India, Oct. 1 -- Can banks remotely lock mobile phones that were purchased on EMIs if the borrower defaults? The Reserve Bank of India weighed in on this debate on Wednesday.

"Such a proposal is currently under discussion, and we are getting views both for and against such a move," RBI Governor Sanjay Malhotra said during a post monetary-policy press conference on Wednesday. "We are taking those views on record."

"Our effort is to ensure that a consumer's rights are maintained, in terms of data privacy, etc.," the governor went on to say. "The consumer's interest is paramount, while we consider the issues faced by banks."

The RBI is reportedly planning to revise its Fair Practices Code to allow banks and non-banking financial companies...