Don’t Fall for Loan Waiver Scams: RBI Issues Fresh Warning:

The RBI has warned the public against rising fake loan waiver scams that mislead borrowers with false promises and illegal charges.

RBI Warns Public Against Loan Scams

Vanshika verma

May 6, 2026

Last update on May 6, 2026

Don’t Fall for Loan Waiver Scams: RBI Issues Fresh Warning The Reserve Bank of India (RBI) has warned people about fake campaigns that claim they can get their loans waived off. Even after a previous warning in December 2023, such scams are still happening through social media, advertisements, and direct contact. RBI added that these campaigns can mislead people and also disrupt how the country’s banking system works. These fraudsters usually make false promises like clearing your loan from banks or NBFCs, giving you fake "loan waiver certificates", or asking you to pay fees in the name of service or legal charges. However, in reality, these offers are not genuine. Such actions are illegal and can lead to strict legal punishment. They can also harm banks and put depositors' money at risk. The RBI advises people not to trust or deal with such individuals or companies. If you have any questions or need help regarding your loan, you should contact your bank or lender directly. If you come across any such scam, report it immediately to the police or concerned authorities.

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Vanshika verma

Content Writer

Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.