Passport details must for obtaining bank loan over Rs 50 crore

Passport details must for obtaining bank loan over Rs 50 crore

To prevent the likes of Vijay Mallya and Nirav Modi from fleeing country, government has decided to make it mandatory to share passport details for applying for loan above '50 crore."Next step on clean and responsible banking". Financial Services Secretary Rajiv Kumar said in a tweet, "Next step on clean and responsible banking".

Knowing the passport details will help banks alert relevant authorities on time to prevent fraud accused people from leaving the country, unlike what happened in cases involving jewelers Nirav Modi and Mehul Choksi, and Kingfisher Airlines' owner Vijay Mallya. The tweet also added that loan application forms would be suitably modified for this. Their passport details were available later.

Any borrower seeking a loan of over Rs 50 crore from any bank will have toprovide her passport details.

He said that this step is yet another step in the direction of clean money and it will be mandatory to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country.

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The Cabinet, it may be recalled, has given its nod to a provision that seeks to confiscate property both in India and overseas of such fugitive economic offenders irrespective of whether these properties have been used as collateral with the banks or not.

Big loan defaulters like Modi, Choksi and Mallya have fled the country, exposing the large loopholes in the recovery mechanism.

The decision has been taken almost a week after the Cabinet approved the Fugitive Economic Offenders Bill after Nirav Modi and his uncle Mehul Choksi allegedly defrauded state-owned Punjab National Bank (PNB) of Rs 12, 636 crore. It is also applicable to persons with an outstanding of Rs 100 crore and is escaping the country. The finance ministry has taken this step after agencies detected Rs 12,636 PNB fraud.

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