Passport details mandatory for getting loans now
Talking to KNN, V.K Agarwal Past President of Federation of Indian Micro and Small & Medium Enterprises (FISME) said that there won't be any hesitation on the part of the loan seeker to furnish the details.
The finance ministry on Saturday said passport details will be made mandatory for availing loans more than Rs50 crore from state run banks as it looks to tighten procedures following the detection of the Rs12,636 crore scam at Punjab National Bank.
He said Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country.
In absence of passport details, banks were hamstrung in taking timely action to prevent defaulters especially wilful one from fleeing the country. Currently, the central government is facing criticism over struggle to bring back offenders like Vijay Mallya, Nirav Modi and Mehul Choksi.
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'Passport details a must for loans above 50 crores, step to ensure quick response in case of frauds, Kumar tweeted.
The ministry's move comes in the wake of the Punjab National Bank (PNB) scam in which diamond billionaire Nirav Modi left the country an alleged scam to the tune of Rs 12,000 crore came to light.
The cabinet recently gave its nod to a bill 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 banks or not. It also will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country. This was spelt out as part of 6-point-reform measures announced for PSBs in January.
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