The Reserve Bank of India has once again cautioned the public against unauthorised and misleading campaigns that falsely promise loan waivers, flagging continued instances of such activities across media platforms and direct outreach channels.
Reiterating its earlier advisory issued in December 2023, RBI said certain individuals and entities are luring borrowers with fake assurances of getting loans waived off from banks and NBFCs.
These schemes often involve issuing so-called “debt waiver certificates” and collecting fees under various pretexts such as legal or service charges.
The central bank warned that such claims are entirely false and can invite legal action under applicable laws. It also noted that these activities not only mislead borrowers but disrupt the orderly functioning of the country’s credit system and undermine financial stability, posing risks to depositors’ interests.
RBI has urged people to avoid engaging with such entities and instead directly approach their respective lending institutions for any loan-related concerns. It also advised the public to promptly report such fraudulent campaigns to law enforcement agencies.
