India’s finance industry is letting a good crisis go to waste by not learning from it. The sudden $12.8 billion bankruptcy of infrastructure lender IL&FS Group, currently sequestered under a government-blessed, out-of-court process, underscores India’s lack of preparedness to handle a big shift in lending in recent years — away from banks, a Bloomberg View reported.

For most of the past 83 years, the directors of the Reserve Bank of India went almost unnoticed as they met for regular board meetings to discuss mostly administrative affairs, the Financial Times reported. But when the 18 central board members filed in for this week’s meeting at the RBI’s Mumbai headquarters, they were the object of a media frenzy, with additional police drafted in to monitor a gaggle of cameramen jostling outside the building’s fortified entrance. For the past month, India’s central bank has been at the centre of a political storm like few others in its history.

The Supreme Court approved Binani Cement Ltd.’s sale to UltraTech Cement Ltd. today, upholding the National Company Law Appellate Tribunal’s verdict on the insolvency bids, BloombergQuint reported. The two-judge bench headed by Justice RF Nariman quashed Dalmia Bharat’s plea challenging the verdict, saying there was no infirmity in approval granted by the NCLAT, Bloomberg reported. The appellate tribunal had on Nov 14.

India’s central bank has given ground to government pressure and agreed to reassess its management of reserves and treatment of troubled banks, as prime minister Narendra Modi seeks to reinvigorate the economy ahead of a general election, the Financial Times reported. The moves were announced by the Reserve Bank of India following a nine-hour meeting of its board of directors, the first since differences between the RBI and the government burst into the open last month.

India’s biggest gas utility is considering acquiring all of the wind energy assets held by a subsidiary of a troubled shadow bank, according to people familiar with the matter, Bloomberg News reported. GAIL India Ltd. is looking to buy 775 megawatts of wind energy assets from IL&FS Energy Development Co., a unit of Infrastructure Leasing & Financial Services Ltd., and has approached investment bankers to advise on a possible deal, the people said, asking not to be named as the talks are private.

India house prices will rise at half the rate of consumer price inflation next year, hit by dwindling credit supply, according to a Reuters poll of housing market experts who said Delhi, the national capital, will be hit hardest, Reuters reported. House prices have risen at almost double-digit rates for over a decade in a country of 1.3 billion people, where for many, owning a home is still a dream. Major cities in India have become some of the most densely populated in the world.

India’s top hedge fund is exploring opportunities in state-run banks, a sector shunned by most investors till now, as valuations turn attractive and the backlog of bad loans that have riddled lenders start to dwindle, Reuters reported. State-run banks will also benefit if the economy continues to grow at about 7 percent, Andrew Holland, chief executive of Avendus Capital Public Markets Alternate Strategies LLP, said at the Reuters Global Investment 2019 Outlook Summit.

Jaguar Land Rover Automotive Plc’s bond risk quadrupled this year as the automaker plays catch-up on electric vehicles and is hit by weakened demand in China. Moody’s Investors Service is warning of more tough days ahead, Bloomberg News reported. Moody’s on Nov. 13 cut its rating on Jaguar, owned by India’s Tata Motors Ltd., to Ba3, three levels below investment grade. Jaguar’s weak operating performance “will likely continue over at least the next 12-18 months” and it will weigh on the parent’s performance too, it said.

An Indian tribunal has ruled that UltraTech Cement Ltd’s more than $1 billion bid for the cement unit of Binani Industries Ltd was valid, UltraTech said on Wednesday. UltraTech offered to buy Binani Cement in March after its parent Binani Industries approached UltraTech to arrange funds for paying-off bank debts and other liabilities, in a bid to terminate the insolvency proceeding against its unit, Reuters reported.

Indian developer rupee bond sales have slumped to the lowest in almost four years as investors become more cautious about default risks after the shock from non-payments by Infrastructure & Leasing Financial Services Ltd, Bloomberg News reported. With just two deals in October, issuance dropped to 3.9 billion rupees ($54 million), the least since November 2014. That was down from 18.9 billion rupees the previous month, according to Bloomberg data. No new bonds have priced this month. Dwindling sales may make it harder for developers to repay $4.9 billion of debt that comes due in 2019.