RBI proposes lenders disable phone features after 90-day loan default
NewsBytes | May 20, 2026 11:39 PM CST
RBI draft requires disclosures, 1-hour unlocks
Loan contracts will have to spell out these rules clearly, and once you pay up, lenders must unlock your phone within an hour or compensate you if they're late.
The draft also calls for stricter recovery practices: agents need certification, can't harass or call outside 8am to 7pm and all recovery calls must be recorded for 6 months.
Plus, lenders can't access or store any data from your device; your privacy stays protected.
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