Banking #rbi#emi
RBI bars lenders from locking phones over missed EMIs under new recovery rules
The Reserve Bank of India has released final norms on loan recovery that prohibit lenders from disabling borrowers' mobile phones, tablets or laptops as a recovery tool, except for devices financed through loans. The new framework, effective January 1, 2027, sets a graduated restriction timeline, compensation for delayed unlocking, and certification requirements for device-locking software.
Aug 15, 2026 1 source