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News digest: PSBs get more power, Airlines hike fares, rupee rises and more

Move seen to empower state-owned banks to keep eye on defaulters

PSBs. (Illustration by Ajay Mohanty)
 (Illustration by Ajay Mohanty)

PSBs get more power, can ask govt for LoCs  The Union government has empowered chief executives of public sector banks (PSBs) to request a look-out circular (LoC) against wilful defaulters of loans in an effort to prevent them from fleeing the country, senior finance ministry officials said on Thursday. This is a significant step given it will enable PSBs to alert authorities to stop wilful defaulters from escaping even before an FIR is registered against them by enforcement agencies. Read more Rupee nears 3-mnth high as crude falls Tracking the slump in oil ...