The Reserve Bank of India (RBI) on Monday cautioned members of the public against false and misleading campaigns promising loan waivers.
Such campaigns not only mislead the general public but also interfere with the orderly functioning of the credit system of the country, according to a central bank statement. The RBI last issued a similar caution on December 11, 2023.
Serious concern
The central bank has observed, with serious concern, the continued occurrence of such unauthorised and misleading campaigns, through various media channels and direct outreach, by certain individuals and entities.
These campaigns, among others, involve false promises of waiver of outstanding dues to banks / Non-Banking Financial Companies (NBFCs); issuance of ‘debt waiver certificates’ or similar documents; and collection of fees under various pretexts, including service or legal charges, from uninformed public.
RBI reiterated that any claims by individuals / entities offering such services are false, misleading, and liable to attract appropriate legal action under applicable Statutes.
It also emphasised that such activities undermine the stability of financial institutions, affect the interest of depositors and association / engagement with such individuals / entities can result in direct financial loss.
The RBI asked members of the public to refrain from associating with or availing services from such individuals / entities and instead approach their lending institutions directly for any information related to their loans.
Further, it advised them to promptly report any such misleading campaigns to the appropriate law enforcement agencies.
Published on May 4, 2026