Tag: RBI
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PhonePe Fined ₹21 Lakhs by RBI: Here’s Why
Introduction The Indian Reserve Bank (RBI) has recently imposed a hefty fine of ₹21 lakhs on PhonePe, a prominent digital payment platform. This decision has raised eyebrows in the fintech industry and among users. Understanding the reasons behind this penalty is crucial for those invested in digital financial services. What Led to the Fine? PhonePe…
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RBI’s New Rule: Phone Locking for Defaulted EMI Borrowers
Introduction In a significant move, the Reserve Bank of India (RBI) has proposed a new rule that aims to address the rising issue of defaults in equated monthly installments (EMIs) for smartphone purchases. Borrowers who fail to repay their loans may find their devices locked, a measure aimed at ensuring accountability among borrowers and protecting…
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RBI’s New Rule on Mobile Phone Loans: What You Need to Know
Introduction The Reserve Bank of India (RBI) has introduced a new set of regulations that may significantly impact those who purchase mobile phones using loans. With the rise in demand for smartphones, many consumers opt for financing options. However, the RBI’s latest rule aims to address the concerns surrounding defaults on these loans. What is…
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RBI’s New Rule: Consequences for Phone Buyers Missing EMI Payments
Introduction to RBI’s New Rule The Reserve Bank of India (RBI) has introduced a significant change that affects consumers purchasing smartphones through loans. This new regulation focuses on buyers who default on their Equated Monthly Installments (EMIs). The RBI has proposed that financial institutions can lock mobile phones if customers fail to repay their loans,…