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India, New Delhi: After the PNB scam, the government has taken strict action. The Finance Ministry has issued an order to banks that to protect the banks from any major fraud, the person who has taking the loan must provide the passport number on loan of more than Rs 50 crore. The Finance Ministry believes that immediate action will be taken in case of fraud.
Secretary of the Financial Services Department in the Ministry of Finance, Rajiv Kumar tweeted this on Saturday morning. According to the new rules of the finance ministry, if a businessman takes a loan of more than Rs 50 crores from any country in the country, he will have to give details of his passport to the bank. This rule will apply to all new loans above Rs 50 crores. Apart from this, it is also the rule that the old people who have taken loans of more than Rs 50 crores from banks have to submit their passport details to the bank within 45 days.
The PNB scam of Rs 12,600 crores, after it hit badly the Indian banking sector, the government is lately taking tough steps. ED and CBI are increasingly being tightened over the PNB scam accused Nirav Modi and Mehul Choksi. Earlier, Mehul Choksi has expressed his inability to return to India due to his poor health and cancellation of passport in a letter sent to CBI.
Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have run away from the country putting the recovery mechanism in quandary.
Next step on clean N #Responsible #banking. Passport details a must for loans > 50 cr. Steps to ensure quick response in case of Frauds.@PMOIndia