RBI cautions debtors towards unauthorised campaigns on mortgage waiver.
Unauthorised mortgage waiver campaigns: The RBI says public is cautioned to not fall prey to such false and deceptive campaigns, and report such incidents to legislation enforcement companies
The Reserve Bank of India (RBI) on Monday, December 11, mentioned it has seen sure deceptive ads engaging debtors by providing mortgage waivers. It mentioned the general public is cautioned to not fall prey to such false and deceptive campaigns, and report such incidents to legislation enforcement companies.
“These entities seem to be actively promoting many such campaigns in the print media as well as social media platforms. There are reports of such entities charging a service/legal fee for issuing ‘debt waiver certificates’ without any authority. It has also come to our notice that in certain locations, campaigns are being run by a few persons, which undermine the efforts of banks in enforcing their rights over the securities charged to the banks,” the RBI mentioned in a press release.
The central financial institution mentioned such entities are misrepresenting that dues to monetary establishments together with banks needn’t be repaid. Such actions undermine the steadiness of monetary establishments and, above all, the curiosity of the depositors. It might also be famous that associating with such entities can lead to direct monetary losses.
“Members of the public are cautioned not to fall prey to such false and misleading campaigns and report such incidents to law enforcement agencies,” it mentioned.
