‘Your phone may be remotely locked if you haven’t paid your EMI’
The Reserve Bank of India is reportedly planning to allow loan lenders to remotely lock mobile phones purchased on credit if borrowers fail to make their EMI payments. The move aims to help curb the country’s rising levels of bad debt but is expected to spark significant consumer rights concerns, news agency Reuters reported citing two sources familiar with the matter.
The plan reportedly marks a change from last year, when the Reserve Bank of India (RBI) instructed lenders to stop the practice of using apps to lock devices belonging to defaulting borrowers.
