PSU bank heads can block wilful defaulters' exit from India now

To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make request for issuance of look-out circulars (LOCs) against suspects. The move comes against the backdrop of defaults by Vijay Mallya, Nirav Modi and Mehul Choksi and thereafter, fleeing the country.