RBI issues warning against fraudulent activities involving misuse of its name

The Reserve Bank of India (RBI) has issued a warning against fraudulent activities involving the misuse of its name. The RBI stated that fraudsters employ various tactics, including fake letterheads and email addresses, impersonating RBI employees, and luring individuals with fictitious offers such as lottery winnings, fund transfers, foreign remittances, and government schemes.

The RBI has identified several unauthorized digital lending apps and other financial service providers claiming to be registered with the RBI as Non-Banking Financial Companies (NBFCs), digital lending apps, or Payment System Operators.

RBI has reiterated that it does not



maintain any account in the name of individuals, companies, trusts in India to hold funds for disbursal. It also does not open accounts for individuals or ask them to deposit money in those accounts. RBI clarified that it does not send emails intimating the award of lottery funds, etc, or any SMS, letter or email to communicate fictitious offers of lottery winnings or funds received from abroad.

RBI has advised the public not to fall for fake accreditations of RBI by any other websites or apps. RBI also advised not to respond to communication from such people/entities and to report such incidents to law enforcement agencies.