‘Your phone may be remotely locked if you haven’t paid your EMI’
The Reserve Bank of India is considering allowing lenders to remotely lock mobile phones of borrowers who default on EMI payments. This move aims to reduce bad debt but raises consumer rights concerns. The RBI will update its Fair Practices Code, requiring lenders to obtain consent and prohibiting access to personal data.
The Reserve Bank of India is considering allowing lenders to remotely lock mobile phones of borrowers who default on EMI payments. This move aims to reduce bad debt but raises consumer rights concerns. The RBI will update its Fair Practices Code, requiring lenders to obtain consent and prohibiting access to personal data.
