Mangaluru, May 31, 2015: Mangaluru based private sector bank - Karnataka Bank Ltd, informs that it has reduced its Base Rate by 25 basis points from June 1. The bank’s base rate now stands reduced to 10.50% per annum from the earlier 10.75% per annum. As a result, all its base rate linked loans get cheaper by 25 basis points. The said reduction is applicable to existing loans and also for future loans.
This will enable retail, micro, small and medium enterprises (MSME) and export customers among others to avail funds at reduced rates and to stay competitive in their market. With the economy gaining momentum, the present reduction in base rate will further fuel the investment sentiments and support long term growth. P Jayarama Bhat, managing director and chief executive officer of the bank has made a statement in this regard.