Do you know that if you do not repay EMI on time, banks can lock your smartphone, laptop or other devices? RBI Governor Sanjay Malhotra recently told in press briefing that talks are going on between consumers and lenders on the subject. RBI is considering updating its fair practice code, so that both sides reserve rights. Under this new process, an app or software will be installed in the device purchased on EMI. If the customers do not pay the installment, then the device will be remoted. However, data privacy and safety concerns are also arising from this process. Therefore, it is necessary to ensure that the permission of the customer is obtained and their private data remains safe. In addition, rules will also be required to lock large products such as cars and bikes. In this video, we will discuss this new policy in detail.
RBI’s new policy: Smartphone and laptop can be locked when EMI is missed! Paisa Live | RBI’s new policy: Smartphones and laptops can be locked if you miss an EMI!
