The Reserve Bank of India (RBI) is worried about tricky campaigns that lie to people about misleading borrowers with promises of loan waivers. These dishonest groups are spreading false promises through newspapers and social media, targeting people who are struggling financially. They are tricking individuals into paying fees for ‘debt waiver certificates,’ even though they have no legal right to issue them.
RBI found instances where these groups are working against banks’ efforts to rightfully claim the collateral from borrowers. The false story they’re telling is that people don’t have to pay back what they owe to banks. This not only puts financial institutions at risk but also endangers the money of people who deposited it in those banks.
RBI strongly warns the public to steer clear of these deceptive campaigns. Getting involved with these groups could result in losing money. They’re advising people to be careful and not believe promises of loan forgiveness that sound too good to be true.
The central bank is taking this seriously, asking the public to report any incidents of these misleading campaigns to the police. This shows how crucial it is to keep the financial system honest and protect the interests of those who borrowed money, the banks, and the people who deposited their money in those banks.
As the authorities work to stop these dishonest campaigns, it’s a reminder for everyone to stay alert and report anything suspicious. This helps prevent financial losses and keeps the banking sector strong and reliable.
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