Rates lowered for deposits of Rs 1 crore plus: Canara Bank

VS Krishnakumar, ED, Canara Bank clarified that the decision to cut interest rate on term deposits applies only on deposits of Rs one crore and above . It has taken the decision because of comfortable liquidity in that bucket. It is only for a short-term duration, he added.

The bank has not taken any decision to extend it to other term deposits, Krishnakumar added.

Canara Bank has informed BSE that the Bank has revised interest rates on Domestic / NRO term deposits with effect from December 03, 2013.Source

Below is the verbatim transcript of his interview on CNBC-TV18

Q: I believe this is for short-term duration, the rate cut that has come, do you have plans to cut rates on any further tenures as well or is this just for the short-term duration and that will be it?

A: This is only for a short-term duration. In this particular bucket, we have some surplus, so we are quite comfortable with the liquidity in this bucket. So, we thought going ahead we would be comfortable cutting rates and this is for Rs 1 crore and above and not for the other deposits.

Q: What will the impact of this rate cut be on your margins?

A: Margins - we will take a call later. This is only for the short-term period. Going forward, beyond second week, third week we will see what will happen because of tax outflows.

Q: For now it will only be on this deposit size of more than Rs 1 crore, for now you don't plan to at least for the next couple of months cut it on other buckets?

A: That is a long-term view. I think we will take a call later. As of now for next few weeks, I don't see much more problem in this bucket.

Canara Bank stock price

On December 03, 2013, Canara Bank closed at Rs 243.35, down Rs 4.8, or 1.93 percent. The 52-week high of the share was Rs 550.00 and the 52-week low was Rs 189.90.

The company's trailing 12-month (TTM) EPS was at Rs 64.42 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 3.78. The latest book value of the company is Rs 561.58 per share. At current value, the price-to-book value of the company is 0.43.

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