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RBI cautions against unauthorised campaigns on loan waiver

Loan waiver: Concerned about the rise in dishonest ads promising borrowers loan waivers, the Reserve Bank of India (RBI) has issued an alert. The RBI has identified multiple entities that are promoting these questionable schemes on print and social media platforms, expressing concern over deceptive campaigns.

The central bank stated that these organizations have been discovered to charge service or legal fees for issuing “debt waiver certificates” without the proper authorization.

Such organizations have reportedly charged a service or legal fee for issuing ‘debt waiver certificates’ without the necessary authorization. We’ve also noticed that a small number of people are running campaigns in some areas, undermining the banks’ attempts to enforce their ownership rights over the securities that are charged to them,” the statement read.

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The RBI emphasised that engaging with such entities could lead to substantial financial losses for individuals.

The public is urged to exercise caution and not fall for these deceptive and fraudulent campaigns. It further stated that any occurrences of such fraudulent activity ought to be reported to law enforcement authorities right away.

In order to protect themselves from possible financial risks, the RBI’s warning serves as a reminder to both borrowers and the general public to exercise caution and not be persuaded by unauthorized promises of loan waivers.

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