Banking #rbi#defaulters
RBI Eases Device-Lock Norms for EMI-Financed Gadgets, Relaxes Recovery Agent Disclosure
The Reserve Bank of India has relaxed proposed rules on locking EMI-financed mobile phones, tablets, and laptops, allowing graded restrictions after 30 days past due instead of the earlier 90-day threshold. The central bank also dropped demands for public disclosure of individual recovery agents and deferred implementation to Jan 1, 2027, while keeping borrower safeguards such as a Rs 250-per-hour compensation for delayed device unlocks.
Aug 7, 2026 1 source