RBI lets banks restrict device features if loan agreements allow
Got a phone or tablet on a loan?
RBI's new rules mean banks can restrict some features on your device if you miss payments, but only if it's spelled out in your loan agreement.
These changes kick in from October 1, 2026, so borrowers will know exactly what to expect.
Borrowers get 90-day cure, 1-hour restoration
You'll get 90 days to catch up on payments before any restrictions happen.
Banks have to send two reminders: one when you're 60 days late (with a 21-day window), and another with 7 days left.
Even if your device gets restricted, access to the internet, incoming calls, emergency SOS features, and emergency government/public-safety notifications will still work.
Once you pay up, banks must restore full access within 1 hour, or pay ₹250 for every hour they're late.
Also, banks aren't allowed to touch any of your personal data during this process, keeping your privacy safe.