⚠️ NEW ALERT - DEVICE LOCKED ON DEFAULT : The Reserve Bank of India (RBI) is planning to allow lenders to remotely lock the phone purchased on credit if borrowers default on EMIs. This initiative aims to curb bad loans but requires explicit prior consent from the borrower at the time of loan agreement. 🔐YOUR PHONE, YOUR PRIVACY : • Lenders can not access personal data on the locked device. • The RBI is working on a secure framework to protect data privacy while enabling privacy for small-ticket loans. #rbi