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Pallonji Mistry passes away at 93: Know how richest person of Ireland is related to Ratan Tata

The 93-year-old Indian-Irish business tycoon, Pallonji Mistry, head of the Shapoorji Pallonji Group, passed away on Monday night in Mumbai.

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Pallonji Mistry passes away
Pallonji Mistry was the richest person in Ireland and the chairman of Shapoorji Pallonji Group.

The 93-year-old Indian-Irish business tycoon, Pallonji Mistry, head of the Shapoorji Pallonji Group, passed away late on Monday night at his home in Mumbai. Popularly known as the Phantom of Bombay House, he died in mid-sleep on an intervening night on Monday and Tuesday. He is survived by his wife and four children, two daughters and two sons.

Pallonji Mistry was the richest person in Ireland and the chairman of the Shapoorji Pallonji Group. According to the Bloomberg Billionaires Index, his wealth is estimated to be US $28.0 billion as of April 9, 2021.

The third-highest civilian award in India, the Padma Bhushan, was given to Pallonji in 2016 for his contributions to real estate, textiles, power, shipping, publishing, and other industries.

How Pallonji Mistry was related to Ratan Tata?

Mistry’s father, Shapoorji Pallonji, invested in Tata Sons for the first time in the 1930s, and today, with a stake of 18.4%, he is the company’s largest individual shareholder. Tata Sons is principally owned by the charitable Tata Trusts.

Cyrus Mistry, his younger son, served as the Tata Sons’ chairman from 2012 to 2016. He was fired over a dispute that turned into one of the most fiercely disputed corporate battles in India in recent times.

The Mistry Group, however, intended to sell their shares in September 2020, after Cyrus was ousted. When Cyrus was removed as the chairman of the Tata Group in 2016, the conflict between the SP Group and the Tata Group escalated into one of the biggest corporate showdowns in India’s history.

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Shapoorji Pallonji Group

The SP Group, which was established in 1865, is responsible for the construction of several famous structures in Mumbai, such as the Reserve Bank of India and the Taj Mahal Palace hotel complex.

The business tycoon assisted in the expansion of the SP Group into the Middle Eastern nations in 1970, notably Abu Dhabi, Qatar, and Dubai. The Sultan of Oman’s palace was the first foreign project the company won in 1971, which was completed in 1976.

Following this, the business constructed numerous ministerial structures in the region. Under his leadership, the business expanded into a conglomerate that included services for real estate, water, energy, construction, and finance.

The organization offers end-to-end solutions in 50 countries with a team of over 50,000 people.

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How to Buy an iPhone with the Bajaj Finserv EMI Card

iPhones are on the wishlist of many Apple enthusiasts and gadget lovers. These smartphones, manufactured by Apple, one of the leading companies in the world, come with a wide range of cutting edge features

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Apple iPhone 14 Pro Max

iPhones are on the wishlist of many Apple enthusiasts and gadget lovers. These smartphones, manufactured by Apple, one of the leading companies in the world, come with a wide range of cutting edge features. The experience of owning and using an iPhone is definitely different and unmatched. 

However, as with any product that is as feature-rich and well-designed as the iPhone, the price tag on these devices can be quite a downer. If you have the latest iPhone in your cart, but the steep price is stopping you from checking out, here’s an idea. Why not buy your iPhone on EMI?

Buying an iPhone on EMI 

Normally, when you make a purchase at a store or online, you will have to pay the entire price upfront. Now, in the case of an iPhone, paying the whole cost at the time of purchase can be quite challenging, because even entry level phones from Apple cost around Rs. 40,000 or more.

However, you can work around this by buying your iPhone on EMI or Equated Monthly Instalments. This means the purchase price of the iPhone will be divided into multiple EMIs across the EMI tenure you choose. You can then pay back the cost across this tenure by breaking up the lump sum payment into smaller EMIs.

For availing this service, you will have to pay an additional interest on the purchase price. But by applying for the Bajaj Finserv Card online, you can get your iPhone on no cost EMIs too, meaning that you don’t have to pay any extra charges.

How to Buy an iPhone with the Bajaj Finserv EMI Card

Buying an iPhone on EMI with the Bajaj Finserv EMI Card is fairly easy. You only need to follow the steps listed below.

Step 1: Browse the latest iPhones on the websites of our partner stores.

Step 2: Select the iPhone you wish to purchase and click on ‘Buy Now.’

Step 3: At the time of checkout, choose the Bajaj Finserv EMI Card as your preferred mode of payment and select the ‘No Cost EMI’ option.

Step 4: Choose the tenure over which you want to pay the EMIs.

Step 5: Click on ‘Submit’ and place your order. 

That’s it! This is all you need to do to buy your preferred iPhone on EMI. Using the Bajaj Finserv Card online is very simple. You can also use the card to pay for your Apple smartphone on EMI at any of the physical branches of our partner stores. 

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Reasons to Buy iPhones on EMI with the Bajaj Finserv EMI Card

There are many advantages that come with using the Bajaj Finance Card online to buy your preferred iPhone on EMI. Here are the top benefits. 

  • Zero Down Payment 

You can buy the best iPhones in the market on EMI even without a credit card. And you don’t even need to make a down payment on your purchase. 

  • High Pre-Approved Loan Limit

With the Bajaj Finserv EMI Card, you get a high pre-approved loan up to Rs. 4 lakhs. This is more than sufficient for you to get your preferred iPhone and pay for it in instalments.

  • Convenient Repayment Tenures

You can choose to repay your EMIs over convenient repayment tenures ranging from 3 to 24 months. 

  • No Foreclosure Charges

In case you want to pay off your purchase cost before the end of the repayment tenure, you can do so without any foreclosure charges. This can be done at any time after the first EMI has been paid.

  • No Added Charge on EMIs

You do not need to pay any additional interest charges on the EMIs, thanks to the no cost EMI option offered on the Bajaj Finserv EMI Card.

Conclusion

So, as you can see, it is extremely easy to buy your favourite iPhone on EMI using the Bajaj Finserv EMI Network Card. The steps listed in this article should help you make your purchase easily. Once you’ve made your purchase, remember to pay your EMIs on time, so your credit history and your credit score can benefit from your timely repayments.

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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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