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After trading in a range in the first half session, Indian market faced selling pressure in the later half session with Realty, Metals and FMCG as major losers. ADAG group appeared as major loser. IT and Banks performed comparatively better. The Sensex closed at 17592, down 182 points from its previous close, and Nifty shut shop at 5253, down 59 points.

Banks have to tighten their belts as Reserve Bank of India has announced that strict actions will be taken against banks ignoring customer services. RBI has announced new rules which include penalties and other remedial measures to guard against such lapses.

Last year RBI has formed a high-powered committee under the chairmanship of former Sebi chief M Damodaran and it is expected that soon it will submit the recommendations required to change the existing policy framework in addition to the changes in the prevalent practices of customer service in banks.

Aircraft manufacturing company, Boeing has said that it has got a robust order of 107 commercial planes from India. Out of these some 37 are going to be for 787 Dreamliner aircrafts.

No detail about when the delivery needs to be done was given by the company.

It, however, did inform that the first set is going to be given to Air India and the delivery of the same is going to be formally announced during the Aero India Show that is going to start in Bangalore.

Former telecom minis

Fortis healthcare, the second largest hospital chain in India is said to be evaluating a plan wherein they are going to transfer all the land assets to a real estate investment trust (REIT). The money thus obtained is going to be used for the purpose of expansion.

The advice was given to the government way back in 2010 that they should terminate the agreement between Antrix Corporation Ltd and Devas Multimedia Private Ltd, for a possible deal at that time. This was urgent considering the fact that the deal would have allowed them to get a lifetime lease of 90 per cent in the S-band to the companies.