Took a loan for the latest iPhone model but didn’t repay it on time? There might be some good news for you as banks won’t be able to block the device but they might disable some functions on your financed devices to recover the loan dues. The provision is part of the larger loan recovery guidelines issued by the Reserve Bank of India (RBI) on Wednesday.
The central bank has proposed that banks cannot disable or restrict the mobile phones of defaulting borrowers to recover loans, as part of efforts to curb aggressive recovery practices. With this, the RBI has also proposed stricter guidelines for recovery agents, bank employees, prohibiting the use of abusive language, among others.
