WASHINGTON: On the eve of Prime Minister Narendra Modi's US visit, the Trump administration has dismissed reports that it has been ignoring India, saying President Trump realises that the country has been a "force for good" in the world and ties with it were important.

"I think that it would be wrong to say that this administration has been ignoring or not focused on India," a senior administration official told reporters ahead of the two-day Modi visit from June 25.

Mumbai: Oil prices are at a seven-month low of $45.17, having fallen 20.5% since January 2017 following rising crude production in the US, Libya and Nigeria.

Although this is not a cause for worry in the short term for Indian oil marketing companies (OMCs) Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL), falling crude prices over an extended period could hurt.

India’s leading brand of kitchen and domestic appliances Bajaj Electricals has announced its partnership with The International Federation of Sport Climbing (IFSC) as a lead sponsor. The tournament is scheduled to be held over a three-day period at the CIDCO Exhibition Centre, Navi Mumbai on the 24th & 25th June, 2017. Over 150 athletes from across the globe will participate at the World Cup including the top talent from India. As a host nation, India’s best climbers will have a chance to compete alongside the world’s best on home turf. The Italy based, IFSC has 86 member federations across 5 continents.

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.

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