Kolkata: The Reserve Bank of India (RBI) has issued a stern warning against fake advertisements promising loan write-offs. According to the RBI, certain entities are actively promoting misleading campaigns through both print and social media platforms, wherein they charge a service fee for the issuance of ‘debt waiver certificates’ without any legal authority.
The RBI has also observed specific instances where individuals are running campaigns in certain locations, which undermine the efforts of banks to enforce their rights over securities pledged to them.
In a statement, the RBI expressed concern over the false narrative propagated by these campaigns, suggesting that bank dues do not need to be repaid, contrary to established repayment norms. The central bank has advised borrowers to be cautious of such fake campaigns and encouraged them to report any such incidents to law enforcement agencies.
“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,” RBI said.
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