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Karnataka Bank has launched a new product – ‘KBL Micro Mitra’ – where financial assistance up to ₹10 lakh will be provided to the micro manufacturing and service enterprises either for working capital or for investment purposes.
Launching the product, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said the micro and small entrepreneurs play a vital role in the revival of the economy, both in rural and urban India, besides creating huge job opportunities locally.
“As the economy is now in revival mode, timely credit assistance is crucial, and I am sure ‘KBL Micro Mitra’ will be a true friend of the micro entrepreneurs,” he said, adding the facility is available across the country through all the branches of Karnataka Bank.
He said the bank will also come out with the digital version of the product shortly.
A press statement said on Monday that the facility comes with a simplified procedure at a competitive rate of interest.
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