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Karnataka Bank has reduced the rate of interest on its KBL-Mahila Udyog scheme by 30 basis points with effect from September 1. A press release from the bank said the rate of interest on the scheme, to support women entrepreneurs, has been reduced to 9.90 per cent from 10.20 per cent. The release also said that the bank has reduced its one-year marginal cost of fund-based lending rate (MCLR) by 5 bps with effect from September 1. Now the one-year MCLR stands at 8.85 per cent per annum.
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