Miss 1 EMI = Phone LOCKED Forever! RBI’s New Rule! #shorts
193,564Recently, there has been a lot of discussion in India about a new rule being considered by the Reserve Bank of India regarding phones bought on loans. The idea is that if a person buys a smartphone on credit and then misses even one EMI, the lender may be able to remotely lock the device. This is being thought of as a way to reduce loan defaults and give lenders more security when financing gadgets.
The rule would only apply to phones bought on loan or EMI. If someone buys a phone outright without credit, it will not be affected. The phone lock is meant to work as a temporary measure. Once the borrower clears the dues, the phone could be unlocked. It is not about permanently disabling the phone forever, but rather creating pressure for repayment.
The proposal also suggests that lenders would not be able to access a user’s personal data. The locking mechanism would be limited to blocking the device’s use until payments are made. This is meant to ensure some level of consumer protection, although many people are still worried about the practical problems this might create.
There has been criticism of the idea because smartphones have become essential tools for daily life. Blocking someone’s phone, even temporarily, could disrupt their work, education, and communication. Many argue it could hit poorer borrowers the hardest, since they rely heavily on their phones. Others feel the rule might be misused if it is not carefully regulated.
In short, while the proposal is meant to protect lenders and reduce rising defaults on small-ticket loans, it has raised serious concerns about fairness and practicality. Whether it will actually be implemented in its current form is still uncertain.
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