MUMBAI: Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services.

The RBI on Friday said that it has widened the scope of its Banking Ombudsman Scheme 2006 to include deficiencies arising out of sale of third-party investment products by lenders. Under the amended scheme, a customer would also be able to lodge a complaint against banks for non-adherence to the RBI instructions with regard to mobile or electronic banking services.

Benchmark Sensex gave up early gains to end 153 points lower at 31,138.21 on Friday while the Nifty cracked below the 9,600-mark as investors took profit ahead of a long weekend.

On a weekly basis, the Sensex gained 81.81 points, or 0.26%, while the broader Nifty shed 13.10 points, or 0.13%. Markets will remain closed on Monday on account of 'Id-ul-Fitr' (Ramzan Id).

After a gap of 2-months, Reliance Industries Ltd (RIL) regained the status of the country's most valued firm on Friday, overtaking Tata Group's TCS in terms of market valuation.

At close of trade, RIL commanded a market capitalisation (m-cap) of Rs 4,66,599.69 crore, which was Rs 1,450.62 crore more than TCS' Rs 4,65,149.07 crore valuation.

After appointing an administrator to oversee Sahara India Life Insurance’s business, the Insurance Regulatory and Development Authority of India (Irdai) through a circular has directed the life insurance company to stop underwriting new business with immediate effect.

Under Section 52 (B) 2 of the Insurance Act 1938, the regulator has asked the company not to procure / collect proposal deposits / underwrite new business with immediate effect.

Directors of UK-based Cairn Energy Plc have raised the issue of the retrospective tax on them with senior officials in the American administration, ahead of Prime Minister Narendra Modi’s visit to the US.

The company is involved in a Rs 10,247-crore tax dispute with the Indian government. The stakeholders in the company have pleaded that US officials raise the issue with Modi when he comes to the US for a two-day visit starting this weekend.

Infosys has made $1-million settlement with the New York state after it was found that it violated US visa rules by placing employees on a different visa at its clients’ offices in the state.

The settlement was announced on Friday by Attorney General Eric T Scheiderman saying it resolves whistleblower claims that Infosys, in the course of providing outsourcing services, routinely brought foreign IT personnel into New York to perform work in violation of the terms of their visas.

Life Insurance Corporation (LIC) said on Friday that it has been investing in cigarette maker ITC with the bonafide objective of enhancing returns for its policyholders, investors and in the interest of public welfare.

LIC, state insurers and the Centre have been dragged to the Bombay High Court because of a public interest litigation (PIL) that questioned the government's investment in ITC and other tobacco companies.

HDFC Bank Ltd will be organising awareness workshops to educate traders, merchants, and businessmen on the forthcoming Goods and Services Tax (GST) Bill, which is slated to come into effect on July 1, 2017. Ahead of its rollout, more than 500 workshops will be held at over 300 towns and cities. The GST is proposed to be a comprehensive indirect tax on manufacture, sale, and consumption of goods as well as services at the national level.

Supply of coal by state-owned CIL to power plants dipped by nearly two per cent to 64.7 million tonnes (MT) in April-May period of the ongoing fiscal even as demand by the power sector showed an upturn. According to recent government data, Coal India(CIL) dispatched 65.8 MT fuel to the power sector in the same period of last fiscal. CIL’s supply to the power sector last month declined by 3.52 per cent to 32.8 MT over 34 MT in May, 2016, the data said.

Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a potential fire risk, it said on Friday.

The models were built between 2004 and 2012 in India, Ford said in a statement.

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