With a view to enable banks to inform relevant authorities of passport details, if need arises, vide letter dated 6.3.2018, Government has advised all Public Sector Banks to obtain a certified copy of the passport of the promoters/directors and other authorised signatories of companies availing of loan facilities of ₹ 50 crore and above. The advisory further states that in existing cases, where loans of ₹ 50 crore and above are given, banks may collect passport details. In addition, it states that in cases where the concerned person does not have passport, a certificate in the form of declaration that he does not possess passport should suffice in lieu of passport details.

This was stated by Shri Rajiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

Passport requirement for corporate borrowers enables banks to collect identity documents and non-possession declarations where applicable. Public sector banks are advised to obtain certified copies of passports of promoters, directors and authorised signatories of companies with loans of Rs. 50 crore and above; banks may also collect passport details in existing cases meeting that threshold, and a declaration of non-possession suffices where an individual lacks a passport.