India, May 4 -- The Reserve Bank of India has reiterated its caution to the public against unauthorised and misleading campaigns that falsely promise loan waivers.
The central bank expressed concern over the continued circulation of such campaigns through various media channels and direct outreach by certain individuals and entities, noting that these practices mislead borrowers and disrupt the country's credit system.
According to RBI, these campaigns often involve false assurances of waiving outstanding dues to banks and NBFCs, issuance of fake "debt waiver certificates," and collection of fees under the guise of service or legal charges.
The regulator emphasised that such claims are fraudulent, misleading, and may invite legal action u...