Lenders may lock phones if borrowers fail to pay EMIs as RBI considers proposal: Report
Multiple non-bank financiers have approached the RBI, seeking permission to lock borrowers' mobile phones financed through them if the borrower fails to pay EMIs on time, NDTV Profit reported. RBI is in the consultation process over the proposal. Under the updated guidelines, lenders would be required to secure prior consent from borrowers before using any locking mechanism on their phones.