SBI and Canara Bank cuts PLR

State Bank of India (SBI) and Canara Bank have cut their benchmark rates, the state bank advanced rate (SBAR) and prime lending rate (PLR), by 25 basis points respectively. 

While the SBAR has been cut to12.5 per cent, Canara Bank reduced its PLR to 13 per cent. The new rates will be effective from February 16. 

Most banks have maintained the PLR in the 12.5-13.25 per cent range.