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RBI warns borrowers of fake loan waiver campaigns charging upfront fees
Economy
Published on 4 May 2026
Promises of debt erasure may be scams
The Reserve Bank of India has cautioned borrowers about misleading loan waiver campaigns that claim to wipe off debts to banks and NBFCs. The regulator says these offers are often fraudulent traps run by dishonest actors who profit through false promises and upfront fees. RBI urges people to stay alert and verify any waiver claims through official channels.
- RBI flags misleading loan waiver campaigns as potential scams
- Fraudsters target borrowers with false debt-erasure claims
- Upfront fees are a common tactic to extract money
- Borrowers should verify offers via official sources
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times