India’s central bank said on Thursday that shadow banks with asset size of more than 50 billion rupees should appoint a chief risk officer in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Financial Services’ (IL&FS), Reuters reported. The government took control of IL&FS last year after its default triggered fears about contagion in India’s financial sector.

A Chinese display product maker has been questioned by the Shenzhen Stock Exchange on its cash usage, joining a growing list of firms whose financials are being scrutinized by the nation’s regulators, Bloomberg News reported. Beijing-based Tunghsu Optoelectronic Technology Co. was asked by the bourse to explain the rationale in paying high expenses on its debts when it reported ample cash in 2018, according to a statement on Wednesday. The company was also required to spell out the reasons for issuing convertible bonds when it reported 19.8 billion yuan ($2.9 billion) cash as of end-2018.

Turkish banks disagreed on almost everything with potential investors when they met for the first round of talks about unloading a mountain of bad loans, according to people who were at the gathering in Istanbul last week, Bloomberg News reported. The deadlock between potential buyers, including Goldman Sachs Group Inc. and Bain Capital LP, involved the price and structure of any transaction, some of the people said, asking not to be identified because the gathering was private. Attendees couldn’t even agree on the definition of a non-performing loan, one of the people said.

The government is open to providing more powers to the Reserve Bank of India (RBI) to direct lenders to take action on stressed assets, a senior finance ministry official told ET. There is a growing view in the government that there has to be some regulatory supervision over debt resolution by the RBI, The Economic Times reported. “It cannot be left to the discretion of banks — there has to be some regulatory supervision, and that should be from the banking sector regulator,” said the official.

Homebuyers and lenders of debt-laden Jaypee Infratech Thursday started voting on state-owned NBCC's bid to acquire Jaypee group's realty firm and complete the construction of over 20,000 flats, Business Standard reported. The voting process will end on Sunday and the outcome would be declared on May 20. The financial creditors would vote for the second time on the resolution plan for Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd (JAL). On May 3, the financial creditors rejected Mumbai-based Suraksha Realty's bid through voting process.

Local bank creditors of Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), the local unit of Korea’s shipbuilding giant Hanjin, expect resolution of the shipbuilder’s debt within the year. The local Hanjin owes five local banks a total of $412 million, considered as the biggest corporate default in the country, the Manila Bulletin reported. Among the creditor banks, Rizal Commercial Banking Corp. (RCBC) has the biggest loan exposure of $140 million followed by state-owned Land Bank of the Philippines with an estimated $80 million.

With more than $140 billion in debt and a junk-level credit rating, SoftBank Group Corp. might not look like an obvious candidate for more borrowing. Yet bankers say they are still eager to lend to the world’s largest technology investor, The Wall Street Journal reported. One reason is the big fees a relationship with SoftBank can bring in—especially the hundreds of millions of dollars in investment-banking fees generated each year by Chief Executive Masayoshi Son’s constant stream of deals.

The chief executive and two other senior figures at Jet Airways have quit, the Indian company said on Tuesday, further eroding any hopes of a rescue of the debt-laden carrier that grounded operations last month, Reuters reported. Jet, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties. It stopped all flights from April 17 after its lenders refused to give it any more funds to keep the carrier flying.

The National Company Law Appellate Tribunal (NCLAT) has decided to hear the Essar Steel insolvency case dispute on a daily basis for an early resolution, The Hindu Business Line reported. ArcelorMittal, the winning bidder, has been fighting to takeover the steel company for over one-and-half year but there is no sign of a resolution yet. Arguing on behalf of Essar Steel’s financial creditor Standard Chartered Bank (SCB) on Monday, senior advocate Kapil Sibal said ArcelorMittal’s bid is only ₹39,500 crore rather than ₹42,000 crore as claimed by the company in the Supreme Court.

Small borrowers with annual income up to ₹60,000 are likely to get automatic relief for any unsecured loans they are unable to repay, according to a new scheme for personal insolvency resolution that the government has prepared, Mint reported. The new scheme that will replace colonial era laws dealing with personal bankruptcy will also give breathing space to those who can repay loans. It will also protect some of their assets from dues recovery to help in their subsistence.