HSBC: Rajan to up repo rate by 0.25%
Foreign brokerage HSBC on Friday said it expects governor Raghuram Rajan to deliver on his promise to anchor inflationary expect-ations by hiking the repo rate by 0.25% and cut the marginal standing facility rate by an equal measure next Tuesday as the rupee has stabilised. Rajan, who had delivered an unexpect-ed 0.25% hike in the repo rate at which RBI lends to the system and cut the MSF rate by 0.75% at his maiden policy review on Septemb-er 20, is scheduled to anno-unce the second quarter review of the monetary policy on Tuesday.
Bajaj Finance makes special Diwali offer
Bajaj Finance, the lending arm of Bajaj Finserv Group, is looking at a 40% increase in customer acquisition of its online personal loans for salaried customers in this festive season. To achieve this, the firm has launched a special Diwali contest for its customers. The offer will be available in 40 cities till November 20. The company expects over 20,000 loan applications in this period.
House panel to place view on MFI Bill
The parliamentary stand-ing committee on finance is likely to place its firmed up view on the Bill seeking to empower the RBI to regulate the microfinance industry (MFI) in the winter session. The Micro Finance Institutions (Development and Regulation) Bill, 2012, introduced in the Lok Sabha in May last year, is being scrutinised by the committee.
Birla Sun Life’s Vision LifeSecure
Private insurer Birla Sun Life Insurance launched a plan on Friday called the Vision LifeSecure Plan which offers a combination of regular bonuses throughout the policy term and a life insurance benefit until the age of 100. “With benefits payable on maturity and a life cover beyond the term of the policy up to 100 years of age, Vision LifeSecure Plan offers a combination of savings and comprehensive financial protection to you and your family,” MD and CEO Jayant Dua said in a release.