Now people who have taken a loan of more than Rs 50 crore from banks will have to submit the passport details to the respective banks.
The new rules will help the bankers to see that the defaulters don’t escape and go away to foreign countries.
Big defaulters and fraudsters like Mallya, Nirav Modi, Choksi, Jatin Mehta have fled the country and the recovery is becoming very difficult for the banks.
The common man is laughing at the way the Government is unable to bring the defaulters back or arrest them. Crores of money was swindled and they just leave the country putting the banks and government to hardship.
If the banks record the passport details the fraudsters can be prevented from fleeing the country. The details have to be given by the people by this month end it is reported.
The details will be linked to the core banking solution so that immediate alerts can be sent and the frauds can be prevented.