RBI Issues New Guidelines on Loan Recovery, Device Locking for Missed EMIs

The Reserve Bank of India (RBI) has issued new guidelines for lenders regarding loan recovery practices, including rules on whether devices purchased via EMI financing can be blocked or locked for missed payments, effective January 1, 2027.

15 Aug, 12:20 — 15 Aug, 12:20

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Times of IndiaMostly Factual2d ago

Smartphone to be locked for missed EMI? RBI’s new rules explained

The Reserve Bank of India (RBI) has laid out some guidelines for lenders on recovery of loans, and whether they can block or lock the device that has been purchased via EMI financing. This new framework will come into effect from January 1, 2027.

By SMRITI JAIN

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RBI Issues New Guidelines on Loan Recovery, Device Locking for Missed EMIs

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Smartphone to be locked for missed EMI? RBI’s new rules explained

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