MUMBAI, India, May 4 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) draws attention of the public to Press Release dated December 11, 2023 cautioning members of the public on false and misleading campaigns promising loan waivers. RBI has observed, with serious concern, the continued occurrence of such campaigns, through various media channels and direct outreach, by certain individuals and entities. Such campaigns not only mislead the general public but also interfere with the orderly functioning of the credit system of the country.
2. These campaigns, among others, involve (i) false promises of waiver of outstanding dues to banks / Non-Banking Financial Companies (NBFCs); (ii) issuance of 'de...