Advertisement related to loan waiver may cause loss, RBI warned

RBI has warned its customers. The Reserve Bank of India has warned people about misleading advertisements offering loan waiver. RBI said that the public may be harmed by misleading advertisements related to loan waiver appearing in print and social media platforms. In such a situation, RBI has advised people to exercise caution. The central bank says that such misleading advertisements tempt people to borrow.

RBI said in its statement that these institutions are actively promoting many such campaigns in print media as well as on social media platforms. There are also reports of these institutions charging service legal fees for issuing loan waiver certificates without any authority.

Don’t fall victim to false and misleading campaigns
The central bank said that in some places, campaigns related to offering loan waiver are being run by some people, which weaken the efforts of banks in enforcing their rights. RBI said, such institutions are making false statements that there is no need to repay the dues of financial institutions including banks. Such activities undermine the stability of financial institutions and above all the interest of depositors. RBI clearly said that associating with such institutions can lead to direct financial loss. The central bank said that the public is cautioned not to fall victim to such false and misleading campaigns and to report such incidents to law enforcement agencies.