RBI proposes rules to let lenders disable phones for loan defaults

May 21, 2026

The Reserve Bank of India is proposing to allow lenders to disable certain mobile phone functions for loan defaulters, specifically for devices financed by the loan. These restrictions, effective October 2026, will be tightly regulated, excluding essential services and requiring a graduated approach. The RBI also introduced broader recovery conduct rules, including agent certification and data privacy mandates.

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