RBI may allow lenders to lock phones on EMI default

Reserve Bank Governor Sanjay Malhotra on Wednesday said there is no proposal to levy any charge on UPI transactions. 

The Governor also said the central bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of default in EMI payments.

While responding to a question whether there is a proposal to levy charges on UPI transactions, which have gone up



significantly, Malhotra said there was no proposal. “Is there going to be charges on UPI? Well, there is no proposal before us,” he said at a post-monetary policy press conference.

On digital locking of phones bought on credit, the Governor said the matter was under consideration.

RBI Deputy Governor M Rajeshwar Rao added that both pros and cons regarding the digital locking of phones are being examined.