INSUBCONTINENT EXCLUSIVE:
State-run Punjab National Bank on Friday said that based on its complaints passports of 150 wilful defaulters were impounded
This the first such revelation by any bank after the government told banks to seek passport copy of all borrowers above Rs 50 crore.
The
bank embroiled in the Rs 14,000-crore scam involving jewellers Nirav Modi, Mehul Choksi and their companies, said that it is strengthening
defaulters, 150 passports have been impounded over the past few months
has declared 1084 wilful defaulters.
The bank said that its innovative recovery mechanism dubbed 'Mission Gandhigiri', which was launched in
May 2017, has consistently delivered positive results
The bank aims to recover around Rs 100 crore per month through this route.
PNB also claimed to leverage data analytics for loan recovery and
incorporating analytics and artificial intelligence for reconciliation of accounts.
The bank has also set up special onetime settlement
schemes apply to small NPA accounts helping defaulters come out of debt.
