The government has made providing passport details mandatory for taking loans of 50 crore rupees and above to ensure a SWIFT action in case of fraud and prevent fraudsters from fleeing the country.
According to Financial Services Secretary, all existing loans of over 50 crore rupees, banks have been asked to collect passport details of borrowers within 45 days.
Static/Current Takeaways Important for Exams-
- SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
- SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
- Headquarters of SWIFT– La Hulpe, Belgium.
Source- The Economic Times