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PSBs told to obtain passport details of borrowers over Rs 50 cr

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  11 March 2018 12:00 AM GMT

New Delhi, March 10: Following the multi-crore Punjab tiol Bank (PNB) fraud, public sector banks have been asked to obtain passport details of borrowers taking more than Rs 50 crore so that information is quickly available in case any loan-taker flees the country. “Public sector banks to collect passport details of all new borrowers of loans more than Rs 50 crore,” said Fincial Services Secretary Rajiv Kumar in a tweet on Saturday. The tweet also added that loan application forms would be suitably modified for this. The banks have been told to collect pasport details of existing borrowers within 45 days. The tweet said it is a step towards clean banking, ensuring quick response in case of frauds.

Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya among others have fled the country after taking huge loans. Their passport details were available later. Last week the Cabinet had approved Fugitive Economic Offenders Bill 2018, which would facilitate action against big defaulters. Fince Minister Arun Jaitley had said: “Under the Bill all the assets (in the country) of the offender will be confiscated and not only the proceeds of crime. Even bemi assets, if any, would be seized.” (IANS)

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