RBI New Loan Recovery Rules: Banks Can’t Lock Phones, Misuse Data From 2027 | Explained
The RBI has introduced new rules to regulate loan recovery practices, protecting borrowers from harassment, intrusive technology and misuse of personal data. From January 1, 2027, banks and recovery agents will be barred from locking borrowers’ phones, laptops or other devices for loan recovery, except in specific device-financing cases. Recovery agents also cannot threaten, abuse, publicly shame or contact relatives and colleagues to intimidate borrowers. Banks and technology providers are prohibited from accessing contacts, photos, messages, call records or location history for recovery purposes. However, borrowers remain responsible for unpaid EMIs, interest and other dues.
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