
Mint Explainer: Why has RBI proposed allowing banks to lock financed phones over loan defaults?
RBI wants banks to remotely lock financed phones if loans aren't paid for 90 days. This aims to help lenders recover money. They said, "The bank shall not deploy the mechanism to restrict or disable the functionalities of the device until the associated loan has become 90 days past due." Borrowers get notices and grace periods.








