Warning bell has been raised by the RBI against false offers generated for the release of cheap funds which are said to have been received from entities in abroad to Indian banks.

The notification by RBI says that there are many certain foreign entities as well as persons operating in India often in aid with Indian residents and sending dubious mails and letters to people about large amount of money in foreign currency on grounds of providing help to the receivers of these mails in terms of business and ventures.

If a person responds to such mails, then he receives mails seeking his personal financial details in the form of bank account numbers. The recipients are also asked to deposit some money in the form of commission.

RBI has also received references from authorised entities and individuals seeking approvals and clarifications in this regard.

RBI has also realised that there are some foreign entities which are advising individuals that the RBI has kept a huge sum of money for loan disbursal and that fund would be disbursed after approval from RBI.

RBI has clarified that it does not maintain any such account and that individuals and organizations should refrain themselves from entering into agreements with such fictitious entities.