Centre starts work to restore power of PSBs to issue look-out circulars

The government and banks sought advice from attorney general R Venkataramani to regain public sector banks' power to issue look-out circulars against defaulters. Consultations with stakeholders and potential legal amendments are underway. Courts have previously ruled against banks issuing LOCs independently. A swift resolution is expected by involving the banking regulator, RBI, and possibly the Supreme Court.

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/U6eGPH3
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