MUMBAI - The Reserve Bank of India (RBI) has issued a public warning regarding fraudulent advertisements offering illegitimate 'debt waiver certificates' that are circulating across various media outlets, including social media platforms. These deceptive advertisements falsely claim the ability to waive off debts for a fee, misleading consumers and posing serious risks to the stability of financial institutions and the interests of depositors.
The central bank's alert, released today, emphasizes that these misleading campaigns compromise the enforcement rights of banks over securities and incorrectly suggest that repayments to financial institutions are not necessary. The RBI is urging individuals who come across such deceptive practices to immediately report them to law enforcement agencies to prevent potential financial harm.
In addition to the warning, the RBI has also informed the public about an increase in the Unified Payments Interface (NASDAQ:TILE) (UPI) transaction limits specifically for hospitals and educational institutes. The new limit has been raised to ₹5 lakh (INR1 lakh = approx. USD1199.15), aiming to facilitate larger transactions in these critical sectors. This move is part of the RBI's ongoing efforts to enhance digital payment systems and further promote cashless transactions in India.
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