Karnataka Bank launches scheme for micro entrepreneurs

Mangaluru, Jun 23 () The city-based Karnataka Bank has launched a new product, KBL Micro Mitra, to provide financial assistance up to Rs 10 lakh to micro manufacturing and service enterprises towards working capital or for investment purposes.

Launching the product on Monday, the bank managing director and CEO M S Mahabaleshwara said the facility has a simplified procedure and competitive rate of interest.

He said 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 the 'KBL Micro Mitra' will be a true friend of micro entrepreneurs, he said, adding the facility will be available across the country through all branches of Karnataka bank. MVG SS