State Bank of India, the country's largest lender, on Monday asked borrowers to control credit card debt and get rid of high-cost liabilities at all cost.
'Control credit card debt. Do whatever you can to get rid of your high-interest debt,' SBI said in an advertisement campaign launched to educate borrowers on mitigating financial risks.
The campaign follows suggestions from the Reserve Bank of India about the need to educate borrowers who often fall into a debt trap by taking loans that are beyond their repaying capacity.
SBI also advised bank account holders to safegaurd their accounts by setting up overdraft protection and scheduling automatic repayments.
In the educational campaign, SBI urged customers to save and invest by establishing emergency funds and opening retirement accounts.
Asking the borrowers not to accept the advise of financial consultants without asking proper questions, the bank urged people to explore the possibility of investing in mutual funds.
'When saving becomes a priority, you will truly begin to accumulate wealth,' the SBI advertisement said.