The Reserve Bank of India (RBI) has issued a warning to the public about deceptive advertisements that falsely promise loan waivers.
These advertisements, which have been circulating in print and social media, are run by unauthorized entities that falsely claim the ability to issue ‘debt waiver certificates’ in exchange for a fee. The RBI has also observed that in some areas, individuals are conducting campaigns that falsely suggest debts owed to financial institutions, including banks, do not need to be repaid.
These misleading activities not only threaten the stability of financial institutions but also jeopardize the interests of depositors. The public is urged to be vigilant and not to be misled by such fraudulent campaigns. The RBI advises anyone encountering such schemes to report them to the appropriate law enforcement authorities to prevent potential financial losses.
