Kazakhstan is running out of time to get the banking system back on its feet. Even after undertaking its biggest rescue since the 2009 global credit squeeze with a 2.4 trillion-tenge ($7.6 billion) bailout of Kazkommertsbank, the rest of the nation’s lenders will require at least 500 billion tenge more to mend balance sheets, according to National Bank of Kazakhstan Governor Daniyar Akishev. But the state aid will come with strings attached, Bloomberg News reported.

India’s banks have been ordered to use the country’s courts to resolve bad loans totaling about 2 trillion rupees ($31 billion) issued to 12 large debtors. The Reserve Bank of India told the banks to use insolvency laws to find a solution for the debtors, which account for a quarter of the country’s total bad loans, before moving on to resolve the other problem accounts within six months, according to a statement posted on the central bank’s website late Tuesday, Bloomberg News reported.

China’s leverage crackdown is forcing local companies to confront their addiction to short-term bond sales that they use to roll over debt, Bloomberg News reported. The shock therapy is worsening the outlook for corporate defaults in the second half of this year after borrowing costs jumped to a two-year high. With yields surging, Chinese non-banking firms sold 131 billion yuan ($19.3 billion) of bonds with a maturity of one year or less in May, the least since January 2014 and less than half of the same month last year, according to data compiled by Bloomberg.

The future of Australia’s Ten Network is in doubt after big shareholders, including Lachlan Murdoch, son of News Corp founder Rupert Murdoch, decided not to back a financial restructuring of the struggling broadcaster, the Financial Times reported. Financial advisers to Illyria Limited, an investment vehicle linked to Lachlan Murdoch that owns 7.7 per cent of Ten, told the company on Tuesday that Illyria would not extend or increase its support for the broadcaster’s credit facility.

India's central bank said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia's third-largest economy, Reuters reported. The move comes about a month after the Indian government gave the central bank greater power to deal with bad loans, including directing banks to initiate an insolvency resolution process in the case of a default under the bankruptcy code.

Protests against Chinese property controls have grown in intensity in recent weeks, underscoring the challenge for the government in preventing public eruptions of anger as it cracks down on housing speculation, The Wall Street Journal reported. In response to skyrocketing home prices, governments in China’s big cities have set limits on the buying of multiple homes and higher down-payment ratios, which has left many unable to sell their homes and others worried they won’t be able to buy in before prices rise further.

India is bracing for a dramatic but risky overhaul of the country’s tax system that authorities hope will draw millions of businesses into their tax net and boost the economy, The Wall Street Journal reported. The initiative, set to kick off on July 1, aims to streamline India’s cumbersome network of state and federal levies and ease commerce across state borders. It is a big part of a larger effort, including the cancellation of large-denominated currencies last year, to improve tax collection from companies that make up India’s huge informal economy.

Finance minister Arun Jaitley said the Reserve Bank of India (RBI) is drawing up a list of debtors with bad loans that need to be resolved under the insolvency law, The Economic Times reported. “Under the new ordinance issued, the RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the Insolvency and Bankruptcy Code (IBC) process,” he said after reviewing the quarterly performance of state-run lenders and financial institutions.

The Mongolian government is considering the establishment of an asset management company before the end of the year to offload onerous non-performing loans from domestic banks’ balance sheets, the Financial Times reported. Mongolia secured an International Monetary Fund financial package last month to slash a bulging debt load. That package included a requirement for an audit of the domestic banking sector as part of its fiscal discipline guidelines.

Around US$300m of a US$1.1bn revolving credit loan for Noble Group has been sold to funds in the secondary loan market as banks seek to limit their losses as the company faces a potential restructuring, banking sources said on Thursday, Reuters reported. The struggling commodities trader is trying to extend a separate US$2bn loan as finding an investor to recapitalise the business looks increasingly difficult, leaving debt restructuring or bankruptcy as the most likely options, several sources said.