PNB gets passports of 150 wilful defaulters impounded, files 37 FIRs

作者:Caroline    發表日期:2018-05-20 18:58:24

State-owned Punjab National Bank  (PNB) said on Friday that based on its complaints passports of 150 wilful defaulters were confiscated by the Ministry of External Affairs (MEA).

This is the first such revelation made by any bank in the country, following the government's instructions to banks on seeking passport copies of all those who have borrowed more than Rs 50 crore.

「Due to PNB’s aggressive stance towards willful defaulters, 150 passports have been impounded over the past few months. Over the last 9 months, the bank has also lodged 37 FIRs against defaulters,」 it said in a statement.

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The Delhi-based bank has already declared 1,084 wilful defaulters and has published photos of 260 of them in newspapers.

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In March, the finance ministry asked banks to obtain  passport details of such borrowers and ensure swift action in case of fraud and prevent them from fleeing the country.

PNB's gross non-performing assets (NPAs) as of December 2017 stood at Rs 57,519 crore, which was 12.11 percent of its total loans. Its net NPAs stood at Rs 34,994 crore, 9.09 percent of its total loans.

The bank said that its innovative recovery mechanism dubbed 'Mission Gandhigiri', launched in May 2017, has consistently delivered positive results.

Under the drive, a team from PNB officials visit the borrowers』 office or residence and attempt to name and shame defaulters.

They hold placards with hard-hitting messages such as, 「It is public money, please repay the loans」 while the car they travel in has a banner that reads 「Recovery Team」.

PNB aims to recover around Rs 100-150 crore per month through the recovery team.

On February 14, PNB disclosed a Rs 11,4000-crore fraud (now over Rs 13,000 crore) involving jewellers Nirav Modi, Mehul Choksi and their companies. The banks said that was stepping up its recovery efforts with innovate recovery mechanisms and technology partnerships.

PNB also claimed to leverage data analytics for loan recovery and risk management, and said that it has tied up with a leading credit agency.

"This partnership is part of the larger strategy to deploy technology to strengthen internal systems,」 it said and added that PNB has been actively working towards improving internal systems by incorporating analytics and artificial intelligence for reconciliation of accounts.

The bank has set up special onetime settlement (OTS) schemes that have helped accelerate NPA recovery for the bank.

"From an average of recovering loan amount from around 80,000 NPA accounts in a year, this move has resulted in recovery in 2.25 lakh NPA accounts over a span of 10 months,」 it said and added that these schemes apply to small NPA accounts helping defaulters come out of debt.

本文來源:https://www.moneycontrol.com/news/business/companies/pnb-gets-passports-of-150-wilful-defaulters-impounded-files-37-firs-in-9-months-2553657.html

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