PNB Scam Aftermath: Mandatory to Provide Passport Details for Loans above Rs 50 Cr

NEWS

new delhi[Mithilanchalnews.in]:Since the infamous PNB Scam worth Rs. 12,700 crores came out in public eye, the Central Government has been condemned for struggling to bring back financial offenders like Nirav Modi, Mehul Choksi and Vijay Mallya back to India.

With a motive to curb growing NPAs (Non-Performing Assets), the Finance Ministry has mandated the provision of passport details for availing loans above Rs.50 Crores from state-run banks.



Besides this, the central government has provided a green light to a bill seeking to confiscate both Indian and overseas properties of financial offenders, whether or not provided as a security with banks.



As an advisory, state banks have been asked to downsize operations and close down loss-making units. Banks have also been instructed to seek passport details of existing borrowers with outstanding loans of Rs. 50 crores or more, within the next 45 days.

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