Mint Explainer: Why has RBI proposed allowing banks to lock financed phones over loan defaults?
Banks will also need to ensure that the restrictions on device functionality are reversed within one hour of the borrower curing the default, it said, adding that the restriction mechanism must be uninstalled soon after the loan is repaid in full. The borrower will have the right to prepay the loan, either partly or fully, at any stage, it added.
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