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Centre asks PSBs to obtain passport copy of borrowers of Rs. 50 crore and above

New Delhi: In the wake of the recent scams occurred in connection with banks including PNB, the Central Government has asked all Public Sector Banks to obtain a certified copy of the passport of the promoters/directors and other authorised signatories of companies availing of loan facilities of Rs. 50 crore and above.

The advisory further states that in existing cases, where loans of Rs. 50 crore and above are given, banks may collect passport details.

In addition, it states that in cases where the concerned person does not have a passport, a certificate in the form of declaration that he does not possess passport should suffice in lieu of passport details.

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