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Union Government makes passport mandatory for bank loans of Rs. 50 crore and above


The government has made providing passport details mandatory for taking loans of 50 crore rupees and above to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country.


Financial Services Secretary, Rajiv Kumar in a tweet for all existing loans of over 50 crore rupees, banks have been asked to collect passport details of borrowers within 45 days.


The Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country.


Last week, the Cabinet has approved the Fugitive Economic Offenders Bill to impound and sell assets of escapees with a view to quickly recover dues.


The proposed law will also apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country.


Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have fled the country putting the recovery mechanism in quandary.

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