Skip to main content

Passport details made mandatory for loans above Rs50 crore after PNB fraud

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. This is to ensure quick response in cases of fraud, Rajiv Kumar, secretary, department of financial services wrote on micro blogging website Twitter.

The decision comes at a time the government is struggling to bring economic offenders like Vijay Mallya, Nirav Modi and Mehul Choksi to book as they are refusing to come back to India and face legal proceedings in the country.       
short by: NP / read more at Livemint