Fake WhatsApp Messages Claiming MUDRA Loan Approval Are Scams, PIB Fact Check Issues Advisory

The Press Information Bureau (PIB) Fact Check has cautioned people against fake WhatsApp messages claiming that their MUDRA loan applications have been approved. The fact-checking unit has flagged such messages as scams and has advised people against sharing financial or personal information with unknown individuals.

The advisory comes after messages began circulating on WhatsApp claiming to offer approval for loans under the Pradhan Mantri Mudra Yojana (PMMY).

According to PIB Fact Check, loan approval messages for MUDRA loans are not communicated through social media platforms. People receiving such messages should verify the source before taking any action, PIB Fact said.

MUDRA Does Not Lend Directly To Individuals

The Micro Units Development and Refinance Agency (MUDRA) is a refinancing institution. It does not directly provide loans to micro-entrepreneurs or individuals. MUDRA loans are offered through lending institutions only, such as banks, non-banking financial companies (NBFCs) and microfinance institutions (MFIs).

Eligible applicants can apply online through the Udyamimitra portal. PIB Fact Check has also clarified that MUDRA does not appoint any agent or middlemen to facilitate the loans.

How The Scam Works

This type of fake messages can create the impression that a person’s loan application has already been approved. Such messages may then ask recipients to provide financial details or other information.

The PIB fact-check social media post has cautioned that fake messages are seeking financial details in the name of MUDRA loans. As such, people must avoid sharing bank account details, passwords, one-time passwords (OTPs), card details, or other sensitive information with unknown contacts.

A genuine loan application should be checked through the concerned bank, NBFC or MFI, rather than through a person contacting the applicant on WhatsApp, it said.

What Borrowers Should Do

People who have received such a MUDRA loan approval message on WhatsApp should avoid clicking on the link attached or share the message further. They should verify whether they had applied through an authorised lending institution or the official online channel.

They should not pay money to individuals claiming to be MUDRA agents or facilitators. PIB Fact Check has specifically cautioned people to stay away from individuals posing as MUDRA or PMMY agents.

For information about MUDRA, borrowers can check the official MUDRA website or contact an authorised lending institution. The Udyamimitra portal can also be used for online applications.