Passport details of borrowers in loan form to be mandatory for loan above Rs 50cr

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New Delhi, March 12, 2018: In an important decision to check the banking frauds in the country, Government has decided to ask the passport details of borrowers taking loans of Rs 50 crore and more.

According to a tweet by Rajiv Kumar, Secretary, Department of Financial Services, Public Sector Banks (PSBs) have been asked to make suitable changes in the loan application forms to fill the passport details in it in case the loan amount is Rs 50 crore or above.
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.

In his tweet on Saturday, Mr Kumar said that Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country.
Hi tweet said, “Next step on clean and responsible banking. Passport details must for loans above Rs 50 crore. Step to ensure quick response in case of frauds.

UNI