RBI’s Phone Lock Directive: How Lenders Could Remotely Lock Smartphones for Loan Defaults

The Reserve Bank of India (RBI) is reportedly preparing to update its Fair Practices Code to address rising consumer loan defaults. One of the most controversial aspects of the proposed changes is allowing banks and non-bank financial companies (NBFCs) to remotely lock smartphones purchased on EMI if borrowers default on payments. Concerns for Consumers This … Read more