Financiers can't block borrower phones, online shaming barred

MUMBAI: Mobile phone financiers will face restrictions on "mobile lock" practices under RBI's amended rules for loan recovery. Under the reworked draft regulation, lenders can restrict financed devices only under explicit contractual consent and after a 90-day default cycle with a staged 60-day and 7-day notice regime, while mandating that core functions such as incoming calls, internet, SOS, and public alerts remain accessible.

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