Financial stocks slump as RBI tightens consumer loan rules

Shares of Indian lenders, including SBI Cards & Payment Services and Bajaj Finance, dropped by at least 3% each after the Reserve Bank of India (RBI) announced measures to increase buffers on consumer loans. The NSE Nifty Bank Index fell by 1.3%, with SBI Cards declining by 6.8%. The RBI's move aims to control the surge in unsecured debt, and banks may raise rates and tighten lending norms as a result. RBI governor Shaktikanta Das has been urging banks to enhance internal controls.

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