RBI Warns Public Against Fake Loan Waiver Scams

The Reserve Bank of India has issued a public warning against fraudulent individuals and entities falsely promising loan waivers for borrowers of banks and NBFCs.

These scams often involve fake assurances of debt relief, forged waiver certificates, and demands for upfront “service” or “legal” charges.

The RBI clarified that no unauthorised person or private entity can arrange or guarantee loan waivers, calling such claims false and misleading.

It advised borrowers to directly approach their respective banks or NBFCs for any loan-related concerns and report suspicious activities to law enforcement authorities to avoid financial loss and fraud.