These 2 banks changed their interest rates, read what information they have given?

On Tuesday, Canara Bank and Karur Vysya Bank have revised the interest rates of different loans. The banks have informed the stock market about this today. According to the information given to the stock market, Canara Bank has reduced the MCLR of different periods. Karur Vysya Bank has revised the base rate and BPLR. Both the banks have informed about the changes after the market closed. The impact of the news can be seen on the stock in the next trading session.

What has changed?

Canara Bank has announced a reduction of 0.5 to 0.15 percent in MCLR of some tenures. The new rates will be applicable from Wednesday. According to the information given to the market, overnight MCLR has been reduced from 8.35 percent to 8.3 percent. Whereas MCLR for 2 years has been reduced from 9.35 percent to 9.25 percent. MCLR for 3 years has been reduced from 9.45 percent to 9.3 percent. There has been no change in MCLR of one month, 3 months, 6 months and one year. On the other hand, Karur Vysya Bank has reduced its base rate and BPLR. Base rate has been reduced from 11.70 percent to 11.65 percent. Whereas BPLR has been reduced from 16.70 percent to 16.65 percent. How was the performance of the stocks? In Tuesday's trading, Canara Bank's stock closed at 83.3 with a gain of more than one percent. A year ago, the stock was at 113. Karur Vysya Bank closed at 198 with a decline of about one percent. The stock was around 170 a year ago. On February 1 this year, the stock reached above 230, after which the stock has been declining. 

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