Reserve Bank of India (RBI) has expressed concern about the fraud taking place in the name of loan waiver. The public has been warned against such false and misleading campaigns and has been advised to remain alert. RBI said in its statement that such campaigns are being continuously run by some individuals and institutions through various media mediums and direct contact.
RBI said that due to such campaigns the public is misled. It also creates hindrances in the smooth functioning of the loan system. Even before this, the Central Bank has issued a warning regarding these matters. The public has been advised to complain instead of believing these things.
The Central Bank said that many methods are being adopted to carry out fraud in these fake campaigns. This includes cases like false promises of waiver of outstanding loans by banks/non-banking companies, issuance of loan waiver certificates or other such documents and charging of fees from unsuspecting public under various pretexts including service charges or legal fees.
The Reserve Bank has clarified that instead of relying on such persons and institutions, appropriate legal action can be taken. It has also been emphasized that such activities weaken the financial position of the institutions. Affects the interests of depositors. Transactions directly result in financial losses.
RBI has requested the public to contact the concerned bank or NBFC for any information to their loan instead of associating with or availing the services of such persons and institutions. Apart from this, it is advised to immediately report any such misleading campaign to the appropriate law enforcement agencies.
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