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 prices, the rupee recovered sharply on Thursday and triggered a stop-loss cutting in the month-end currency futures segment. The benchmark Brent crude fell to $63.25 a barrel, from more than $86.30 in October. Read more

Airlines hike fares despite low occupancy

A hike in air fares, along with the addition of fresh capacity, has dented the passenger load factor (PLF) for many airlines in October — the first month of the peak season for the aviation industry. Read more

RBI says no to Basel-III norms for four banks

The RBI declined a request from the government to apply Basel-III guidelines, an international regulatory framework for banks, to just four lenders, in the central board meeting on Monday. Read more

Nissan fires arrested chairman Ghosn Nissan Motor Co.’s board Carlos Ghosn as chairman, the NHK reported, as the directors moved to contain the damage from the iconic executive’s shock arrest. Read more