Reserve Bank of India Weighs Phone Locking Platform for Loan Defaulters | Vantage on Firstpost

The Reserve Bank of India is examining a proposal to allow lenders to remotely lock smartphones purchased on credit if borrowers default on EMIs. The move comes amid rising small-ticket loan defaults, especially in consumer electronics, where over one-third of purchases are on instalments. High-end phones are often financed, but it's hard for banks to recover the costs. Credit card stress is also growing, with unpaid dues reaching ₹6,742 crore in December 2024, a 28% year-on-year increase. Defaults are highest in Tier 3 towns and rural areas. The RBI says consumer rights and data privacy will remain central in any decision.

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Reserve Bank Of India | RBI Smartphone Lock Proposal | EMI Default Solutions | Small Ticket Loan Defaults | RBI Data Privacy Concerns | Firstpost | World News | News Live | Vantage | Palki Sharma | News

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