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Financiers can't block borrower phones, online shaming barred
MUMBAI: Mobile phone financiers will face restrictions on "mobile lock" practices under RBI's amended rules for loan recovery. Under the reworked draft regulation, lenders can restrict financed devices only under explicit contractual consent and after a 90-day default cycle with a staged 60-day and 7-day notice regime, while mandating that core functions such as incoming calls, internet, SOS, and public alerts remain accessible.
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economictimes.indiatimes.com
RBI proposes rules to let lenders disable phones for loan defaults
The Reserve Bank of India is proposing to allow lenders to disable certain mobile phone functions for loan defaulters, specifically for devices financed by the loan. These…
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thehindubusinessline.com
RBI reworks draft loan recovery directions following industry feedback
The draft norms also bar lenders from disabling essential features such as internet access, incoming calls, emergency SOS services and public safety notifications
