Economy
RBI Allowed Minors Above 10 years To Open Savings Bank Accounts
Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books. The Reserve Bank on 6 May issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity in opening of such accounts in banks.
India Has 54 of World’s Largest and Most Powerful Public Companies
Mukesh Ambani-led Reliance Industries Ltd (RIL) leads the pack of 54 Indian companies on Forbes’ 11th annual list of the world’s 2000 largest and most powerful public companies. The list was released on 7 May. India has 54 of the world’s biggest companies. RIL is ranked 135, with a market value of $50.9 billion and $72.8 billion in sales as of May.
President of India Dedicates ‘RUPAY’ To The Nation
President Pranab Mukherjee has dedicated ‘RuPay’ India’s own card payment network to the nation on 8 May. The system has been developed by National Payment Corporation Ltd (NPCL). RuPay is India’s own card payment network just like Visa and Master Card and provides an alternative system for banks to provide debit card service.
Nine Indian Firms In Forbes Most Innovative Growth Companies List
Nine Indian firms have made it into the Forbes list of the World’s 100 most innovative growth companies. New Zealand software accounting firm Xero topped the list. Among the nine Indian companies, Godrej Consumer Products leads the pack and was ranked 31st globally with an enterprise value of $4.25 billion. The list was released on 22 May 2014.