RBI could hold rates on easing inflation
The RBI will likely hold interest rates steady when it meets next week, thanks to an easing inflation and as it waits for more data, according to a Reuters poll of economists, who also predict better economic growth in the next fiscal year. The median consensus from the poll showed 45 of 50 economists expect the repo rate to be kept unchanged at the meeting and held steady until September before being cut by 25 basis points in the last quarter. We expect the RBI to maintain its current policy while acknowledging upside risks to inflation next week, said Arun Singh, economist at Dun & Bradstreet.
Bajaj Fin to raise Rs 2,500 cr in deposits
Non-banking lender Bajaj Finance on Thursday said it is targeting to raise R2,500 crore through a fixed deposit scheme in the next three years to strengthen its nascent wealth management business. Under the scheme, the Pune-headquartered firm will offer products in maturities ranging from one year to five years and offer an interest rate of up to 10%, the company said.
Senior citizens and Bajaj Finance customers will earn an additional interest of 0.25%. The fixed deposit programme is a step forward in building a comprehensive wealth management business and is aligned to our objective of delivering customised solutions, Bajaj Finance chief executive Rajeev Jain said.
SBI launches Youtube channel; Twitter next
Nations largest lender State Bank of India on Thursday strengthened its social media presence with the launch of its channel on popular video sharing website Youtube
and said it will also be launching its handle on the micro-blogging site Twitter soon. The YouTube channel is another platform that will enable us to connect with our customers. SBI will continue to spread its footprint on social media through the launch of platforms like Twitter, shortly, said chairperson Arundhati Bhattacharya.