Daily News Mail - News of 05/03/2015

RBI cut the repo rate to 7.5%

• The Reserve Bank of India, on 04 march, 2015, cut the repo rate by 25 basis points from 7.75% to 7.5%.
• By doing so, Dr. Rajan has put pressure on reluctant banks to cut their lending rates. This time around, banks could be under intense compulsion to pass on the rate cut benefit to borrowers. Expectations are that the latest cut will result in lower EMIs (equated monthly instalments) on home, car and personal loans.
•  However, cash reserve ratio (percentage of deposits kept in government securities) has been left unchanged at 4%.

Dilip Shanghvi is the richest Indian : Forbes

• Dilip Shanghvi of Sun Pharmaceuticals, with a net worth of $21.5 billion, surpassed Mukesh Ambani as the world’s richest Indian on 04 March 2015, two days after the Reliance Industries Ltd. chief was ranked India’s wealthiest for the eighth consecutive year.
• A real-time update by the business magazine Forbes reworked the rankings. On the global rich list, Mr. Shanghvi moved up to the 37th position, while Mr. Ambani slipped to the 43rd.
• Earlier on Monday, Forbes released its annual rich list for 2015, ranking Mr. Ambani at the 39th position and Mr. Shanghvi at the 44th.
• Azim Premji of Wipro was ranked 48th, from which he has moved up one place now.
• Mr. Ambani’s net worth was $20.4 billion.
• The earlier list had put Mr. Ambani’s wealth at $21 billion, based on share prices and exchange rates as on February 13.
• Mr. Ambani had been ranked as the richest Indian for eight consecutive years now, though his ranking has come down from among the top 10 positions globally earlier.

Dilip Sanghavi