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Fraudsters issuing ‘debt waiver certificates’ and charging fees, public urged to stay alert
Anytime News Network | Pooja Srivastava
The Reserve Bank of India (RBI) has once again cautioned the public against falling prey to unauthorized and misleading campaigns promising loan waivers. The central bank has observed that certain individuals and entities continue to run such campaigns through print, digital, and social media platforms, falsely assuring borrowers that their outstanding loans can be waived off.
According to RBI, these fraudulent schemes often involve issuing fake “debt waiver certificates” and collecting money under the guise of service or legal charges. Such actions not only deceive individuals but also disrupt the proper functioning of the country’s credit system and weaken financial institutions.
The RBI has clearly stated that any claims made by such entities are false and illegal, and those involved may face legal action under applicable laws. It emphasized that borrowers should not rely on intermediaries but instead directly approach their banks or Non-Banking Financial Companies (NBFCs) for accurate information regarding their loans.
The central bank also warned that associating with such fraudulent operators could lead to direct financial losses for individuals and may impact the interests of depositors. It urged citizens to report any such misleading campaigns to law enforcement agencies without delay.
Overall, the RBI’s advisory highlights the need for financial awareness and vigilance to protect oneself from scams that exploit borrowers’ vulnerabilities.
