RBI Loan Waiver Scam Alert! ‘Your loan will be waived. You don’t need to repay it to the bank’ If you have come across ad campaigns or messages like above or persons claiming they will get your loan waived and issue a ‘loan waiver certificate’ then please report such incidents to police, RBI.
The Reserve Bank of India (RBI) has alerted people about a Loan Waiver Scam. The RBI said it has noticed certain misleading advertisements enticing borrowers by offering loan waivers.
According to RBI, these entities seem to be actively promoting many such campaigns in print media as well as social media platforms. There are reports of such entities charging a service/legal fee for issuing ‘debt waiver certificates’ without any authority.
“It has also come to our notice that in certain locations, campaigns are being run by a few persons, which undermine the efforts of Banks in enforcing their rights over the securities charged to the Banks. Such entities are misrepresenting that dues to financial institutions including banks need not be repaid. Such activities undermine the stability of financial institutions and, above all, the interest of the depositors. It may also be noted that associating with such entities can result in direct financial losses,” the RBI said.
“Members of the public are cautioned not to fall prey to such false and misleading campaigns and report such incidents to law enforcement agencies,” it added.
