China sells the most smartphones worldwide. India is ranked in the list after China. In India, the most smartphones are sold. The number of smartphone users in India is huge. People in India buy many devices from budget and cheap smartphones to premium and expensive smartphones.
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The highest number of smartphones in India is purchased on EMI and these smartphones are usually expensive and premium smartphones. Many companies offer their customers options like No Cost EMI for the purchase of smartphones, and this is beneficial to buy smartphones on EMI. The company’s offers increase the number of people who buy expensive and premium smartphones on EMI. Some of these people miss their EMI in time. However, there are many people who do not fill EMIs on time. Seeing this negligence of the people, the RBI, the Reserve Bank of India, has decided to issue a new rule. Under this rule, if no customer does not pay timely EMI payment, a loan company or bank can lock their smartphone. (Photo courtesy – pintterest)
According to information given in media reports, the RBI is planning to update their fair practice code in the coming month. After this code, banks and non -banking finance companies can lock the phone of customers who have not paid timely EMI. This feature is going to work completely.
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The new rules issued by the RBI will help to solve the problem of non-performance assets growing in the conjunctiva loan segment. Most importantly, in recent years, the consumer market market in India has grown rapidly and the number of debt -ridden loans has also increased.
These new RBI rules will also consider consumers’ privacy and data safety. Under the new rules, the company will have to get consumer permission, that if the EMI payment is not done on time, their phone can be locked. In addition, banks and companies will not be allowed to access personal data from customer’s phones. The RBI had banned the use of such apps in 2024, but now preparations are underway to implement new rules with strict provisions.
