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Canara Bank cuts MCLR rate by 10 bps to 9.4% from April 1

Public sector Canara Bank announced 0.10 percentage point reduction in its MCLR-based lending rate to 9.40 per cent from April 1, making loans cheaper for consumers.

The bank has revised its base rate (based on MCLR) from 9.50 per cent to 9.40 per cent, a reduction of 10 basis points (0.10 per cent) with effect from April 1, 2017

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Future Tips Canara Bank Q3 Profit up

Canara Bank Q3 profit increased 3 fold

Canara Bank's net profit in the October-December third quarter increased by 3 times 322 crore. In the third quarter last year, net profit of the bank stood at Rs 84.9 crore.  

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BELOW 385.50,

Target1- 384,

Target2- 382,

StopLoss ABOVE 388.

Slight increase in earnings

In the October-December quarter compared to the 2015-2016 fiscal year, the bank's total income stood at Rs 12050.6 crore to Rs 12079.3 crore.

NPAs increased

In October-December quarter gross NPAs of the bank rose by 5.84 per cent to 9.97 per cent. The bank's net NPAs increased from 6.72 per cent in December 2015 compared to 2.42 per cent. Canara Bank in December 2015 as compared to Rs 34388.65 crore of gross NPAs stood at Rs 19813.44 crore.

Bank Clients can keep on withdrawing up to Rs 24,000/week

Public can keep on withdrawing up to Rs 24,000 every week from their bank accounts, including withdrawals from ATM, the Reserve Bank said today.

"The banks are, thusly, prompted that they may keep on allowing their current clients to take out money from their accounts up to Rs 24,000 every week, till further directions. As far as possible limit withdrawals from ATMs," RBI said in an announcement.

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Taking after cancelation of legal tender character of old Rs 500 and Rs 1000 currency notes from November 9, limitations were forced on money withdrawals from accounts and ATMs.

The central bank on November 13 raised the day by day withdrawal limit from ATMs to Rs 2,500 from Rs 2,000 prior.

The week after week limit of Rs 20000 for withdrawal from bank accounts was expanded to Rs 24,000.

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RBI today permitted trade of banned 500 and 1,000 rupee notes for new currency at its counters even after the facility was withdrawn from all banks.