Loan Recovery Archives - https://fastnewsglobe.com/tag/loan-recovery/ Sat, 13 Sep 2025 07:07:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.9 https://i0.wp.com/fastnewsglobe.com/wp-content/uploads/2025/03/fastnewsglobe.png?fit=32%2C32&ssl=1 Loan Recovery Archives - https://fastnewsglobe.com/tag/loan-recovery/ 32 32 242798455 Have you also taken the phone on loan? EMI, default on time, if you are defaulted, the handset will be locked https://fastnewsglobe.com/have-you-also-taken-the-phone-on-loan-emi-default-on-time-if-you-are-defaulted-the-handset-will-be-locked/ https://fastnewsglobe.com/have-you-also-taken-the-phone-on-loan-emi-default-on-time-if-you-are-defaulted-the-handset-will-be-locked/#respond Sat, 13 Sep 2025 07:07:49 +0000 https://fastnewsglobe.com/have-you-also-taken-the-phone-on-loan-emi-default-on-time-if-you-are-defaulted-the-handset-will-be-locked/ Reserve Bank of India: If you too have taken your phone on loan, then it...

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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.

Also read:

Is your money stuck in Sahara Group too? This decision of Supreme Court can provide big relief

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]]> https://fastnewsglobe.com/have-you-also-taken-the-phone-on-loan-emi-default-on-time-if-you-are-defaulted-the-handset-will-be-locked/feed/ 0 80678 Now these five banks including SBI took a big step together to recover the stuck loan https://fastnewsglobe.com/now-these-five-banks-including-sbi-took-a-big-step-together-to-recover-the-stuck-loan/ https://fastnewsglobe.com/now-these-five-banks-including-sbi-took-a-big-step-together-to-recover-the-stuck-loan/#respond Tue, 03 Jun 2025 02:52:05 +0000 https://fastnewsglobe.com/now-these-five-banks-including-sbi-took-a-big-step-together-to-recover-the-stuck-loan/ It is very common for banks to stuck the loan given to people. But when...

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It is very common for banks to stuck the loan given to people. But when the loan gets stuck, it becomes very difficult to recover it at times. But five public sector banks have made a strategy together, so that the trapped loan can be recovered. Five banks, including SBI, PNB and Bank of Baroda, are working on a plan to create a common collection agency for recovery of retail and MSME loan of less than Rs 5 crore.

Steps together for loan recovery

According to a report by the Economic Times, a firm will be created by these five public sector banks at present- PSB Alliance Private Limited, which will be based on the Prue of Concept and will later join other banks. The aim of making the lines of National Asset Reconstruction Company Limited is that this will help banks to focus on main backing activities. Especially, in a case when a single loan taker has taken money from many banks.

Loan recovery will now be a special way

At this time, only three to four government banks are being outsourced for recovering the loans stranded. In such a situation, once this agency is formed, banks will help in focusing on the stuck loans of big defaulters instead of these small loans.

It is worth noting that many such cases have been reported, including the PNB fraud case, when the bank has been able to know about the fraud. In such a situation, if there will be a separate agency for the revolting of these small loans in time, then the bank will get a full chance to focus on those taking their big loans. As soon as the agency starts work for these five banks, it is expected that the rest of the bank will take its help.

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