RBI mandates 1-hour device restoration from January 1, 2027
Business
RBI just rolled out fresh guidelines for mobile loan recovery, kicking in from January 1, 2027.
Now, if you pay off your dues, lenders must restore restricted device functions on the financed mobile device within one hour of realization of the dues: no more waiting around because of confusing payment steps.
RBI caps compensation, sets ₹250/hr
Borrower compensation is now capped at the total loan amount, with lenders continuing to be liable to pay ₹250 per hour for delays attributable to them.
RBI also clarified that defaults are cured once dues are realized by the lender, and pushed the start date to give lenders a bit more time to adapt.