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Canara Bank cuts base rate by 10 bps to 9.90 pc

Public sector lender Canara Bank on Monday cut its base rate by 10 bps from 10 percent to 9.90 per cent, according to the media reports.

Canara Bank is the second one to cut base rate after HDFC Bank cut its base rate by 35 bps to 9.35 per cent.

The rate cut will be effective on loans and advances from September 3, 2015.

Both banks made the announcement after markets hours.

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