RBI Warning: The Reserve Bank of India has issued a warning to the public. The apex banking authority has informed the public to not get caught in misleading advertisements on social media that guarantee loan waiver offers. These social media posts are usually featured on Instagram, Facebook and other popular social media platforms. Check out more details below.
RBI Warning
While giving a statement, the Reserve Bank Of India said that they have observed some misleading advertisements luring users by offering loan waivers. The Apex Bank have also observed that these ads are engaged in promoting related campaigns on social media platforms like Facebook, Instagram and others. It has also noticed some instances of charging a fee for issuing “loan waiver certificates” to the users. The debt waivers issued by these entities lack the backing of any government or responsible authorities.
The Central Bank has also observed some specific locations where these campaigns run with the help of a few groups engaged in the same. These campaigns wear away the efforts of Banks to utilise their rights to the securities charged to them. These illegal entities are engaged in misrepresenting the dues to Banks and other financial institutions.
Can Lead to Heavy Losses
RBI has also stated that this misrepresentation can result in a high level of instability in the financial sector of India which can eventually lead to undermining the interests of investors and depositors of the Bank. Reserve Bank of India pointed out that being lured by such misleading ads and opting for these can lead to heavy financial losses to people.
The Banking supremo has also requested borrowers to report such incidents immediately to the respective authorities which will help to reach to these illegal entities.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER