By Admin 
Reserve Bank of India: If you too have taken your phone on loan, then it is news of your work. Actually, the Reserve Bank of India (RB) is thinking of bringing a new rule. Under this, if the loan is not repaid, the Reserve Bank can lock your phone to the remotely. After this, consumers will not be able to use that phone. RBI is going to take this step in view of the increasing cases of loan default so that the landers can get some relief.
In 2024, a study was done by Home Credit Finance, which showed that more than one-third of consumer electronics including phone in India are purchased on small personal loans. According to Telecom Regulator TRAI (Telecom Regulatory Authority of India), India has more than 1.16 billion mobile phone connections, while the country has a population of 1.4 billion.
The matter is going on again on the mechanism of locking the phone
Let us tell you that earlier also used to use an app installed in the phone taken on landers loan, in which the phone was locked in the event of default. However, last year, the Reserve Bank stopped this practice and asked banks and NBFCs to stop locking the phone.
Under this process, an app is installed while taking a phone on a loan, through which the phone was later locked. Now the RBI is thinking about issuing its guideline in the next few months on the mechanism to lock the phone again. Negotiations are going on with Landers. However, nothing has been officially told about this yet.
Data privacy will be taken care of
Taking care of the data privacy of the consumer, there is talk on a mechanism through which the lenders can be prevented from accessing the data of users and the data is completely safe. The RBI wants to ensure that landers have the right to recovery small loans.
Along with this, there should not be any heat on the data of users. If this new rule of RBI is implemented, then major consumer lenders like Bajaj Finance, DMI Finance and Cholamandalam Finance may benefit as it will speed up recovery and make it easier to give loans to customers with poor credit.
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