New Delhi, May 5 -- The Reserve Bank of India has cautioned the public against misleading campaigns that falsely promise loan waivers, stating that such activities could lead to financial losses and disrupt the countrys credit system.
In a statement, the central bank referred to its earlier advisory issued on December 11, 2023, and said it continues to observe instances of individuals and entities promoting false claims through various media channels and direct outreach methods.
According to the RBI, such campaigns often involve false assurances of waiving outstanding dues owed to banks and non-banking financial companies (NBFCs), issuance of so-called debt waiver certificates, and collection of fees from borrowers under the guise of se...