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Mukesh Ambani resigns as director of Reliance Jio, son Akash Ambani appointed chairman

Business tycoon Mukesh Ambani on Tuesday resigned as the director of Reliance Jio.

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mukesh ambani

Business tycoon Mukesh Ambani on Tuesday resigned as the director of Reliance Jio. The company appointed the non-executive director and Mukesh’s son Akash Ambani as the chairman of Reliance Jio Infocomm Ltd.

The decision was taken today in a board meeting which also appointed Pankaj Mohan Pawar as Managing Director of the Reliance Jio for five years which will be effective from June 27, 2022.

The Board of Directors had a meeting held on 27 June, 2022 where the following points were discussed:

·  The BoD accepted the resignation of former director Mukesh D Ambani as the Director of the Company.

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·  The Board of Directors have approved the appointment of Akash Mukesh Ambani, the former Non-executive Director as the new Chairman of BoD of the Company.

·  They have appointed KV Chowdary and Raminder Singh Gujral as the Additional Directors of the Company. Both have been designated as Independent Directors for a period of 5 years commencing from 27 June, 2022.

·  The BoD have also appointed Pankaj Mohan Pawar as the new Managing Director of the Company for a period of five years commencing from 27 June, 2022.

The company made an official declaration during the regulatory filing. Established in 2019 the Jio Platforms is totally owned by the RIL, which is also an Indian technology company. According to reports, the shares of Reliance Industries closed at 2,529.00 which is 1.49% higher than yesterday’s close.

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Indian business magnate Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

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Indian businessman Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

Indian business magnate Rakesh Jhunjhunwala passed away today at a Mumbai hospital. The 62-year-old billionaire died due to a cardiac arrest.

Known as the Big Bull of India, Jhunjhunwala was the founder of the newest airline Akasa Air. He was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac arrest, however, doctors declared him dead on arrival.

According to the reports, Jhunjhunwala was not keeping well for the past few days. He was discharged from the same hospital two-three weeks ago after being treated for kidney-related problems.

He was also known as India’s Warren Buffett. He was reported to have a net worth of around $5.5 billion. He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

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RBI hikes repo rate and bank rate by 50 basis points, a look at the key announcements

Repo refers to the interest rate at which the central bank lends short-term funds to banks.

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Reserve Bank of India

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 5.4 percent with immediate effect. The RBI took this decision as part of its ongoing attempts to control inflation, which recently reached a multi-year high.

RBI Governor Shaktikanta Das announced the August bi-monthly monetary policy on Friday. Apart from the hike in repo rates, the bank rate has also been increased by 50 basis points to 5.65 percent, the standing deposit facility (SDF) has also been raised by 50 basis points to 5.15 percent, MSF also rose by 50 basis points to 5.65 percent.

Repo refers to the interest rate at which the central bank lends short-term funds to banks. Changes in this rate are frequently passed on to the broader banking sector. The bank rate is the rate charged by the central bank for lending funds to commercial banks. 

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The 10-year government bond yield increased by 10 basis points to 7.25 percent after RBI Governor Shaktikanta Das stated that further monetary accommodation is necessary due to the inflationary situation.

While announcing the policy, Das said MPC remains focused on the withdrawal of accommodation to ensure inflation remains within target going forward, while supporting growth.

The RBI has increased interest rates for the third consecutive time. The repo rate was increased by 50 basis points to 4.9 percent by the RBI’s MPC in its last monetary policy review in June. After a 40 basis point off-cycle monetary policy increase in May, it was the second increase in a month.

India is expected to be the fastest growing economy in FY23, according to RBI Governor Shaktikanta Das. The external debt-to-GDP ratio decreased from 21.2 percent in March 2021 to 19.9 percent in March 2022.

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Bank holidays in August 2022: Banks to remain closed for 18 days, check complete list here

Notably, the online banking service will not be affected. It will work round the clock. So, bank customers are advised to link their accounts online.

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Bank holidays in August 2022

With July coming to an end, it’s time to look for bank holidays in August. In the upcoming month, the banks will be closed for 18 days, including weekends. So, if you are planning to head to a bank in the month of August, then you must go through the list of bank holidays to avoid any inconvenience.

Both private and public banks will be closed for 18 days. The banks for festivities will be closed for twelve days while the remaining six days include the second and fourth Saturdays and Sundays.

August will witness a number of regional festivals. From Muharram, Raksha Bandhan, Independence Day, Janmashtami to Teej, here are the days when the bank will be closed in July. However, these holidays will not be applicable in all states, it will vary from state to state. As for Patriot’s Day, banks will only be closed in Imphal and not in other states.

Notably, the online banking service will not be affected. It will work round the clock. So, bank customers are advised to link their accounts online.

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Bank Holidays in August 2022

August 1: Drukpa Tshe-zi — Gangtok

August 7: First Sunday

August 8: Muharram (Ashoora) — Jammu, Srinagar

August 9: Muharram (Ashoora) — Agartala, Ahmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Chennai, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Raipur and Ranchi.

August 11: Raksha Bandhan — Ahmedadabad, Bhopal, Dehradun, Jaipur, and Shimla

August 12: Raksha Bandhan — Kanpur, and Lucknow

August 13: Second Saturday + Patriot’s Day in Imphal

August 14: Second Sunday

August 15: Independence Day — All over India

August 16: Parsi New Year (Shahenshahi) — Belapur, Mumbai, and Nagpur

August 18: Janmashtami — Bhubaneswar, Dehradun, Kanpur and Lucknow

August 19: Janmashtami (Shravan Vad-8)/ Krishna Jayanthi — Ahmedabad, Bhopal, Chandigarh, Chennai, Gangtok, Jaipur, Jammu, Patna, Raipur, Ranchi, Shillong and Shimla.

August 20: Sri Krishna Ashtami — Hyderabad

August 21: Third Sunday

August 27: Fourth Saturday

August 28: Fourth Sunday

August 29: Tithi of Srimanta Sankardeva — Guwahati

August 31: Samvatsari (Chaturthi Paksha)/Ganesh Chaturthi/ Varasiddhi Vinayaka Vrata/ Vinayakar Chathurthi —  Ahmedabad, Belapur, Bengaluru, Bhubaneswar, Chennai, Hyderabad, Mumbai, Nagpur and Panaji.

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