India asks banks to rescue Jet Airways

The Indian government has asked the state-owned banks to intervene and save the troubled jet carrier Jet Airlines, according to Reuters.

India has urged banks to swap their debts for shares and take stakes in Jet, the news agency said.

With more than $ 1 billion in debt, the airline had to delay payments to banks, employees, suppliers and even aircraft renters.

India wants to avoid job losses before the general election, Reuters added.