Reuters Exclusive: India government asked banks to save Jet

Reuters exclusively reported that India’s government has asked state-run banks to rescue privately-held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election. New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet, two people in the administration told Reuters. It would be a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy.