligned its lending rates, it said, adding, the new rates would be effective from January 1. On December 18, RBI in its mid-quarter review kept its policy rates unchanged. RBI has kept short-term lending rate unchanged at 7.75 percent, while the cash reserve ratio (CRR) remained at 4 percent.

Also Read: Never bet against RBI, it can hurt you: Rajan to traders

A day after RBI policy announcement, biggest housing financiers SBI , ICICI Bank and  HDFC slashed home loan rates by up to 0.4 percent for new borrowers. SBI loans of up to Rs 75 lakh is available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent is at 10.10 percent for home loans of up to Rs 75 lakh. The new rates for HDFC home loans of up to Rs 75 lakh will be 10.25 percent as against the existing 10.50 percent.

Canara Bank stock price

On December 30, 2013, Canara Bank closed at Rs 276.55, down Rs 5.6, or 1.98 percent. The 52-week high of the share was Rs 550.00 and the 52-week low was Rs 189.90.

The company's trailing 12-month (TTM) EPS was at Rs 64.42 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4.29. The latest book value of the company is Rs 561.58 per share. At current value, the price-to-book value of the company is 0.49.

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