Business News / RBI issued alert regarding loan waiver! Have you also fallen into the trap of a fraudster?

Vikrant Shekhawat : Dec 11, 2023, 03:30 PM
Business News: RBI has issued an alert regarding fake advertisements being given for loan waiver. The Reserve Bank of India (RBI) on Monday cautioned the public against misleading advertisements related to loan waiver offers in print media as well as on social media platforms. According to the statement issued by RBI, an attempt is being made to trap the loan taker by giving fake advertisements. In view of this, the Reserve Bank has taken note of some misleading advertisements luring borrowers by offering loan waiver. These organizations are actively promoting many such campaigns in print media as well as on social media platforms. There are also reports of such institutions charging service/legal fees for issuing “loan waiver certificates” without any authority.

Danger of fraud, do not try to join

RBI cautioned the general public that associating with such institutions may lead to direct financial loss. The central bank said that the public is cautioned not to fall victim to such false and misleading campaigns and to report such incidents to law enforcement agencies.

Attempt to falsely implicate people

The central bank said that in some places, campaigns related to offering loan waiver are being run by some people, which weakens the efforts of banks in enforcing their rights. RBI said that such institutions are making misrepresentations that there is no need to repay the dues of financial institutions including banks. Such activities undermine the stability of financial institutions and most importantly the interest of depositors.

Most families fear rising inflation

A large majority of households in the country expect higher inflation in the coming three months and a year, according to the Reserve Bank of India (RBI)'s bi-monthly survey on inflation prospects released on Monday. The survey conducted in 19 major cities said that people expect some increase in prices and inflationary pressure in the coming year. Fears regarding prices and inflation in the next three months are seen more in food products and services. The survey said that for the coming year, this apprehension is higher in food products and housing sectors. Also, the survey said that the perception of households on the current inflation declined by 20 basis points (bps) from the previous survey to 8.2 percent in November.