RBI lets banks gradually lock financed gadgets after 30‑day default, protects essential functions
Starting Jan 1 2027, RBI will allow lenders to remotely restrict smartphones, tablets or laptops only after the loan is 30 days overdue, with full lock possible after 60 days. Essential services—incoming calls, SMS, SOS and work‑related apps—must stay active, and borrowers earn Rs 250 per hour if access isn’t restored promptly.