Canara Bank Announces 10 Basis Point Hike in Marginal Cost of Funds Based Lending Rates
The 2-year MCLR has been adjusted to 8.95% from the previous 8.85%, while the 3-year rate now stands at 9.00%.
This revision directly impacts the interest burden on floating-rate loans, including home, automobile, and personal credit linked to these benchmarks.
MCLR represents the internal benchmark rate below which a bank cannot legally extend credit, ensuring transparency in interest rate transmission.
For exam purposes, understanding MCLR shifts is crucial as they signal a bank's cost of funds and prevailing liquidity conditions.
Key Facts / Static GK
MCLR Introduced by RBI: 2016
Canara Bank Tagline: Together we can
Practice Quiz — 17 March 2026
Q1. Which state has been selected as the 'Pilot State' for the RBI's Awareness Program on Digital Payments launched in March 2026?
Q2. What is the new 3-year Marginal Cost of Funds Based Lending Rate (MCLR) set by Canara Bank effective from March 12, 2026?
Q3. Consider the following statements regarding the recent FSSAI reforms: 1. FSSAI licenses will now have perpetual (lifetime) validity. 2. The turnover limit for Basic Registration has been raised to ₹1 crore. 3. Street vendors under the 2014 Act require manual registration with FSSAI. Which of the statements above is/are correct?
Q4. Razorpay's newly launched AI-powered platform 'Agent Studio' is built on which specific AI technology?
Q5. What is the total value of the agreement signed between India and the World Bank for the Haryana Clean Air Project in March 2026?
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