New Delhi: The Finance Ministry has instructed the government banks to get passport details of all borrowers, who have taken more than Rs 50 crores loans, within 45 days, to stop alleged fraudsters like Nirav Modi and Vijay Mallya Sources said.
If the borrower does not have a passport, then the bank should get the certificate as a declaration that the person does not have a passport, sources said, referring the advisors of the finance ministry to banks. It also said that the loan application form should be modified appropriately for inclusion of passport details of the borrowers.
The Passport details will help banks to take timely action and inform concerned authorities to stop the fraudsters from escaping from the country.
That in the lack of passport details, the banks were specifically interrupted to act on time to prevent defaulters especially a person fleeing from a country.
Many big defaulters like Nirav Modi, Mehul Choksi, Jatin Mehta and Vijay Mallya have left the recovery system in the panic in the country.
