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RBI allows gradual device restrictions for EMI defaults, eases recovery agent disclosure norms
The Reserve Bank of India will permit lenders to restrict devices bought on EMI financing. These restrictions will be gradual and only after a loan is significantly overdue. Incoming calls and emergency functions will remain accessible to borrowers. Disclosure requirements for recovery agents have also been eased by the central bank. The new rules will be implemented from January 1, 2027.
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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…
