Fake campaigns promising loan write-offs have prompted the Reserve Bank of India (RBI) to caution the public against falling prey to such misleading information. The RBI has firmly denounced the circulation of false news suggesting loan waivers, urging individuals not to be misled. In the event of encountering such deceptive claims, individuals have been strongly advised to promptly report them to the relevant authorities.

Misleading messages, often disseminated via social media and other channels in the guise of financial institutions, falsely assert the cancellation of loans along with the issuance of accompanying certificates. These fraudulent entities illicitly demand service charges from unsuspecting individuals. The RBI's warning emphasized that these agencies are perpetuating fraudulent advertisements, aiming to extort money from gullible customers.

These spurious organizations lack any legitimate authority and deceive individuals with fabricated assurances of loan waivers. Notably, these entities hold no capacity to issue legitimate loan waiver certificates. The RBI, in a released statement, highlighted the ulterior motives of such groups: their intent is to deceive individuals by falsely guaranteeing the absolution of loans acquired from various financial entities, including banks.

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