According to an RBI circular, a bank can impose technical restrictions on a device only if the customer has taken a loan specifically to purchase that mobile phone; the phone cannot be disabled due to other loans, such as a car or home loan. Even in the case of a phone purchased on loan, the blocking process will only be initiated if a loan instalment remains overdue for more than 30 days. Full blocking of the device will be permitted only after 60 days. However, even in such a scenario, incoming calls, SMS, the emergency SOS feature, and essential work-related features cannot be disabled. The bank must unlock the mobile phone within one hour of loan repayment. In the event of a delay, the customer will be entitled to compensation of ₹250 per hour; however, this amount will not exceed the total value of the loan in question. Banks will not be able to access your call logs, messages, or photos. #smartphone #rbi #loan
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