The Reserve Bank of India on Monday cautioned the public against misleading campaigns promising loan waivers, warning that such activities continue despite its earlier press release dated December 11, 2023.
“Such campaigns not only mislead the general public but also interfere with the orderly functioning of the credit system of the country,” the RBI said.
In a press release dated May 4, 2026, the central bank said certain individuals and entities are falsely claiming they can secure waivers of outstanding dues to banks and Non-Banking Financial Companies (NBFCs).
These actors are also issuing so-called “debt waiver certificates” or similar documents and collecting fees under various pretexts, including service or legal charges.
The RBI clarified that such claims are “false and misleading” and warned that those involved could face legal action under applicable laws.
“It is also emphasised that such activities undermine the stability of financial institutions, affect the interest of depositors, and association or engagement with such individuals/entities can result in direct financial loss,” it said.
Advising caution, the central bank urged people to avoid dealing with such entities, approach their lending institutions directly for any loan-related concerns, and report such misleading campaigns to law enforcement agencies.