On Wednesday, 04 May 2016:Public sector Canara Bank said, “it has revised the lending rates based on the marginal cost of funds (MCLR) for May to 8.80-9.35 %”

Bank,"All rupee loans sanctioned and credit limits renewed during the month of May, 2016 would be priced with reference to the tenor based MCLR"

Numerous banks involving country's chief creditor SBI have declared changes in their MCLR rates, which regime came into play as per the Reserve Bank guidelines that came to effect from April 1.

It is also said that,all banks must have to follow MCLR system, a new uniform methodology to confirm fair interest rates to debtors as well as to banks.