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Banks Asked to Collect Passport Details of top Borrowers in 45 Days
March 08, 2018
Being extra-cautions after seeing how Nirav Modi and Mehul Choksi fled the country after committing some of the biggest frauds, the finance ministry has asked the public sector banks to gather the passport details of all the borrowers that have taken loans amounting to Rs. 50 crores or more within the next 45 days.
The ministry said that in case a borrower doesn’t have a passport, the bank should ask them to provide a certificate that declares the same. In addition to that, banks have been directed to update their loan forms so that these can collect the passport details of the borrowers as well.
