Can banks lock your smartphone for missing an EMI? RBI says yes — but only in these cases
2 sources·Updated August 7, 2026
Covered by 2 sources
- Inc42 India·3h agoRBI Bars Lenders From Locking Borrowers’ Devices Except For Gadget Loans
The RBI has barred banks and other regulated entities (REs) from disabling or restricting borrowers’ mobile phones, tablets or laptops…
Read at Inc42 India → - Business Today IN·9h agoCan banks lock your smartphone for missing an EMI? RBI says yes — but only in these cases
The central bank has prescribed a phased approach to device restrictions. Banks cannot disable or restrict any functionality until the loan account becomes 30 days past due, and only after the borrower has been served notices to repay the outstanding amount.
Read at Business Today IN →
