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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)