Power Shift

RBI Enforces Strict Rules on Loan Recovery and Device Locking

Sourced from 2 publications

  • •RBI has imposed new rules from January 2027 on how banks recover loans to prevent harassment.
  • •Rules prohibit the locking of devices like phones and tablets purchased on credit without protecting personal data.
  • •Banks must now provide compensation to borrowers for any misconduct during loan recovery.
  • •RBI's regulations are aimed at ensuring accountability and consumer protection in financial transactions.

Sources

Missed your phone EMI? RBI lays down strict rules on when lenders can lock your...

Indiatoday

RBI draws a line on loan recovery: No harassment, no anonymous calls, banks held...

Indiatoday

Bankers unaware, government timed LIC stake sale to max receipts

Indiatimes

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Curated from 2 sources. Every summary is reviewed for accuracy, but may still contain errors. We always link to original sources for verification.

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