Reserve Bank of India (RBI) has cautioned public on fraud loan waivers which are being promoted on social media as well as print media as such entities can result in financial losses, on Monday.
RBI stated, “It has noticed certain misleading advertisements enticing borrowers by offering loan waivers. These entities seem to be actively promoting many such campaigns across the print media as well as social media platforms.”
Further it added, “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.”
