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RBI relaxes device-loan recovery norms
The Reserve Bank of India has updated its regulations on mobile loan financing. Lenders are now required to reinstate device functionality within one hour of confirmation of payment. Additionally, borrower compensation is limited to the total loan amount. These regulations will take effect starting January 1, 2027. Furthermore, technology may be employed to limit device functions following a loan default.
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thehindubusinessline.com
RBI issues stricter loan recovery rules, caps borrower contact hours from January 2027
RBI introduces stricter loan recovery rules from January 2027, limiting contact hours, protecting borrowers and regulating mobile device restrictions.
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economictimes.indiatimes.com
RBI bars banks from disabling mobile devices of defaulting borrowers
Banks cannot disable borrower mobile phones and laptops for loan recovery. This new rule applies unless the devices themselves were financed by lenders. The Reserve Bank of India…
