Discover the top business headlines that are trending across the world today!
Former Tata Group chairman Ratan Tata breathed his last on Wednesday night at the age of 86, leaving behind a business empire worth Rs 3600 crore. As Tata did not designate a successor, his passing has raised questions regarding who will take over Tata Trusts, the largest public charitable foundation in India. These trusts, particularly the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, are the primary shareholders of Tata Sons (the parent of Tata Group), owning nearly 52% of the company.
The boards of Trusts will now have to select a chairman from among the trustees. The primary contenders include Noel Tata, Maya Tata, Leah Tata, and Neville Tata among others.
Forbes shared its list of the 100 richest Indian tycoons in 2024, revealing that "more than 80% of India’s 100 richest tycoons are wealthier than they were a year ago". Mukesh Ambani, the chairman and managing director of Reliance Industries, topped the list for the fourth time in a row, with a net worth of $108.3 billion. His wealth increased by $27.5 billion over the previous year. Moreover, he is positioned as the 13th wealthiest person in the world.
This comes after Ambani announced bonus shares as a Diwali gift to Reliance investors. He is followed by Gautam Adani, Savitri Jindal, Shiv Nadar, Dilip Shanghvi, Radhakishan Damani, Sunil Mittal, Kumar Birla, Cyrus Poonawalla, and Bajaj Family among others.
Thanks to increased private consumption and several other factors, the World Bank recently increased India's economic growth forecast for FY25 to 7% year-on-year. Also, according to a report by The Economic Times, the RBI's rate-setting panel retained its real Gross Domestic Product (GDP) forecast at 7.2 percent for FY25. On the other hand, the Central Bank kept its inflation forecast for the same financial year unchanged at 4.5%.
World Bank Group headquarters building in Washington, DC.
Martin Raiser, World Bank Vice President for South Asia, told Reuters, "You have an emerging class of consumers in India that's driving the economy forward. You have recoveries from crises in Sri Lanka and Pakistan, you also have a tourism-led recovery in Nepal and Bhutan."
In order to improve security in financial transactions, the Reserve Bank of India (RBI) announced a new feature that will allow NEFT and RTGS remitters to verify the recipient's name before executing the transaction. Similar to UPI and IMPS transfers, this feature will help in reducing instances of incorrect fund transfers. Also, it's expected to manage the risk of cybercrime better.
After providing the account number and the branch IFSC code on the platform, the name of the beneficiary will be displayed. This allows you to confirm that you're sending money to the right person.
Reserve Bank of India (RBI) Governor Shaktikanta Das delivers the Monetary Policy statement
Notably, NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) are two methods of transferring money digitally in India. The former has no minimum limit, while the latter has a minimum limit of Rs 2 lakh.
