The Reserve Bank of India’s draft guidelines for foreclosure on home loans, loans against property, and SMEs could boost competition among lenders and affect profitability. The new rules aim to increase borrower flexibility by waiving pre-payment penalties and foreclosure charges, impacting non-bank lenders and housing finance firms.
US stocks: US market closes down sharply after Fed holds rates unchanged
Wall Street experienced a sharp decline as the Federal Reserve maintained interest rates. AI-related chip stocks also saw further losses ahead of key earnings reports.