For Quick Alerts
For Daily Alerts

    Banks To Collect Passport Details Of Big Borrowers in 45 Days


    In the wake of the Nirav Modi PNB Scam, the government has directed banks to collect details of passport of all borrowers who have taken loans of over Rs. 50 crore to prevent such fraudsters from absconding the country in future course of time as per the sources said the PTI report.

    Banks To Collect Passport Details Of Big Borrowers in 45 Days

    The details of the passport from all such borrowers have to be fetched within a timeframe of 45 days.

    The advisory to banks said that the loan form should be modified suitably to include the column for passport details of borrowers. In respect of borrowers who do not have passport, a self-declaration should be made stating that the person concerned does not has a passport.

    In the absence of such details, banks fail to take any timely action against such fraudsters especially willful defaulters who try to evade the prosecution of the court by fleeing from the court.

    This makes the recovery mechanism by the investigative and other authorities difficult. The Centre issues the advisory to the banks after the Cabinet approved of the setting of an independent entity for overseeing the functioning of Auditors through NFRA and made a call to pass the Fugitive Economic Offenders Bill 2017.

    Read about Fugitive Economic Offenders Bill 2017

    With Inputs From PTI

    Story first published: Tuesday, March 6, 2018, 21:51 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more