Canara Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) upwards by 5 basis points for tenors ranging from one month to three years, effective August 12, 2026. The Overnight MCLR remains unchanged at 7.95%. This adjustment signals a slight tightening in the bank’s lending cost structure, which may lead to marginal increases in EMIs for borrowers with floating-rate loans linked to these specific tenors.

The bank notified the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) of the rate changes on August 11, 2026. Santosh Kumar Barik, Company Secretary, signed the communication confirming the new rates. The revisions apply to all existing and new loans priced off the MCLR benchmark, impacting both retail and corporate segments.

Revised MCLR Rates

The following table details the existing MCLR rates compared to the revised rates effective August 12, 2026:

Impact on Borrowers

Borrowers with home loans, personal loans, or business loans linked to the One Month, Three Month, Six Month, One Year, Two Year, or Three Year MCLR tenors will see their interest rates increase by 0.05 percentage points. For instance, a loan previously priced at 8.25% under the Three Month MCLR will now be priced at 8.30%. Loans linked to the Overnight MCLR are unaffected by this revision.

What the Numbers Show

The uniform 5 basis point hike across all active tenors suggests a broad-based adjustment in the bank’s cost of funds or risk premium, rather than a targeted change for specific loan durations. The retention of the Overnight MCLR at 7.95% indicates stability in the shortest-term funding costs, while the incremental increases in longer tenors reflect the bank’s strategy to maintain margins over extended periods. This modest adjustment is consistent with gradual monetary policy transmission rather than a sharp shift in lending sentiment.

Canara Bank has designated Sujit Kumar Sahoo as the Group Chief Compliance Officer (GCCO) for a period of three years, effective July 1, 2026. The appointment, formalized through an order dated July 31, 2026, transitions Sahoo from his interim role to a permanent designation in compliance with the SEBI (LODR) Regulations, 2015. This move strengthens the bank’s governance framework by securing dedicated leadership for compliance and regulatory adherence.

The notification was issued by Santosh Kumar Barik, Company Secretary, and submitted to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE). The order confirms that Sahoo, who previously served as Chief General Manager & Interim Group Chief Compliance Officer, will continue to head the Compliance & RBS Wing at the Head Office in Bengaluru.

Appointment Details

Sujit Kumar Sahoo brings extensive experience to the role, having served in banking for over 29 years. He holds a Master of Business Administration and a Diploma in Treasury, Investment and Risk Management. Additionally, he is a Certified Associate of Indian Institute of Bankers.

His career spans branch-level operations to head-office management across eight different states, covering both rural and metro markets. Administratively, he has led the Ranchi Circle Office and regional offices in Madurai, Chennai, and Sambalpur. His background provides broad exposure to diverse banking environments and regulatory landscapes within India.