RBI's New Rules Bring Relief to Borrowers, But Will Lenders Comply?
The Reserve Bank of India's (RBI) latest guidelines for lenders to recover loans from borrowers have clarified what lenders can and cannot do when it comes to recovering loans.
The key takeaway is that lenders cannot disable or lock devices for non payment of Equated Monthly Installments (EMIs), except in cases where the loan agreement explicitly allows for such measures.