Monday, February 06 2023

March 10, 2018

Passport details mandatory for bank loans of Rs. 50 cr and more

New Delhi-It will be mandatory to provide passport details or taking loans of 50 crore rupees and above to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country. In a tweet financial services secretary, Rajiv Kumar said for all existing loans of over 50 crore rupees, banks have been asked to collect passport details of borrowers within 45 days. The proposed law will also apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country.Details of Passport will help banks to take action in time and inform the relevant authorities to prevent fraudsters from fleeing the country.