RBI Warns Against Misleading Loan Waiver Campaigns
The central bank said that it has observed, with serious concern, the continued occurrence of such campaigns, through various media channels and direct outreach, by certain individuals and entities.
Mumbai: The Reserve Bank of India (RBI) on Monday cautioned the public against unauthorised and misleading campaigns promising loan waivers, and asked them to refrain from associating with such individuals or entities. It also emphasized that such activities undermine the stability of financial institutions, affect the interest of depositors and association, and engagement with such individuals / entities can result in direct financial loss.
The central bank said that it has observed, with serious concern, the continued occurrence of such campaigns, through various media channels and direct outreach, by certain individuals and entities.
The central bank said such campaigns, among others, involve (i) false promises of waiver of outstanding dues to banks / Non-Banking Financial Companies (NBFCs); (ii) issuance of ‘debt waiver certificates’ or similar documents; and (iii) collection of fees under various pretexts, including service or legal charges, from uninformed public.
It is reiterated that any claims by individuals / entities offering such services are false, misleading, and liable to attract appropriate legal action under applicable Statutes.
“Members of the public are therefore requested to refrain from associating with or availing services from such individuals / entities and instead approach their lending institutions directly for any information related to their loans. Further, it is advised to promptly report any such misleading campaigns to the appropriate law enforcement agencies,” it added.
Meanwhile, following the appointment of Rohit Jain as deputy governor for three years, the central bank on Monday has reshuffled the portfolios among its four deputy governors.
Jain will handle key departments earlier handled by his predecessor T Rabi Sankar, including the departments of corporate strategy and budget, external investments & operations, government and bank accounts, information technology, fintech, financial markets regulation, foreign exchange, internal debt management, rajbhasha, and risk monitoring.
However, in a notable change, the Department of Currency Management and the Department of Payment and Settlement Systems previously under Sankar have been reassigned to deputy governor Shirish Chandra Murmu.
Murmu will also handle the Department of Communication, Department of Regulation, and the Enforcement Department.
Swaminathan J oversees supervisory, consumer protection, and inspection of financial entities, among others. Poonam Gupta’s portfolio remains unchanged, covering the Department of Economic and Policy Research, statistics and information management, financial markets operations, financial stability, international, and monetary policy, reinforcing her role in shaping macroeconomic policy and analysis.
