PNB approaches Hong Kong, seizes passports of 150 wilful defaulters

 

In the wake of a government statement to seize passports of all borrowers with amounts above Rs 50 crore, the state-run Punjab National Bank (PNB) has seized the passports of 150 wilful defaulters. It has also filed 37 FIRs against offenders as part of its recovery drive.

“The bank has already declared 1,084 wilful defaulters and published photos of 260 such defaulters in newspapers,” the bank said in a statement. Meanwhile, the bank has also approached the Hong Kong courts against Nirav Modi. China has already declared that Hong Kong could arrest Modi once the Indian authorities approach it, subject to local laws and applicable conventions and agreements.

The PNB MD, Sunil Mehta had earlier said that the lender, which had been hit by the Rs 14,000 crore fraud by diamond traders Nirav Modi and Mehul Choksi, is banking heavily on loan recovery to recover and stabilize its financial position.

Now, the state-owned bank claimed that it is leveraging data for loan recovery and risk management and said that it had tied up with a leading credit agency.

“This partnership is a part of the larger strategy to deploy technology to strengthen internal systems. This partnership will not only help the bank with loan recovery but will also help identify and automate profitable lending strategies and minimize credit and fraud risk,” the statement said.

The bank has set up special one-time settlement (OTS) schemes to help accelerate NPA recoveries for the bank.

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