Passport Details Compulsory For Loans Above Rs 50 Crore
The Indian government is taking the offensive against those economic offenders attempting to run away from India. Public sector banks are now directed to collect passport details from borrowers seeking to obtain loans higher than Rs 50 crore.
This measure is the next step towards clean and responsible banking, Rajeev Kumar, secretary of Department of Financial Services tweeted. Banks must now make their loan application forms according to the new rule and assist the government in preventing the flight of economic offenders.
For those already possessing loans above the stipulated amount of Rs 50 crore, passport details must be submitted by the borrower to their concerned banks within 45 days. In the eventuality that passport details are not produced, banks are expected to take timely ...