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The Reserve Bank has cautioned the public to not to fall prey to misleading advertisements in print and social media that offer loan waiver offers. The RBI on Monday said there are certain misleading advertisements enticing borrowers by offering loan waivers.

These entities seem to be promoting many such campaigns across the print media as well as social media platforms. There are also reports of such entities charging a service/legal fee for issuing ‘debt waiver certificates’ without any authority, the cengtral bank said.

It said that in certain locations, campaigns related to debt waiver offers are being run by a few persons, which undermine the efforts of banks in enforcing their rights.

“Such entities are misrepresenting that dues to financial institutions including banks need not be repaid. Such activities undermine the stability of financial institutions and, above all, the interest of the depositors,” the RBI said.
RBI cautioned that associating with such entities can result in direct financial losses.

Members of the public are cautioned not to fall prey to such false and misleading campaigns and report such incidents to law enforcement agencies, the central bank said.

(With inputs from PTI)