RBI may allow lenders to remotely lock phones of loan defaulters: Report
RBI may allow lenders to remotely lock phones bought on credit if borrowers fail to repay loans, claim reports. The proposed guidelines are expected to mandate prior consent from borrowers before activating lock and restrict lenders from accessing/misusing personal data stored on locked devices. Loans below ₹1 lakh face some of the highest delinquency rates, stated CRIF High Mark.